Finance Monthly Insurance Awards 2021. Un i ted K i ngdom
Michael Moser P A G E 16 CFO Enerjisa Enerji S.A.
CFO Awards2022 FM Hello and welcome to the 2022 edition of the Finance Monthly CFO Awards! Year upon year, the Finance Monthly CFO Awards recognise the world’s best financial leaders whose vision, business acumen and practical financial knowledge drive their companies to new heights! As a leading financial publication, it is Finance Monthly’s duty to honour the world’s top finance leaders and celebrate their outstanding efforts to safeguard their organisations’ finances, especially during a time marked by rising prices, political and economic instability, the ongoing war in Ukraine, the constant thread of the return of COVID-19 and so much uncertainty. We hope you enjoy our special edition which brings together some of the most inspiring and forward-thinking financial leaders in the world! Congratulations to our winners and finalists! Finance Monthly CFO Awards 2022 Introduction 5 www.finance-monthly.com
Introducing the Winners... 6 www.finance-monthly.com CFO Awards2022 FM
EUROPE AUSTRIA Liane Hirner Vienna Insurance Group CYPRUS Elena Nikonova QIWI FINLAND Herkko Soininen Mehiläinen Oy FRANCE Christian Labeyrie VINCI Thierry Piéton Renault Group 30 GERMANY Arne Klarmann Lampe & Schwartze KG 20 Herbert Robel Quantron AG James Von Moltke Deutsche Bank Michael MOSER Enerjisa 16 Richard Groeneveld swkbank Sandra Dembeck Zalando 26 GREECE Nikos Koutsogiannis Attica Bank IRELAND Andrew Keating CRH ITALY Manuela Franchi doValue group 36 Sabrina Goi Kairos Partners 38 NETHERLANDS Maarten de Vries AkzoNobel 22 PORTUGAL João Dolores Sonae 7 www.finance-monthly.com Finance Monthly CFO Awards 2022 INDEX
RUSSIA Mark A Gyetvay PAO NOVATEK SPAIN Antonio Lorenzo Sierra Repsol SWEDEN Björn Annwall Volvo Cars Susanne Larsson Mölnlycke 28 SWITZERLAND Ekaterina Emelianova TradeXBank AG George Quinn Zurich Insurance Company TURKEY Michael Moser Enerjisa Enerji S.A UNITED KINGDOM Alison Dolan Rightmove 39 Chris Day Lords Group Trading Conrad Whittingham Equinox Wealth Danesh Mahadeva Gatehouse Bank Dirk Kahl Lidl GB 32 Ismail Powell PaySafe James Owen Kantar Jayne Cottam Assura Mark Crawford Team17 Group Plc Michael Baldock Abcam plc 47 Michelle Wallis Drivespeed Group Mike Powell Mondi Plc Richard Howes Bunzl Ltd Robin Stewart TP ICAP 8 www.finance-monthly.com Finance Monthly CFO Awards 2022 INDEX
Theo Chatha Bibby Financial Services [UK] LimitedUK AMERICAS ARGENTINA Bruno Folino Grupo Financiero Galicia Juan Urthiague Globant 50 BRAZIL Luciano Siani Pires Vale CANADA Alan Nicholl Canfor Nadeem Velani Canadian Pacific Geert Verellen Maple Leaf Foods 51 CHILE Aurelio Bustilho Enel Américas 56 COLOMBIA Andrés Ocampo GeoPark Ltd German Salazar Castro Banco de Bogotá MEXICO Carlos Mauer Diaz Barriga IEnova USA Craig Abolt Real Chemistry Dale Gerard Vivint Smart Home Dawn Buzzell Diné Development Corporation Jared Bauer IONIQ Sciences Jason Fraser Valero John D McCallion MetLife Joseph McClernan Energy Capital Funding Group, LLC 9 www.finance-monthly.com Finance Monthly CFO Awards 2022 INDEX
Ken Tanji Prudential Financial, Inc. 57 Mike Lenz FedEx Perry Green Waddell & Associates Stan Rubin Ocean Bank Steven ONeill ONE Solution Cyber 58 Tracey T. Travis The Estée Lauder Companies Inc. Vit Vasista REGENXBIO Inc ASIA CHINA Shou Donghua Sinopec Corp. INDIA Sandeep Jain Bajaj Finance Prateek Aggarwal HCL Technologies 24 INDONESIA Emma Sri Martini PT Pertamina 63 JAPAN Koji Kobayashi Toyota KENYA Lawrence Kimathi Kiambi KCB Group MALAYSIA Boo Hui Yee Malaysia Airlines Berhad 64 QATAR Rehan Ahmed Khan Commercial Bank of Qatar Ayub Ibrahim KEO International Consultants 65 SAUDI ARABIA Gary Hoyle Saudi Logistics Services (SAL) 66 10 www.finance-monthly.com Finance Monthly CFO Awards 2022 INDEX
SINGAPORE Mary Lee Peck Kim Vicom Ltd William Tan SINOSTAR PEC HOLDING LIMITED UNITED ARAB EMIRATES Karim Bennis Etisalat Pankaj Jain Century Financial 67 Sharjil Anwar Dubai Holding AFRICA NIGERIA Jacques Piekarski BUA Cement Plc 70 Tsholofelo Molefe MTN SOUTH AFRICA Corlia Roets Openserve 71 Dion Mhlaba RH Bophelo Jowayne Van Wyk African Equity Empowerment Investments (AEEI) Ms Nonkululeko Dlamini Transnet Sherylee Moonsamy Johannesburg Development Agency (JDA) AUSTRALASIA AUSTRALIA Janelle Hopkins REA Group Ltd Australia Michael Ackland Telstra Australia 76 Michael Rowland Westpac Australia NEW ZEALAND Bevan McKenzie Fletcher Building New Zealand Mark Fleming Beca New Zealand 77 11 www.finance-monthly.com Finance Monthly CFO Awards 2022 INDEX
Featured Winners Michael Moser Enerjisa Enerji S.A. Arne Klarmann Lampe & Schwartze Group Maarten de Vries AkzoNobel Prateek Aggarwal HCL Technologies Sandra Dembeck Zalando SE Susanne Larsson Mölnlycke Thierry Piéton Renault Group Prateek Aggarwal CFO of HCL Technologies 16 20 22 24 26 28 30 30
