CFO Review October 2017

October 2017

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The City Never Sleeps TheCityUK is an industry body representing Financial and Related Professional Services. Marcus Scott gives us a breakdown of the company’s services and talks to us about himself and the company winning Industry Association CFO of the Year – UK & Best Financial Services Trade Association – UK.

Pioneering Technology: For almost 30 years now, Pharming has been at the forefront of the development of innovative medical science. Pharming was a pioneer in transgenesis, the genetic engineering of organisms (in this instance proteins) to create novel therapeutic medicines.

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Contents

Welcome to the October edition of CFO Review Magazine, bringing you the latest news, appointments and features about financial leaders from all across the globe.

Gracing the cover of this month’s issue, is TheCityUK an industry body who represents Financial and Related Professional Services. We learn more about how the company promote policies that drive competitiveness, support job creation and ensure long-term economic growth.

Elsewhere in this edition, we discover how for almost 30 years, Pharming has been at the forefront of the development of innovative medical science. Pharming was a pioneer in transgenesis, the genetic engineering of organisms (in this instance proteins) to create novel therapeutic medicines.

In other news, on the 20th October, leading provider of impact and performance management software for human services, Social Solutions Global, has announced that seasoned finance executive, Ken Saunders will be joining their organization as Chief Financial Officer. Brining over 25 years’ worth of experience in software and technology, Mr. Saunders has a proven track record for helping companies navigate growth and streamlining their financial operations and business processes.

Lastly, we reveal how a recent survey has shown that 97% of UK Financial Leaders say their role has changed over the last three years. Seventy-one percent of respondents believe their finance teams are under too much pressure to be business protectors and growth drivers. The independent survey has shone a light on the complexities of the modern Financial Leader role – highlighting a community under intense pressure to balance traditional accounting tasks with more strategic revenue-generating activities.

Here at CFO Review, we sincerely hope you enjoy reading this captivating edition and look forward to hearing from you.

4. News 8.

Pioneering Technology 10.

The City Never Sleeps 12.

Accelerance Reveals Guide on Alignment Between CFO

and IT for Successful Software Outsourcing 14.

IGT Appoints Christopher Spears As Senior Vice President

And General Counsel 16.

Confirmit Appoints New CFO to Continue Successful Growth

and Profitability 18.

More Than Purse Keepers and Risk Managers, Modern

CFOs Are Driving Customer Experience with Data 20.

Research Shows 53% of CFOs Think It’s Only A Matter

Of Time Until Their Team Makes A Serious Mistake 22.

Fulton Financial Expands Executive Leadership Team 24.

Charged Success

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News 4

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Driving Future Strategic and Growth Objectives Neustar appoints former Reed Elsevier and PepsiCo executive, Carolyn Ullerick as Chief Financial Officer.

Neustar, Inc. a trusted, neutral provider of real-time information services, announced on the 23rd October the appointment of Carolyn Ullerick as the Company’s Chief Financial Officer. As CFO, Ullerick will direct all accounting, financial planning and analysis, treasury, tax, procurement, facilities and corporate development functions, and provide the financial leadership, vision and focus to continue Neustar’s growth and transformation.

She will report to Lisa Hook, Neustar’s President and Chief Executive Officer.

Ullerick has extensive global public and private company experience in corporate finance, treasury, tax, investor relations, strategic planning, mergers and acquisitions, legal and human resources. Previously, she was the Global CFO of the LexisNexis Group, where she guided the company through over 80 acquisitions, two divestitures and the transformation of the group to a digital powerhouse. She has spent over 30 years managing financial operations for high-tech and consumer packaged goods companies.

Prior to joining Neustar, Ullerick was Global CFO of the LexisNexis Group (a Reed Elsevier company), where she was responsible for all financial and merger and acquisitions aspects of the multi-billion dollar LexisNexis Legal and Professional Group (LNG). As the CFO of FritoLay Canada (a division of PepsiCo), Ullerick focused her efforts on improving the working capital management structure, restructured operational processes and developed regional competitive strategies to drive share gains. At Strategic Insight, a global asset management company, Ullerick was responsible for doubling revenues by completing five acquisitions in 24 months. While at Southam Newspaper Group, Ullerick led the financial turnaround of four newspaper operations, realizing tremendous annual profit improvements. Ullerick holds a B.A. from the University of Western Ontario.

“Carolyn is a seasoned finance and business expert with an impressive track record leading multi-billion dollar brands, including a top leadership position at one of the world’s most admired consumer goods companies,” said Lisa Hook. “Carolyn will bring a unique perspective to Neustar and help us grow our information services business with the same financial discipline we have seen over the years.”

