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Chief Financial Officer Moves

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					Chief Financial Officer Moves
Q3 2010




  Chief Financial Officer Moves is a quarterly series issued by Russell Reynolds Associates’ Financial Officers Practice
  representing a snapshot of CFO trends and moves.

  Market Developments
  We have had a busy start to 2010 and the continuing movement of CFOs during the summer months show this trend
  continuing. There has been particular focus in hiring senior treasury and investor relations positions which is likely to be
  as a result of the increased profile of these roles as we emerge from the economic downturn. There has been consistent
  movement of CFO and Finance Directors across every sector as well as a healthy movement of Non-Executive Directors
  with a finance background. In September 2010, we saw many changes across board members in the financial services
  sector which is likely to cause a downward ripple of changes to further senior finance positions over the coming months.
  We have also noted the following general trends:
  • Private Equity operating in a difficult IPO market. Despite many Private Equity firms signalling an intention to IPO,
    this market remains difficult and a sale may be more pragmatic in the short term. Regardless, the Private Equity firms
    remain keen to hire CFOs with IPO credentials, although the focus remains on those with track record of creating value
    in either public or private companies.
  • CFOs stepping into Chairman roles. It was announced that Douglas Flint will take over as Group Chairman following
    15 years as Group Finance Director at HSBC. Ken Hanna’s move into the Chairman role at Inchcape in 2009 following
    his tenure at Cadbury as Finance Director and a long career in various Group Finance roles highlights the progression
    that the role of CFO or Finance Director has made over the last few years. The vast majority of companies in the current
    market view their most senior finance professional as a true business partner to the CEO.
  • Increased importance of Investor Relations Directors. The increasing importance CEOs are placing on their Investor
    Relations Directors in an important theme. In recent months, firmly establishing a robust reputation in the City has
    often been the difference between an undervalued and a healthy Market Capitalisation. Organisations are focussed
    on IR Directors who have a first-class, commercially focussed finance background with perhaps some operational
    experience or time in an advisory role. There is a clear trend away from placing communications experts who have
    had limited financial exposure.




  Financial Services
  • Iain Mackay has been promoted into the Group Finance Director position following a three year period as Chief
    Financial Officer of HSBC North America.
  • Scott Egan has been appointed Group Chief Financial Officer of Brit Insurance Holdings. Egan joins from Zurich
    Financial Services where he held various positions including group financial controller.
  • Jonathan Edwards has been appointed Head of Group External Reporting at HSBC. Edwards joins from Deloitte
    where he served as a Director in their Banking and Securities Group.
  • Subhajit Chowdhary has been appointed Chief Financial Officer of Barclays Shared Services in India. Chowdhary
    joins from Fidelity National Information Services.
Chief Financial Officer Moves                                                                                           Q3 2010



    Consumer/Retail/Leisure
    • Neil Bright has been appointed Group Finance Director at Holidaybreak. Bright joins from the entertainment retailer
      HMV.
    • Ian Dyson has been appointed CEO at Punch Taverns. Dyson was previously Group Finance Director at Marks &
      Spencer.
    • Jonathan Hill has been appointed Group Finance Director at Bovis Homes.  He was previously Managing Director
      of M&A at TUI Travel.
    • Tim Kowalski has been appointed Group Finance Director at Findel. He was previously Group Finance Director at
      N Brown.
    • Robin Piggott has been appointed Group Finance Director at Moss Bros Group. Piggott previously served as
      Group Finance Director at Alexon Group.
    • John Rogers has been promoted from Property Director to Group Chief Financial Officer of J Sainsbury.
    • Ben Stevens had added the responsibility of Chief Information Officer to his role as Group Finance Director at
      British American Tobacco.
    • Alan Stewart has been appointed Group Finance Director at Marks & Spencer. Stewart was previously Group
      Finance Director at WHSmith.
    • Jeremy Townsend has been appointed Chief Financial Officer at Rentokil Initial. Townsend was previously Group
      Finance Director at Mitchells & Butlers.



    Industrial
    • Peter Bream has been appointed Group Finance Director at Victrex. Bream joins from Renold where he served as
      Group Finance Director.
    • Mike Holt has been appointed Group Finance Director of Low & Bonar. Holt joins from VP where he has been
      Finance Director since 2004.
    • Brian Tenner has been appointed Financial Director at Renold. Tenner joins from Scapa Group.



    TMT
    • Nick Bray has been appointed Group Chief Financial Officer of Sophos. Bray was previously Chief Financial
      Officer at Micro Focus.
    • Andrew Davies has been appointed Chief Financial Officer at Verizon Wireless. Davies joins from Vodafone where
      he recently served as Chief Financial Officer of Vodafone Essar in India.
    • Paul Goodridge has been appointed Group Chief Financial Officer at Sepura. Goodridge was previously Group
      Finance Director at CSR and was part of the management team behind the company’s IPO in 2004.
    • Ken Lever has been appointed Group Chief Financial Officer at Xchanging. He joins from Numonyx where he
      served as Group Chief Financial Officer. 
    • Mike Phillips has been appointed Group Chief Financial Officer at Micro Focus. Phillips joins from Morse where
      he was CEO following a promotion from Chief Financial Officer.
    • Stephen Wilson has been appointed Chief Financial Officer at Misys. Wilson joins from IBM where he has worked
      in various roles for 25 years.




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Chief Financial Officer Moves                                                                                               Q3 2010



    Pharmaceuticals
    • Simon Dingemans has been appointed Group Chief Financial Officer at GlaxoSmithKline. He joins from Goldman
      Sachs where he was most recently Managing Director of their European M&A business.
    • Simon Parsons has been appointed Group Chief Financial Officer at LGC. Parsons was previously Chief Financial
      Officer at Codemasters.



    Non Executive Directorships
    • Michael Butterworth has been appointed a Non-Executive Director at St Ives. Butterworth is currently Group
      Finance Director at Cookson Group.
    • Guy Elliott has been appointed a Non-Executive Director at Royal Dutch Shell. Elliott has previously served as
      Group Finance Director at Rio Tinto.
    • Douglas Flint has been appointed Group Chairman at HSBC following a 15 year period as Group Finance
      Director.
    • Kevin Parry has been appointed a Non-Executive Director at Intermediate Capital Group. He is currently Group
      Chief Financial Officer at Schroders.
    • Stephen Young has been appointed a Non-Executive Director at Derwent London. He is currently Group Finance
      Director at Meggitt.




    About Russell Reynolds Associates
    Leadership for a Changing World. In today’s global business environment, success is driven by the talent, vision and
    leadership capabilities of senior executives.

    Russell Reynolds Associates is a leading global executive search and assessment firm with more than 300 consultants
    based in 39 offices worldwide. Our consultants work closely with public and private organizations to identify, assess and
    recruit senior executives and board members to drive long-term growth and success. We value teamwork, serving our
    clients with a collaborative approach that spans our international network of sector and functional experts.

    Our in-depth knowledge of major industries and our clients’ specific business challenges, combined with our
    understanding of who and what make an effective leader, ensure that our clients secure the best leadership teams for
    the ongoing success of their businesses. For more information, please visit us at www.russellreynolds.com.




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