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Finance Monthly CFO Awards 2022 Turkey 17 www.finance-monthly.com AboutMichael Moser Dr Michael Moser, MBA, LL.M, MSc., BSc. has graduated as a lawyer and business economist in universities in Boston, Shanghai, London, Frankfurt, Zürich and Münster. Dr Moser started his career in the global law firm Baker & McKenzie as a lawyer for M&A transactions and afterwards moved to the international energy company E.ON SE to become the global head of M&A Legal. He then got promoted to Chief Development Officer for the stock listed energy company ENEVA S.A. in Brazil, moved back to E.ON SE for steering the spin-off and the listing of Uniper SE, became Chief Audit Officer and later CFO of E.ON New Customer Solutions business. Since June 2019, Michael is the CFO of the stock listed energy company Enerjisa Enerji S.A. in Turkey. In this function, he has been responsible for investor relations, strategy, accounting, treasury, controlling, tax, procurement, M&A, risk management, internal control, corporate office, sustainability, legal and compliance. FirmProfile Enerjisa Enerji is a stock listed leading electricity distribution and retail sales company in Turkey, with over 10 million customers in 14 provinces across three distribution regions. Enerjisa is the biggest energy company in Turkey with around 12 000 employees. In addition to its two core business lines, power distribution with 236 000 km of network length and retail with a sales volume of 34 TWh, the company leads the Turkish energy market in terms of offering customers sustainable solutions. It offers a range of products, which make the transition to green and environmentally conscious energy decisions easier. The firm offers solar PV products and energy efficiency services and it also operates Turkey’s largest electric vehicle network. Enerjisa Enerji S.A. www.enerjisa.com.tr Michael Moser
What have you achieved as the CFO of Enerjisa Enerji over the past two years+? How has your work impacted the performance of Turkey’s biggest energy company? I am very happy and proud of our teams as we have achieved together a lot in these turbulent times of inflation of above 80%: • Share price improvement by more than 300%. • Grew heavily all KPIs such as operational earnings, net income, EBITDA and free cash flow and accelerated green funding. • Increased the business profitability by revamping all business segments and accelerated green growth. • We further de-risked our business in a demanding macro environment (volatility regarding FX, inflation, GDP, CDS and interest rates). • Initiated sustainability as the fundament of the corporate strategy, centering the business model on digitisation and the new energy world and sharpening the company’s purpose, vision, mission and business strategy. • And we accelerated innovations such as chatbots and speech analytics As an energy company, you have a large infrastructure base and a substantial amount of yearly investments. How do you make sure that your capital allocation and supply chain activities are in line with your ESG strategy? As an energy company operating the country’s largest power grid, we are one of themain investors in Turkey. Wemake sure that our strategy and vision are aligned with our allocation of capital, to ensure that each Lira invested supports the future energy world that we are aiming to bring to fruition. That is what we believe a company, who truly has sustainability and ESG embedded in their business model does. Therefore, we do not invest in any energy production that is run on fossil fuels. Instead, we invest heavily in providing customers with green electricity. Every year we invest 3-5 billion Turkish Lira to build out the energy grid and modernise it so it can integrate all new renewable sources without causing any blackouts for customers. We make sure that all our investments are carried out in a sustainable manner, which is something we also hold all parties in our value chain accountable for, meaning that also our subcontractors are obliged to follow our code of conduct. In this sense, we differentiate between green capex and regular capex and are always pushing for an increasing proportion of green capex. You are also recognised for your initiatives in shaping Enerjisa’s governance, risk management and thereby restructuring its operational units and readjusting its business models. What is your secret? Before growing a business, the fundament needs to be strengthened. The backbone of every business is its financial leeway, a strong balance sheet, a healthy net debt ratio and a balanced capital structure. The company’s risk framework should thereby consider the three lines of defence appropriately: Operational Management, Risk Management & Compliance Functions and Internal Audit. As a stock-listed company, we need to take special care of all of this to guarantee proper governance. This is in fact nothing new and surprising. We are only doing this with a high level of prudence, or what I call the basic homework. This is extra needed in times of enormous macro volatility. It is great to see a CFO pushing ESG. What have been some of your sustainability achievements so far? As we fully position our efforts in the direction of improving all areas of ESG every day, it is a long-term journey. Nevertheless, we are very proud of our early achievements: Enerjisa is now included in BIST sustainability index, which includes companies trading on Borsa Istanbul with the best corporate sustainability performance. Enerjisa received a Corporate Governance Rating Score of 9.46 out of 10 and it retained its place on the BIST Corporate Governance index as one of the companies with the highest corporate governance rating. Our Sustainability Report has received several awards and our CDP score jumped from D to B. Awards are wonderful recognitions for our achievements but in fact, only our actions going forward are decisive. In this sense, Enerjisa is heavily investing in networks as the basis infrastructure of the new clean energy world. On top of that, emobility plays an important role in our investments as well as investing in products that support a clean and more sustainable future. Finance Monthly CFO Awards 2022 Turkey 18
The backbone of every business is its financial leeway, a strong balance sheet, a healthy net debt ratio and a balanced capital structure.