“Neustar’s transformation to becoming a leading global information services organization has been nothing short of spectacular,” said Carolyn Ullerick. Seeing Neustar’s market momentum only validates its vision and strategy and I look forward to working with Lisa and the rest of the leadership team to deliver on the company’s long-term strategic and growth objectives.”

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News 6

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Social Solutions Global Announces Ken Saunders, Seasoned Finance Veteran, as Chief Financial Officer Social Solutions Global, the leading provider of impact and performance management software for human services, has announced that seasoned finance executive, Ken Saunders will be joining their organization as Chief Financial Officer.

On the 20th October, leading provider of impact and performance management software for human services, Social Solutions Global, has announced that seasoned finance executive, Ken Saunders will be joining their organization as Chief Financial Officer. Mr. Saunders brings with him over 25 years of experience in software and technology and a proven track record helping companies navigate growth and streamlining their financial operations and business processes.

“Social Solutions does great work for admirable organizations, and I look forward to contributing to their industry-leading team,” said Mr. Saunders. “I am excited to work with the senior leadership team and Social Solutions’ dedicated employees to continue to serve our customers.”

“We are thrilled to bring Ken Saunders onto our team,” said Kristin Nimsger, CEO of Social Solutions Global. “Ken has a history of success in the software sector, and his experience and expertise is a valuable addition that will help us deliver even more value to our customers.”

Social Solutions provides easy-to-use tools that help social services organizations track data, manage cases and analyse their efforts in order to improve outcomes. To date, Social Solutions’ software has been used by over 180,000 people across 18,000 organizations, and these numbers continue to grow. Social Solutions is committed to continuing to provide top-of-theline products, empowering its customers to continue transforming the lives of the people they serve.

Mr. Saunders comes to Social Solutions from Sizmek, Inc., the largest independent buy-side advertising platform globally where, as CFO, he helped take the company private and double in revenues over his tenure. Prior to joining Sizmek, Mr. Saunders was CFO for a number of SaaS and technology companies such as FICO, Open Solutions (now FISERV) and Bazaarvoice. Mr. Saunders has a unique blend of entrepreneurial leadership in both large and growing companies in public and private markets. www.cfo-monthly.com

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Company: Pharming Group NV Email: info@pharming.com Website: www.pharming.com Address: Darwinweg 24 2333 CR Leiden The Netherlands Phone: +31 (0)71 5247 400

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Pioneering Technology For almost 30 years now, Pharming has been at the forefront of the development of innovative medical science. Pharming was a pioneer in transgenesis, the genetic engineering of organisms (in this instance proteins) to create novel therapeutic medicines.

Pharming floated on the Amsterdam Stock Exchange in 1998 and it is a well-known and respected company within the life sciences sector in Europe. From humble beginnings and through dedication and tenacity, Pharming has built a world-leading franchise in synthesizing very complex human molecules to replace missing proteins for patients with serious genetic disorders.

Pharming is dedicated to improving the lives of patients worldwide through its pioneering technology.

From the scientists in its laboratories and production facilities, to the sales representatives and nurses dealing directly with doctors and patients in the US and Europe, the Pharming team is determined to make a difference. Patients with rare genetic conditions face significant challenges and the need to find a safe, effective and convenient therapy is critical. There are very few companies developing such complex drug products to treat the devastating effects of genetic disorders.

Pharming’s products are the result of ground breaking and ethical use of their proprietary transgenic science to produce human recombinant proteins and other complex biological molecules. Its flagship product, RUCONEST®, is approved in Europe (since 2010) and the US (since 2014), as well as other countries, and has transformed the lives of patients affected by a life limiting genetic disorder, hereditary angiodema (HAE), in which the patient cannot properly produce an important enzyme, C1 esterase inhibitor. This protein is important in controlling naturally occurring swelling responses which, if not controlled can result in patient suffering whole limb or even whole body swelling and, left untreated, the disease can be fatal. This first product validates Pharming’s technology platform, however, and several other exciting treatments for rare and poorly-met medical needs are in the pipeline.

RUCONEST® is used to treat HAE attacks suffered by patients. It is fast, effective and long-lasting, and is the first and only recombinant C1-inhibitor for HAE. Crucially, as a recombinant product, RUCONEST® is unique as there is no danger from known and potential infections which could be passed on through blood plasma-derived alternative therapies. As demonstrated through numerous clinical studies, Pharming develops RUCONEST® (and other human recombinant proteins) with excellent therapeutic properties and solid safety profiles through the generation of transgenic animals, which only express the human protein in their milk.

