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Restructuring Financial Management and Controlling

Business situation

Whilst our client was located in Europe, its American subsidiary was based in Detroit and was responsible for the logistical and commercial activities across the United States. The Finance Manager, situated in Europe, stated that information and reporting has been slow and unreliable for years. The General Manager focused more on operational than on financial issues and there was considerable staff turnover in the small financial department. Therefore, there was a high need for accurate financial data and a clear reporting line from the United States to the European headquarters, particularly important when considering our client was looking to sell this American subsidiary.

Project scope

Our client asked for an interim manager who could act as Chief Financial Officer and Controller.

The Interim Manager would be responsible for:

• Overseeing the accounting and administrative department.
• Establishing a system for financial controls.
• Setting up a budgeting and planning framework and creating a corporate planning function.
• Maintaining relationships with banks and finance agencies.
• Managing treasury functions, coordinating the risk management strategy.
• Overseeing legal and related staff activities.

Extensive communication with the local affiliates was key to successfully accomplishing the company’s mission.

Industry: Automotive

Revenue: £215 million

Client's return on investment

After 12 months the Robert Half Management Resources Interim Manager delivered the following key objectives:

• Production of accurate and timely financial management information.
• Strategic planning and budgeting.
• Risk management and enforcement of internal controls.
• Evaluation of several merger opportunities, of which two ended in concrete bids.

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