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Finance Monthly CFO Awards 2022 Germany 21 About ArneKlarmann Arne Klarmann graduated in law and business administration. He began his career parallel to his studies as a junior consultant at luventa Finance GmbH, a Venture Capitalist in Berlin. After graduation Arne Klarmann started as consultant at bdp Venturis Management Consultants GmbH in 2005. He became Head of Mergers & Acquisitions and Corporate Finance soon. Following he changed the industry and became CFO at CCG Cool Chain Group, a logistic group in Bremen, in 2009. Since 2013, Arne Klarmann is CFO of the Lampe & Schwartze Group and is responsible for finance, IT, marketing, human resources, and legal. In 2018, he became managing partner of the group. His passion is to develop ventures. FirmProfile Risk Management for the Global Economy Outstanding expert knowledge gives Lampe & Schwartze Group a lead on the German and international markets: With more than 280 employees, this is one of the largest, owner-operated insurance intermediaries in Germany. “Insuring the new” is both guiding principle and aspiration for all business activities at Lampe & Schwartze – whether directly on the company’s own doorstep or right across theworld. Formore than 160 years, they have endeavoured to protect enterprises with all the wealth of its combined knowledge. The Lampe & Schwartze Group is divided into three business segments: Underwriting, Broking, and Services. The companies that work in each of these segments provide comprehensive insurance solutions, services, and a risk management that goes far beyond the usual standards. The origins of the Lampe & Schwartze Group can be traced back to 1858: A group of merchants from Bremen who used their own resources to insure seagoing vessels and their cargo. More than 160 years later, the small, private risk carrier for maritime insurancehasbecomeamajor player on the insurance market. They offer complex risk management and insurance solutions for both local and global companies – frommedium-sized car dealers to major shipping companies and multinational offshore wind farms. They provide multidisciplinary expertise Year founded: 1858 Employees: approx. 280 Expertise: Leading role in: • marine insurance (hull, cargo) • industrial and technical insurance (renewable energies, construction, logistics, maritime industry) • cyber insurance and cyber security Range of services: • insurance management • risk management • risk engineering • co-broking • underwriting • claims management • insurance brokerage • contract management • insurance advising • public tenders Lampe & Schwartze Group Herrlichkeit 5-6 28199 Bremen Germany www.lampe-schwartze.de Arne Kl rmann
22 Finance Monthly CFO Awards 2022 Netherlands AboutMaartendeVries Maarten de Vries joined AkzoNobel in January 2018 as Chief Financial Officer. He spent the previous three years serving in this position at Intertrust Group and TNT Express. He was a member of the Management Board of Intertrust Group and of the Executive Board of TNT Express. From 2011 to 2014, Maarten was CEO of TP Vision, a globally operating standalone business. Prior to this he held various senior positions at Royal Philips Electronics, including Chief Information Officer and Chief Purchasing Officer at Group Management Committee level. A Dutch citizen, Maarten was educated in the Netherlands www.akzonobel.com
23 FirmProfile We supply the sustainable and innovative paints and coatings that our customers, communities – and the environment – are increasingly relying on. That’s why everything we do starts with People. Planet. Paint. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations. As experts in making coatings, chances are you’re only ever a few meters from one of our products. Active in over 150 countries, we’ve set our sights on becoming the global industry leader. It’s what you’d expect from the most sustainable paints company, which has been inventing the future for more than two centuries. AkzoNobel has a long and proud heritage. Throughout our history, we’ve made things happen. We’ve always evolved and expanded our horizons. Some things, however, have always remained constant. Like being an employer of choice. A responsible global citizen. A pioneer. That’s our bedrock. The foundations of what we stand for. So we have a trulymeaningful purpose, with People. Planet. Paint. as our beating heart. We’re ideally placed to demonstrate our passion for bringing genuine benefits to society and the world we live in. How? By using our pioneering spirit and centuries of paints and coatings expertise to make a real impact. By delivering the sustainable and innovative solutions that our customers, communities – and the planet – are increasingly relying on. So there’s a deeper, wider meaning to People. Planet. Paint. It’s not only about doing business sustainably. It touches everything we do. CFO of AkzoNobel Maarten de Vries Finance Monthly CFO Awards 2022 Netherlands
24 Our Vision, Mission and Purpose We are delivering long-lasting impact through our actions as a company and through our pacts with stakeholders for a more sustainable future. Vision To be the source code for sustainable socioeconomic & environmental development. Mission Nurture clean, green, and healthy communities where everyone is empowered and equipped to reach their full potential in full engagement with our employees and partners, showcasing and establishing international standards of planning, implementation, monitoring, and evaluation in community development. Purpose To bring together the best of technology and our people to supercharge progress. www.hcltech.com Finance Monthly CFO Awards 2022 India
25 About PrateekAggarwal Prateek Aggarwal brings experience in driving strategic initiatives, financial planning and analysis, business finance and contracting, investor relations and legal and compliance to his role. Prateek played a pivotal role in scaling HCLTech’s Products & Platforms business and leading M&A pursuits from financial and legal perspectives. He leads strategic financial and operational initiatives for HCLTech to accelerate growth and enhance profitability. FirmProfile Eight entrepreneurs with a vision for the future combined with the world’s first 8-bit computer is how it started. Decades later, HCLTech’s pioneering spirit burns as bright as ever. Powered by a global team of 219,000+ diverse and passionate people across 54 countries, we deliver smarter, better ways for all our stakeholders to benefit from technology. At HCLTech, we're committed to applying our expertise, experience and innovation ecosystem to empower enterprises on this journey. Across the board and borders, we harness the power of technology and our people to supercharge progress for our clients—driving outcomes at speed and scale, now and for the long haul. We are supercharging progress for hundreds of leading enterprises across the globe; vested to solve day-to-day or complex challenges with both pragmatism and resilience. Driven by our key thematic focus areas of Digital, Engineering and Cloud, our industry-leading technology services and software portfolio is grounded in innovativeandsustainabledifferentiators that acceleratebusiness transformation. Finance Monthly CFO Awards 2022 India CFO of HCL Technologies Prateek Aggarwal
26 www.corporate.zalando.com Finance Monthly CFO Awards 2022 Germany About SandraDembeck As CFO at Zalando, Sandra leads the Finance and Corporate Governance teams. Sandra joined Zalando‘s Management Board in March 2022. Prior to joining Zalando, Sandra held various Finance leadership roles at Compass Group Plc, Kingfisher Plc and C&A. Before that she was an Associate Principal at McKinsey & Company. Sandra holds a master‘s degree and a PhD in Business Administration. "We aim to be the starting point for fashion, connecting all players in the industry and catering to their requirements with our platform strategy at the center."
