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| Friday, 20 April 2012, 10:00 HKT | |
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Source: marcus evans Summits | |
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New York, Apr 20, 2012 - (ACN Newswire) - Chief Financial Officers (CFO) have two key responsibilities, says Juan R. Figuereo, Executive President & Chief Financial Officer, Newell Rubbermaid. Keeping the company out of regulatory and compliance issues, and helping it grow in a way that creates value for all stakeholders.
A speaker at the upcoming marcus evans CFO Summit XXIV Spring 2012 in Hollywood, Florida, May 17-19, Figuereo talks about the CFO's role in cost management and setting up the business for success.
- What are your top three challenges?
Helping our company accelerate top line growth, managing uncertainty on the macro front, and reducing costs. The first is about the Chief Executive Officer (CEO) clearly defining and communicating the strategy to all the business units, and the CFO making sure that we have the proper tools to track, follow up, and ensure their adequate implementation and progress by all business units.
With the Eurozone sovereign debt crisis and the slow US economy as a backdrop, CFOs must understand the key operating drivers of performance and the macro risks to manage through the uncertainty. Every time we review the business, we need to evaluate if the trends have become better or worse. There must be sufficient contingency planning, so the business will recognize the signs of macro events and be ready to revise plans.
Regarding costs, we have a restructuring plan in place where my team is tracking and ensuring that cost reductions are coming through. These are my three priorities.
- Why does cost cutting for its sake not bring about the desired outcome? What is the best way of planning cost-cutting initiatives?
There has to be a purpose to cutting costs. We have been looking at our revenue and the rate at which we have been investing to grow our top line, and it has not been enough. Therefore, our focus on cutting-costs is for the purpose of redeploying those costs, to accelerate the rate of investment behind consumer and customer-facing initiatives that will help us grow our top line faster.
CFOs need to look at all processes and areas where costs are generated, and put them in two buckets: Does it help the business grow? If not, is it required for regulatory compliance? CFOs must look at what is left and see if they can be cut completely, simplified, centralized, or even outsourced to someone who can do the same activities at a lower cost.
- You have been described as an Agent of Change when it comes to developing a growth strategy for companies. What can CFOs learn from you?
The CEO is the driver of the business strategy, so the CFO has to think of him/herself as his right-hand person and the CEO has to accept the CFO in that role. Then the CFO has to help everyone in the organization better understand the key drivers of value and growth for the future. This must also include an external view, what competitors and adjacent spaces are doing, and what may be innovation or acquisition opportunities. This is best done through a very robust strategic planning process, which the CFO should help enable and support. Additionally, the CFO must help the CEO make the tough decisions required to execute the strategy and monitor their implementation.
About the CFO Summit XXIV Spring 2012
This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 17-19, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on improving profit margins, the evolving role of the CFO, risk management and strategically accessing capital in a turbulent market. For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfosummits.com/JuanFiguereoInterview
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Please note that the Summit is a closed business event and the number of participants strictly limited.
About marcus evans Summits
marcus evans Summits are high level business forums for the world's leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com.
- Twitter: www.twitter.com/meSummitsGlobal
- YouTube: www.youtube.com/user/MarcusEvansGroup
- SlideShare: www.slideshare.net/MarcusEvansSummits
Contact:
Sarin Kouyoumdjian-Gurunlian,
Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com
Apr 20, 2012
Source: marcus evans Summits
Topic: Trade Show or Conference
Sectors: Financial General
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2013 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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