This enables the safe, pure production of the protein without the animal being biologically affected or suffering in any way.

Founded in 1988, the company is led by Chief Executive Officer Sijmen De Vries, Chief Operating Officer Bruno Giannetti and Chief Financial Officer Robin Wright (winner of the Global CFO Review CFO award for the Netherlands). Pharming employs a dynamic workforce of over a hundred people across development, commercial and support functions at its HQ in Leiden and facilities in the Netherlands, France and the US. Pharming operates in an industry under considerable scrutiny. Notwithstanding this, it has gone from strength to strength.

As a leader in the original development of therapy for HAE, Pharming needed to license its lead product, RUCONEST®, to ensure the company’s financial survival. As such, in 2010, Pharming partnered with Santarus in the US, which was acquired by Salix in 2014, and Salix itself was acquired by Valeant in 2015.

Pharming’s reacquisition of rights for the large US, Canadian and Mexican markets in December 2016 saw the company seize control of its own destiny, and it has subsequently built a complete sales and marketing team in these regions.

The transaction with Valeant required a large financing for a small company. To close the deal and build its commercial infrastructure, Pharming raised €103 million at the time of the deal, despite only having a market capitalization of €75 million. The deal committed the entire share capital of the company in a convertible loan, a senior loan, a rights issue and a convertible amortizing bond. To recover much of this capital and reduce both the cost of the loans and the dilutive effect of the convertibles, the senior loan and the amortizing bond were refinanced in July 2017 with a single $100 million loan facility from Orbimed, completed via a bridge finance from the same lender.

This complex financing structure, the successful refinance and the innovative deal structures are typical of the ambitious and committed management team, who have track records in enabling strong corporate development from often challenging situations.

The transformation has been matched by a strong positive development of Pharming’s stock price – the company is one of the fastest rising stocks listed on the Amsterdam Stock Exchange so far in of 2017.

“The Best BioPharma Company - Netherlands award will make a significant difference both to employees and partners of Pharming,” says CEO Sijmen de Vries. “After many long years working to develop a truly differentiated product in difficult circumstances with limited resources, Pharming has come through a long period of change and is now seeing rapid growth from its lead product and is developing safer versions of other rare disease therapies. This award is recognition of the hard work and triumphs that Pharming employees have put in, as well as a statement of its quality as a company with whom partners and customers can deal with confidence. I am very proud that the Pharming team has earned this recognition.”

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Company: TheCityUK Contact: Marcus Scott Email: marcus.scott@thecityuk.com Address: Salisbury House, Finsbury Circus, London, EC2M 5QQ, UK Phone: 07901 854 978 Website: www.thecityuk.com

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The City Never Sleeps TheCityUK is an industry body representing Financial and Related Professional Services.

Marcus Scott gives us a breakdown of the company’s services and talks to us about himself and the company winning Industry Association CFO of the Year – UK & Best Financial Services Trade Association – UK. TheCityUK promote policies that drive competitiveness, support job creation and ensure long-term economic growth. The industry we represent contributes nearly 11 per cent of the UK’s total economic output and employs over 2.2 million people, with two-thirds of these jobs outside London. It is the largest tax payer, the biggest exporting industry and generates a trade surplus greater than all other net exporting industries combined. So, it is both an engine for growth in itself and also has an enabling role for the wider economy. Marcus discusses his previous experiences and what he believes are the key factors of being a successful CEO in a thriving business.

“Previously, I was the CFO of a venture funded telecoms start up and then an AIM listed clean-tech company. Although the industries were very different the issues of growing an SME is still the same. Cashflow, growth, operation gearing and executing plans are important attributes to a successful business across any industry.”

Regarding how he works in his role, Marcus believes that good result are produced when people are enjoying what they do, as they work harder. This belief helps Marcus to stand out as one of the best CFO’s, as employees enjoy working for him and his idea of making work enjoyable is not something always employed by a number of managers.

of achieving the same goals and reaching the same targets. Marcus notes that a simple three stage process is the secret behind TheCityUK’s success.

“Essentially, our strategy revolves around a set of clear strategic objectives that together deliver value to members. We have found that value for our members derives from delivering influence and insight to members. The more significant the influence and the better the insight, the greater the value of membership.

Everything we do is evidence-based since the public policy we do has to be based on clear data. It sounds complex but our business boils down to a simple three stage process: evidence, communication, influence. Our internal processes reflect and support this.”