27 FirmProfile Founded in 2008 in Berlin, Zalando SE today is a leading European online platform for fashion and lifestyle. Zalando connects customers, brands and partners in 25 countries. What started as a Berlin-based online shoe store in 2008 has transformed into a leading European online platform for fashion and lifestyle in just a few years. This achievement was enabled through great passion and the strong business sense of our team of around 17,000 talents from 140 countries. We have never been afraid to take risks. On the contrary, we have set new standards in service. Customer focus is what drives our mindset and actions. The Zalando shop is the core of our platform. This is where customers can find exactly the fashion and lifestyle products they are looking for: from leading international brands to Zalando's private labels. We want to build an infrastructure which connects various players in the growing digital fashion market. Our strong expertise in fashion, technology and convenience allow us to offer our customers a wide range of products and convenient services designed to suit their requirements. At Zalando, we aim to be the starting point for fashion, connecting all players in the industry and catering to their requirements with our platform strategy at the center. The European fashion market is one of the largest and most attractive global consumer markets. The industry is experiencing radical change, due to digitization. New technologies connect all participants in the fashion ecosystem – customers, brands, retailers, manufacturers, stylists, content providers such as influencers, logistics companies or service providers – and open new channels for consuming, producing and doing business. We continue to see major potential for growth in this market. We are convinced that the best way for us to achieve growth - while continuing to drive forward digitization in the industry - is with a platform-based business model. Finance Monthly CFO Awards 2022 Germany CFO of Zalando SE Sandra Dembeck
28 www.molnlycke.com Finance Monthly CFO Awards 2022 Sweden About Susanne Larsson Susanne joined the company in March 2020 as CFO. Since then Strategy, Global Business Services and Indirect procurement has been added to her responsibility. Prior to joining Mölnlycke, Susanne was CFO at Gunnebo AB Group, listed on Nasdaq Stockholm. Before that she spent more than 20 years at the AB SKF Group in various financial and strategic leadership positions. Susanne is currently board member and chairs the Audit Committee in Dovista A/S Group (privately owned) and Ambu A/S Group (Listed at Nasdaq Copenhagen). "We have one purpose – to advance performance in healthcare across the world."
29 FirmProfile Mölnlycke is a world-leading medical products and solutions company that equips healthcare professionals to achieve the best patient, clinical and economic outcomes. Although we’re a global company, our headquarters are still in Gothenburg – just a short distance from the town of Mölnlycke (pronounced 'Mon-licka'). The place where the company was founded in 1849 and the origin of the Mölnlycke name. We design and supply medical solutions to enhance performance in healthcare – from the hospital to the home. We were the first to mass-produce wound dressings and the first to offer singleuse drapes, tubular bandages and powder-free coated surgical gloves, enhancing performance in the operating room. We’re the company behind Safetac® – the revolutionary soft silicone-based technology used in many of our wound care dressings such as Mepitel® and Mepilex® that results in less pain for patients. We’re still innovating today – in-house, through partnerships with others and through acquisitions. And now we’re leading the way in preventing pressure ulcers, with prophylactic dressings and devices for turning and re-positioning patients. Around the world, healthcare systems and professionals are under pressure to deliver better care, to more people, for better value. They need innovative solutions they can trust. That’s where we come in. We’re here to advance performance in healthcare. So we’re always on the lookout for new ways to improve. Our focus: providing effective solutions and offering better value for money. We have one purpose – to advance performance in healthcare across the world. So that healthcare professionals have what they need to achieve the best clinical, patient and financial outcomes. We have a strong commitment to healthcare professionals. And we’re proving it every day. Finance Monthly CFO Awards 2022 Sweden CFO of Mölnlycke Susanne Larsson
30 About ThierryPiéton Born in 1970, Thierry Piéton graduated from EM Lyon (Business School). He started his career as an auditor with PricewaterhouseCoopers in 1995. He joined General Electric (GE) in 1998 and subsequently held various finance positions in the Healthcare division. In 2004, he became Chief Financial Officer for Europe, Middle East and Africa for GE Security. Two years later, he took the role of Global Financial Planning & Analysis Manager with GE Consumer & Industrial. In 2007, Thierry Pieton became Chief Financial Officer for GE Oil & Gas Global Services. In 2011, he became Chief Financial Officer for GE Power Conversion. He joined Nissan Europe, as Senior Vice President, Chief Financial Officer in May 2014. In June 2016, Thierry Piéton became Senior Vice President, Controller of Groupe Renault. In February 2020, he became Deputy Chief Financial Officer and SVP, Controller, Renault Group and in January, 2021, he was appointed Renault Brand Finance. On March 1st, 2022, Thierry Piéton, is appointed Chief Financial Officer of Renault Group. He becomes a member of the Board of Management of Renault Group and reports to Luca de Meo, CEO of Renault Group. www.renaultgroup.com Finance Monthly CFO Awards 2022 France
