The Client
The client in question was an Australian, publicly-listed fashion retailing icon with substantial brand presence and retail operations throughout Australia and New Zealand.
Client objective
In essence the primary desired outcome was the appointment of Chief Financial Officer to partner the Chief Executive Officer through a challenging period of transformation and growth.
Group business performance had been consistently poor in the lead up to the end of financial year. The appointment of a new Chief Executive Officer by the Board of Directors signalled a new direction for the business as it sought to rationalise its capital, cost and operating structures. Critical to this transformation was to be the appointment of new Chief Financial Officer, the first member of the Executive team to be recruited by the incoming Chief Executive Officer.
Solution
An executive search campaign was conducted to identify and attract a new Chief Financial Officer.
It was concluded that “best fit” to the Chief Executive Officer would constitute the appointment of a finance leader from a large, complex competitor. It was ultimately concluded that sourcing an “aspirant” CFO candidate – potentially an individual ready for first-time promotion to CFO - would bring the appropriate dynamism and drive to the role.
A national search ensued, involving mapping of all key financial officers within fashion and other relevant retail businesses in Australia. From the resulting long list of more than eighty prospective targets confidential approaches were then made, resulting in successful shortlisting of ten priority target individuals. A multiplex of assessment techniques were employed to determine “best fit” including competency based interviews, performance questionnaires and psychometric assessment.
Successful Outcome
A successful appointment was made less than eight weeks after commencement of the executive search campaign. The individual employed was at that time the Group Financial Controller of an ASX-listed, fashion retailer. A chartered accountant, the new CFO brought more than fifteen years retail experience, much of it gained in Australia, some acquired offshore. Their subsequent reviews of the client Group’s brand, cost and retail structures resulted in substantially reduced overheads and improved profitability. Rapid growth in the market capitalisation of the Group resulted in the period following the appointment, much of it attributable to the efforts of the new CFO.