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Introduction / Bio Christopher Langhoff Chris brings a unique perspective to the recruitment of financial officers. With over 20 years of experience as both a financial officer and executive recruiter, he understands the role that he is recruiting for and can communicate effectively to both candidates and clients on many levels during the search process. His industry experience includes the Consumer, Retail, Financial Services and Professional Services sectors. As a human capital expert, Chris has been both a Chief Human Capital Officer for an alterative investment management firm and was a Managing Director at Russell Reynolds Associates. In terms of this financial background, Chris was the Chief Financial Officer of Waterworks, a luxury specialty retailer. There, his primary focus was to drive business results and develop a strong relationship with the company's private equity ownership. Prior to Waterworks, Chris spent more than 12 years in various senior finance roles at PepsiCo. During his PepsiCo career, he was a member of the team that successfully executed the IPO of Pepsi Bottling Group. He also worked in operating finance roles for both Frito-Lay and PepsiCo Food Systems. Chris began his career as an associate in the Equity Derivatives Group at Goldman Sachs. .Finally, in terms of his educational background, Chris received his B.A. from Vassar College and his M.B.A. from Harvard Business School.
Building Future Capabilities and Building Value • Finance as a strategic partner • PepsiCo – an academy company in finance • What does the current market value in CFOs • Building capabilities • Finance as a driver of operating performance
Finance as a strategic partner Their bosses, chief executive officers, no longer want mere number crunchers; they want them to provide forecasts, manage risks and provide insight into issues ranging from pricing to production. As a result, CFOs are emerging with far greater clout and responsibilities than before. The Big New Role of the CFO – Forbes Magazine Today’s CFOs are expected to play four diverse and challenging roles. The two traditional roles are steward, preserving the assets of the organization by minimizing risk and getting the books right, and operator, running a tight finance operation that is efficient and effective. It’s increasingly important for CFOs to be strategists, helping to shape overall strategy and direction, and catalysts, instilling a financial approach and mind set throughout the organization to help other parts of the business perform better. Four Faces of the CFO – Deloitte.com Excelling in accounting, controls and cash management still counts if you're a chief financial officer, but now those skills are just the beginning. Moving Beyond Finance – Wall Street Journal (CFO Journal) Today's CFO is seeing their role and responsibilities evolve rapidly. Increasingly relied on for their financial discipline and insights, these top finance executives also support and even help set organizational strategy Evolving Role of the CFO - EY.com While PepsiCo has long talked about Finance as a strategic partner others are just getting around to that idea…
PepsiCo – An academy company in finance Number of CFOs of Public Companies with Revenues >$1BN The commonality of the most prolific developers of CFOs • Complex multi-line business • Global in nature • Acquisitive • Financially literate organization • Dynamic – initiatives / change • Movement Source: Boardex.com
Professional Experience: What is required for success? • 1. Gain a breadth of finance experience; diversity is more important than vertical focus • 2. Develop commercial insight; consider stepping outside finance • 3. Build a balance between traditional finance and other skills E&Y Next Generation CFO • 4. Gain international exposure, especially in emerging markets • 5. Participate in or lead finance transformation initiatives and major change programs • 6. Seek M&A experience — both in transaction planning and post-merger integration • 7. Get exposure to the market and its stakeholders; communications skills are a differentiator • 8. Proactively build effective relationships with the board
Personal Competencies: Suggest how an individual will perform Sees ahead clearly; can anticipate future consequences and trends accurately; has broad knowledge and perspective; is future oriented; can articulately paint credible pictures and visions of possibilities and likelihoods; can create competitive and break through strategies and plans. Strategic Agility Relationship Building &Influence Effective at forging strong personal interpersonal alliances at all levels both within and outside the organization; builds solid relationships characterized by mutual respect, loyalty, and trust. Leads the building of effective teams committed to organizational goals; fosters collaboration among team members and among teams; uses teams to address relevant issues. Team Builder Can negotiate skillfully in tough situations with both internal and external groups; can settle differences with minimum noise; can win concessions without damaging relationships. Negotiating Demonstrates the capacity to change; able to successfully adjust to multiple demands, shifting priorities, ambiguity, and rapid change; open to the viewpoints of others; willingness to try new ways. Flexible/Adaptable Is effective in a variety of public settings: one-on-one, small and large groups, with peers, subordinates and senior management. Is effective internally and with external clients. Public Confidence Intellectual Horsepower Is bright and intelligent; deals with concepts and complexity comfortably; described as intellectually sharp, capable and agile Integrity and Trust Is widely trusted; is seen as a direct, truthful individual; can present the unvarnished truth in an appropriate and helpful manner; keeps confidences; admits mistakes; doesn’t misrepresent him/herself for personal gain.
Functional Skills – the market narrows its focus/requirements
Operating Performance: Finance as a driver & partner • Market savvy - internal and external understanding • Collaborative effort leading to more effective execution • Risk management – planning for unexpected events • Global perspective
Operating Performance: CFOs as CEOs 61 Fortune 500 CEOs were CFOsof their companies The landscape for CFOs continues to change. Ten years ago, companies wanted a strategist, perhaps a dealmaker, as their CFO. Five years ago, with the passage of Sarbanes-Oxley, companies looked to recruit CFOs with strong functional accounting skills, ideally with a Big Four background. As we work our way though the worst economic environment in the last 40 years. Companiesnow require more — a great leader and communicator with strong strategy skills and the ability to drive performance. They want an individual who can rise up in the organization and be a solid contender for the CEO spot.
Operating Performance: CFOs as CEOs • Experiences to get you in position • Get out into the business • Put the finance house in order • Prepare for higher stakes and greater personal demand • Cultivate “Big Picture” Thinking • Anticipate and align top executive support • Once in the role what is the focus • Focus on People • Focus on Growth • Interpersonal Skills • Communicating with the Street and Board The difference between CFOs and CEOs is narrowing as the key elementsof both roles come together resulting in succession opportunities Learning's from our research
Building capabilities: awareness, discipline, effort & opportunity Understand valued competencies & how you perform Functional Preparation Daily effort to drive results Partner & worktoimproveyourpersonal competencies Development of core analytical skills of finance and an in-depth understanding of theories/practices that help to drive shareholder value Capability Development Wheel Raise your hand for projects / assignments Take a real interest in the business and the corporate center Continus learning /read and grow
PepsiCo Finance a Winning Team with Great Tradition Christopher Langhoff Managing Partner CCL Search LLC