31 FirmProfile Renault, a historic mobility brand and leader of electric vehicles in Europe, has always developed innovative vehicles. Its ambition is to embody modernity and innovation in technology, energy and mobility services in the automotive industry and beyond. Strengthened by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in electrification, Renault Group comprises 4 complementary brands - Renault, Dacia, Alpine and Mobilize - offering sustainable and innovative mobility solutions to its customers with responses adapted to the many cultures, needs, markets and new usages of the automobile. Today Renault Group is at the forefront of a mobility that is reinventing itself. Wherever it is present, the Group is committed to satisfying customers whose mobility usages are changing radically. With the ‘Renaulution’ strategic plan, Renault has embarked on an ambitious, valuegenerating transformation. Renaulution The Renaulution strategic plan that Renault Group unveiled in January 2021 plots out an ambitious roadmap for transformation and kick-started a shift from volume to value. In advance of its initial objectives, the Group is now opening the third chapter of this plan, called Revolution. Built on three phases, set in motion simultaneously, the Renaulution plan aims to restore competitiveness by: • Improving function efficiency and adopting strict cost discipline; • Harnessing the Group’s industrial assets and leadership in electric vehicles in Europe; • Leveraging the Alliance’s technological expertise to boost efficiency; • Taking data services, mobility services and energy services to the next level; • Tapping into the most competitive and distinctive brands, for customers and markets, and to enhance profitability. Finance Monthly CFO Awards 2022 France CFO of Renault Group Thierry Piéton
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Finance Monthly CFO Awards 2022 United Kingdom 33 About Dirk Kahl Dirk Kahl is the Chief Financial Officer of Lidl Great Britain, based in Wimbledon. He joined the Lidl Group as Global Finance and Accounting Director in 2008 and was subsequently appointed as Board Executive for Finance, Accounting and Tax for the German operation before joining the UK Board of Directors in 2014. In his current role, Dirk is responsible for the Financial and Administrative operation of Lidl in Great Britain. He’s held other retail CFO roles before and serves on the Board of Kingston University, London, as the Chairman of the Audit and Risk Committee. Prior to joining Lidl, Dirk has worked for KPMG out of Frankfurt, Shanghai and Singapore as a Qualified Chartered Accountant for almost ten years. About Lidl The first Lidl GB store opened its doors in 1994 and 27 years later, the company now has more than 860 stores and 13 regional distribution centres across Britain, employing over 25,000 people. Despite COVID-19, Lidl remains on track to have 1,000 stores in its portfolio by the end of 2023. This forms part of Lidl GB’s £1.3bn investment plans for 2021 and 2022, which includes opening 50 new stores this year, creating 2,000 new jobs. Lidl takes great pride in providing customers with the highest quality products at the lowest possible prices and working closely with suppliers to make this happen. The company is also passionate about sourcing locally as much as they can with around two-thirds of products already being purchased from British suppliers. Lidl is part of the Schwarz Group, a family-owned multinational retail group that operates grocery shops under the Lidl and Kaufland brands. It is the largest European retailer and the fourth-largest retailer in the world by revenue. In addition to the retail business, the Schwarz Group has continuously expanded its portfolio to include production capacities for food. Furthermore, the Schwarz Group has been involved in the collection, sorting and recycling of recyclable materials for many years. The sales brand PreZero is the group-wide disposal and recycling service provider for this. CFO of Lidl GB www.lidl.co.uk Dirk Kahl
Europe
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Finance Monthly CFO Awards 2022 Italy 37 About Manuela Franchi Manuela Franchi is a graduate from Bocconi University in Milan. After a career in Investment Banking, Manuela has moved into the corporate sector becoming CFO of doValue S.p.A. - formerly doBank - and managing the company’s latest significant transactions, including the successful listing on the Italian stock exchange in 2017 and the international expansion through the Greek startup in 2018, the acquisition of Altamira in Spain, Portugal and Cyprus in 2019 and the acquisition of FPS from Eurobank in 2020 as well as leading all related funding through bank facilities and bond issuances. Since 2020, she has also been appointed as General Manager for Corporate Functions at doValue covering all areas related to operations, IT, HR, procurement, transformation projects, organization, in addition to her role as CFO of the Group and deploying a new integrated governance model across the regions focused on achieving higher integration and efficiencies in all common areas of activities through the implementation of a uniform strategy. She began her carrier in Investment Banking in 2000 at Goldman Sachs and moved to Bank of America Merrill Lynch in 2007 until 2016 managing various M&A deals, bank financing, debt and equity capital markets transactions following companies primarily operating in the telecom, media and infrastructure sectors. She also covers several offices as member of the board of directors in different subsidiaries of the Group. About doValue Group doValue is one of the main players in Southern Europe providing services to banks and investors for the management of loans and real estate assets. Its assets under management amount to €160 billion in gross book value. The Group extends its scope of activities to performing loans, early arrears, UTP, nonperforming loans and real estate assets, and provides ancillary products for business information and master servicing. Current Group structure reflects the organic and external growth and diversification of doValue over 21 years of operations. It was created from a combination, in 2016, of the two largest Italian servicers: UCCMB, originally part of the UniCredit Group, and Italfondiario, active since 2000 in partnership with leading specialized investors both owned by the US private equity firm Fortress. Between 2018 and 2019 doValue experienced a phase of major expansion and significant diversification, first with the entry in the Greek market through being awarded a servicing contract from the four systemic local banks and later in the wider Southern European market, with the acquisition of Altamira Asset Management, a servicer active in Spain, Portugal and Cyprus and a leader in the management of real estate assets. In the Italian market, doValue’s growth continued with the acquisition of new servicing contracts from banks and investors, in particular confirming its leading position as servicer in securitisations assisted by State guarantee (“GACS”). CFO of doValue Group www.doValue.it Manuela Franchi
Finance Monthly CFO Awards 2022 Italy 38 About SabrinaGoi Since October 2018 she is CFO of the Group holding company, Kairos Investment Management SpA. She began her career as Financial Controller with JP Morgan; after 5 years she moved to Invesco to become Head of Finance Department. After a brief period in Cordea Savills SGR, she joined Kairos as Group Financial Planning and Control. Graduated in Economics at the University of “Cattolica del Sacro Cuore” in Milan, she has over twenty years of experience in strategic planning and financial statements and accounting. FirmProfile Kairos is a business initiative founded in 1999 by a small group of partners united in their common vision of creating excellence outside the box of big industry thinking. Kairos is a business first and a financial company second, founded out of our passion for wealth management, as delicate a profession as it may be. Kairos is synonymous with success in the asset management sector. From the small, temporary office in via Conservatorio, Milan to a player in different financial markets, Kairos is the result of an opportunity and a bright idea: create an alternative to big asset management industry players by rethinking investment strategies and the business model. The Kairos Group initially specialized in hedge funds, which are more flexible investments than traditional mutual funds. In 1999, it launched its first long-short single-manager fund. It was managed by Kairos Investment Management Limited based in London, considered a vital hub for global financial information. In the same year, Kairos Partners SGR was established in Italy and received the Bank of Italy’s authorization to perform asset management activities. It began operating in 2000 with the launch of two open-ended investment funds. CFO of Kairos Partners Sabrina www.kairospartners.com Goi MISSION Kairos presents itself as a laboratory of ideas, strongly believing in the investment boutique model. Its mission is the constant enhancement of capital, in a constant alignment of interests with clients. PERFORMANCE Differentiating element in asset management. Kairos aims for generating positive absolute returns in any market condition, trough active and dynamic management and a focused risk control.
Finance Monthly CFO Awards 2022 United Kingdom 39 About AlisonDolan Alison was the Chief Strategy Officer at News UK from 2016 until May 2020, where she was at the forefront of the business’s digital transformation. Before News UK, Alison held a number of senior positions at Sky plc from 2002 - 2016, including Group Treasurer, Director of Finance and Deputy Managing Director Sky Business. Alison is an Irish national, but has lived in London since 1994. She has a Masters in Business Studies from University College Dublin. FirmProfile Rightmove.co.uk was formed in 2000 by the top four corporate estate agencies at the time: Countrywide, Connells, Halifax and Royal and Sun Alliance, and was initially free to list with charging introduced in 2002. Rightmove plc floated on the London Stock Exchange in 2006 and is now a FTSE 100 company with a market value of around £5 billion. Over 20 years, our focus has been to make home moving easier in the UK by bringing together the UK’s largest andmost engaged property audience with the largest inventory of properties. Our business model has three reinforcing segments: • We are the place home hunters turn to and return to first • This, in turn, makes us the UK’s primary property platform which delivers unparalleled Return On Investment for our customers • And then we are in a unique position to help both customers and home hunters by making the process more digital and create new revenue opportunities. Our aim is to create a more efficient housing marketplace and make home moving easier. CFO of Rightmove Alison www.rightmove.co.uk "Over 20 years, our focus has been tomake home moving easier in the UK by bringing together the UK’s largest and most engaged property audience with the largest inventory of properties." Dolan
40 Finance Monthly. Front Cover Feature
Bill Blain offers his views on the big themes everyone will be talking about in 2023. Bill Blain - Strategist at Shard Capital FORGET EVERYTHING YOU KNOWABOUT ECONOMICS A LOOK AHEAD TO 2023 Like every financial pontificator and prognosticator, I am going to present predictions for 2023. I could go tearing through the entrail or birds or try reading tarot cards, but experience teaches the best we can do is guess, and then carefully dress it up and hedge these guesses to present them as informed advice. But that’s not what readers are looking for. Readers generally want insights and ideas so here is my best advice for dealing with 2023. First, forget everything you ever thought you knew about economics and your perceptions of current markets! That might just be the best piece of advice I ever give. Chuck everything you think is sacrosanct in the bin and start again. Do so, and the current contradictory markets and theoretical economic morass might make a little more sense. Break it down and reconstruct the bits and pieces to make sense of your perceptions! Remembering, of course, to spice it with plenty of self-doubt. Remember the most significant danger to markets is people. The market, after all, is just an enormous voting machine weighing up the votes of every participant. Finance Monthly. Front Cover Feature 41
Things get complicated when everyone is pessimistically careful causing the prices to become overly depressed. Hence smart money says to be fearless when others are fearful. Things get dangerous when market participants are optimistically careless causing prices to soar to euphoric levels. Know the mood and trade accordingly. We still seem trapped in a phase of over-optimism with investors jumping on any positive news to validate their hopes the market will go higher. After all, that’s what they have been doing since 2009, so surely, they can only ever go up. Nope. A lower-than-expected US Consumer Price Index pushes up prices for a while. Any hints of a Fed “pivot” to lower rate rises will push stock markets higher. If you want an example of over-optimism in the face of reality, it’s the high likelihood that the market believes that Central Banks can navigate a genuine soft landing. Why? They have never previously succeeded. Every known instance of economies overheating, and rampant inflation has been followed by a crash of some description as Central Banks either let inflation run on too long or engineer an economic crisis by hiking rates too hard. There is no such thing as a soft landing, but a good landing is one you can walk away from. The expectation that we can still avoid a damaging recession in 2023 is strong across markets. I don’t want to sound grumpy, but I still think a recession will happen because of rising rates, property sentiment dipping, and inflation which leaves consumers unhappy, nervous and not buying. For consumer societies to thrive, we need more, not less consumption. People spend even less when faced with tax rises, austerity spending, declining services, rabid inflation, industrial strife, and ongoing political sleaze. It’s a recipe for economic misery, and next year’s stagflation, in the UK, looks nailed on. To see where we are going, look back to where we have come from. 2022 was a watershed year. The third exogenous shock of the decade, the Ukraine War and Energy Price Shock, followed by COVID-19 in 2020 and Supply Chain Disruptions in 2021. We also have a critical endogenous shock underway. Quantitative Tightening as global Central Banks try to unroll the effects of monetary experimentation in the 2010s. You also must understand the key economic factors that drove “Forget everything you ever thought you knew about economics and your perceptions of current markets! That might just be the best piece of advice I ever give.” Front Cover Feature 42 Finance Monthly.
markets and inflation through the 2010s. The first was monetary experimentation keeping interest rates low to drive economic recovery following the global financial crash of 2008. But we didn’t get an economic boom. What we got was galloping financial asset inflation as bond prices and stock prices went stratospheric. That distortion enflamed market exuberance and euphoria, triggering the stock market bubbles in Big Tech, disruptive tech and the stupidities of meme stocks, crypto and NFTs. At the same time, we had the second factor, a de-facto cap on global inflation: China. The Middle Kingdom became the “cheapest to deliver” manufacturer exporting deflation around the globe, and all supply chains led back to it. COVID and the building of a geopolitical stag fight between China and the USA profoundly changed that reality. It unleashed supply chain price instability as geopolitics changed and shut off the deflation spigot. The era of cheap money fuelling markets and downward pressure on prices is over. Make sure you understand that there is a new reality of real inflation and expensive money before figuring out what 2023 looks like. Although the indications are for inflation to moderate, I reckon it will prove stubbornly high and challenging to de-fumigate from Western economies. Let’s scribble down some possible scenarios and predictions for 2023. My starting point would be to worry about further shocks. What about another exogenous Finance Monthly. Front Cover Feature 43
shock? Could COVID in China overwhelming the medical system create a judder moment triggering another China shutdown, making the Government look weak, causing the possibility of a deeper global recession, and the possibility of President Xi deciding to deflect by going outward bound on Taiwan? Could the Bird Flu that’s ravaged Christmas Turkey’s jump species lead to a second major pandemic? What are the chances Central Banks decide to go soft again and turn market accommodating? Slashing rates to avoid a market meltdown and a deep recession? These are all known unknowns, and none are binary. There are numerous others we could discuss, including political instability across the west, the dollar, and the great retirement causing a demographic crisis in the jobs market, and thus the economics of every firm that hires staff! Equally, there are a host of entirely unpredictable events that could occur. Dreaming up storyboards for disaster movies is fun but scary: the big West Coast earthquake, a super-volcano triggering a mini-ice-age, a meteor strike, a solar flare, an unwater landslide caused by ocean warming causing a tsunami to hit Europe’s Atlantic and North Sea Coasts, a storm surge in the North Sea flooding London and the Netherlands. There is any number of unimaginable events. Or it may be something financial. A big bank discovers its bust on the back of a housing crisis, a major hedge fund evaporating in a slew of downright stupid trades, or a pension fund exploding in a leverage/liquidity event. Don’t discount anything upsetting our cosy little apple cart of expectations. I think it is 100% likely the remaining cryptocurrency exchanges will collapse in a welter of liquidity events but if you were “My starting point would be to worry about further shocks.” Front Cover Feature 44 Finance Monthly.
invested, there is no one to blame but yourself. What about bond markets? The consensus is bonds are likely to rally on the back of the pace of interest rate rises declining. That doesn’t factor in residual inflation remaining higher than expected, the effects of the sheer over-indebtedness of nations alike Italy, France, and even the USA, or the fact that Central Banks are trying to sell down their QE inventory creating a supply glut. The much-heralded bond rally may yet be premature. Or earnings? Stock markets are still rolling on hopes rather than the fundamentals of good versus bad companies and their earnings. The quality of earnings and their sustainability to competitive threats and a changing economy matter. There is still a shakeout on valuations and stock market multiples to come. In currencies, sterling has recovered all its losses since the Liz Truss mini-budget disaster but mainly on the back of adults being back in the Downing Street room, and dollar weakness. What does the coming year hold for US growth on the back of a weaker dollar and with all the effects that would have on the global economy? I predict the big themes for 2023 will be renewables, carbon mitigation, agri-business, soil enhancement, commodity weakness, healthcare in terms of AI, obesity and Cancer drugs, consumers and retail. I plan to continue exploring these topics in 2023. “I still think a recession will happen because of rising rates, property sentiment dipping, and inflation which leaves consumers unhappy, nervous and not buying.” Bill Blain Strategist at Shard Capital Finance Monthly. Front Cover Feature 45
Finance Monthly CFO Awards 2022 United kingdom 47 About Michael Baldock After graduating from Harvard University in 1986 Michael began a successful career in investment banking spanning more than three decades, advising and working closely with companies, their executive and finance teams. Over that time, Michael worked in a variety of increasingly senior roles at Drexel Burnham Lambert Group, SG Warburg, Lazard and HSBC, where he latterly ran the global healthcare sector team and investment banking in the Americas. In addition, from 1998 to 2000 Michael and a former client partnered to form Bentley Health Care Inc, an oncology outpatient treatment centre company in New York. In 2008, Michael cofounded Ondra Partners, an independent financial advisory firm. Michael has over 30 years of relevant functional and sector experience acquired through senior leadership roles at HSBC, Lazard, Bentley Health Care and SG Warburg. He was a founding partner at Ondra Partners, an independent financial advisory firm which advised Abcam for several years. He is seasoned corporate finance andM&A practitioner with broad industrial experience and deep knowledge of the healthcare industry. FirmProfile We are a global life science company supporting customers at the forefront of life science research. Our innovative products are used by hundreds of thousands of scientists worldwide. Every year around 750,000 life science researchers depend on our products and technical support. Located in over 130 countries, our customers work in academia, research institutes, and pharmaceutical, biotechnology and diagnostics companies. Together with high performance products, we provide expert customer support and rapid delivery, enabling our customers to reach their goals and achieve their mission, faster. CFO of Abcam plc Michael www.corporate.abcam.com "Every year around 750,000 life science researchers depend on our products and technical support" Baldock
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Finance Monthly CFO Awards 2022 Argentina 50 About JuanUrthiague Juan Urthiague is our Chief Financial Officer and is in charge of Corporate Finance, Treasury, Accounting and Tax, Financial Reporting, Financial Services and Investor Relations. Juan has been appointed as CFO in October 2018. Juan joined Globant in 2011, and was a key member in the company´s global expansion and transformation into a publicly listed company in NYSE. During 2017 Juan spent 15 months outside Globant serving as CFO Latam for OLX and as CFO for avantrip.com. Prior to joining Globant in 2011, Juan worked as Planning Manager for Amadeus IT Group in Spain and as Senior Credit Specialist in Merrill Lynch in Ireland and also held financial roles for companies like British American Tobacco, Ternium and IBM. Juan has a MSc. in Finance and Capital Markets from Dublin City University and Bachelor’s degree in Business Administration from the Universidad de Buenos Aires. Juan is a Spanish native speaker and is fluent in English and Portuguese. FirmProfile We are a digitally native company that helps organizations reinvent themselves and unleash their potential We are the place where innovation, design, and engineeringmeet scale. We leverage the latest technologies and methodologies to help organizations transform in every aspect. We want to transform the world, one step at a time. We thrive by transforming organizations for a digital and cognitive future, and we dream to transform our industry with world-class opportunities for talent around the globe. Digital Innovations in Banking. Entertainment. Commerce. Healthcare. Travel. You name it, Globant’s consulting and technology teams are probably behind it — deploying deep expertise to propel the businesses that shape the world. CFO of Globant Juan www.globant.com "We thrive by transforming organizations for a digital and cognitive future, and we dream to transform our industry with world-class opportunities for talent around the globe." Urthiague
Finance Monthly CFO Awards 2022 Canada 51 About Geert Verellen Geert Verellen joined Maple Leaf Foods in January 2020 as Chief Financial Officer. In this role he is responsible for all aspects of the finance function, including financial reporting, controlling and treasury functions, internal audit, investor relations, and mergers and acquisitions. Mr. Verellen brings 25 years of experience in diverse finance roles, of which 17 years in the retail industry in Europe and North America. Prior to Maple Leaf Foods, Geert served as Regional CFO Canada, Japan and India at Walmart since 2018. He joined Walmart Canada in 2015 as Chief Financial Officer overseeing business performance management, commercial finance, controlling, strategic sourcing, BPR and internal audit functions. Before moving to Canada from Belgium, Mr. Verellen served as CFO for Delhaize Belgium leading financial and operational accounting, business process re-engineering, business performance management and indirect procurement. Prior to that, he served as Delhaize Group’s Investor Relations Officer and Director of Accounting for its Belgian operations. Mr. Verellen also previously worked with PriceWaterhouseCoopers LLP in both the United States and Belgium as a CPA (Belgium). Mr. Verellen holds a master’s degree in Commercial Engineering as well as a degree in accounting from the University of Antwerp, Belgium and a degree in Corporate Finance, from the Vlerick Leuven Management School in Ghent, Belgium. He is a licensed pilot and speaks Dutch, French and English. CFO of Maple Leaf Foods Geert Verellen www.mapleleaffoods.com FirmProfile Maple Leaf Foods is proudly Canadian with a long history that traces back over 100 years. During this time, we’ve adapted to consumers’ changing palates. We make protein for everyone to enjoy that reflects their unique values. We’re passionate about food. For more than 100 years, we’ve made delicious, healthy protein that Canadians love under iconic national and regional brands. With more than 14,000 team members, we operate sites in 25 locations across Canada. We also have locations in the U.S. and Mexico, and do business in Asia.
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