Fundamentally, in his role as CFO, Marcus is essential to the success of the company. He explains how he must work to keep things simple and define the strategy of TheCityUK, setting achievable and realistic financial targets, whilst also ensuring morale stays high. He is clearly very proud of the work both he and the company have done, and it is clear

that there is a bright future ahead both for Marcus and TheCityUK. “Ultimately, in my opinion, the most important role of the CFO is to define the business model, keeping it simple and making sure it will achieve the business’ goals. Then making sure it’s consistently followed is vital since operational issues that flow from the model like poor cashflow can constrict the business, starve it of the ability to hire people and resources it needs. If that happens then morale drops, results slip and the business becomes moribund. Luckily, at TheCityUK we have been able to develop a strong business model with really excellent people that make it successful.

“Moving forward, we have built a successful business but there is far more to do.

My current focus is on developing nonmembership revenues, which typically account for up to a third of industry body incomes. Ours is relatively modest and my aim is to build it from about £500k to £3m over the next five years. It will be a challenge but one I’m looking forward to achieving.”

“My experience is certainly that they achieve better results when they are buzzing than they do when they are hating their jobs. Therefore, my style is to develop as much harmony as possible. That often comes from clarity and honesty; if people have a clear idea of what they are doing, who’s doing it and how they are doing then they normally work better and achieve better results. I know it’s obvious, but huge numbers of managers seem to ignore this and behave like drill sergeants and then wonder why people behave like automatons.”

In order to be a successful business, a company must have a clear strategy, which all staff and employees work towards, in the hope www.cfo-monthly.com

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Accelerance Reveals Guide on Alignment Between CFO and IT for Successful Software Outsourcing Accelerance specialises in helping companies gain all the benefits and avoid all the pitfalls of onshore, offshore or nearshore software outsourcing with a continuum of services designed for every step of the software outsourcing experience.

On the 23rd October, Accelerance announced the launch of its latest eBook, What Your CFO Needs To Know About Outsourcing Software Development. The guide features exclusive information from its president, Andy Hilliard, on how alignment between tech leaders and the chief financial officer (CFO) is critical to the overall success of software development.

Accelerance specialises in helping companies gain all the benefits and avoid all the pitfalls of onshore, offshore or nearshore software outsourcing with a continuum of services designed for every step of the software outsourcing experience.

“While tech leaders have the responsibility to find, select and leverage global partners for software development goals, the CFO typically has significant influence,” says Andy Hilliard. “The CFO’s influence and acceptance is present at the initial selection as well as the determination of ROI and whether the relationship continues and it’s important to educate the CFO and other stakeholders that the value in software development efforts is not exclusively a function of the lowest proposed cost.”

What Tech Leaders Will Learn from the eBook The eBook focuses on how to help CTOs and other software leaders work with their CFOs on the following considerations with regard to software development outsourcing: • Expenses for employees on staff compared to outsourcing software development • Risk of using a “least cost provider” selection method • Scalable capacity through software development outsourcing • Flexibility through software development outsourcing • Capitalized expense of internal labour versus outsourced services • Core business focus “It’s critical to keep business and technology on the same page when it comes to outsourcing software development. When they’re both in alignment, you’ll most likely have a successful outsourcing experience,” said Hilliard.

According to the eBook, it’s important to use an “apples-to-apples” approach when comparing the cost between an in-house application development and outsourced development.

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IGT Appoints Christopher Spears As Senior Vice President And General Counsel International Game Technology PLC announced on the 23rd October, that Christopher Spears is joining the Company to lead its legal team.

On the 23rd October, the global leader in gaming International Game Technology PLC announced that Christopher Spears is joining the Company to lead its legal team. As Senior Vice President and General Counsel, Spears will be responsible for overseeing all legal and corporate governance matters for the Company, and will report to IGT Executive Vice President and Chief Financial Officer Alberto Fornaro.

International Game Technology PLC enables players to experience their favourite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming.

Spears will replace Neil Abrams, who is retiring from the Company effective Dec. 31, 2017, and who has transitioned to the role of Senior Advisor to the CFO until his retirement.

“As IGT faces significant opportunities in our rapidly evolving industry, Chris Spears’ skills and depth of experience with an international Fortune 500 company will foster strong partnerships with IGT’s leadership, and ensure that we responsibly meet our growth objectives,” said Alberto Fornaro, IGT Executive Vice President and Chief Financial Officer.

“Neil Abrams has been a valued member of the Senior Executive team at IGT. He played a key role in supporting the Company through critical activities during and after the merger completion. We thank him for his service, and wish him well in this new chapter of his life.”

Spears has 19 years of experience in positions of increasing scope and responsibility with Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment. Most recently, he was Group General Counsel – Commercial and International Operations where he led a large, international team of legal professionals responsible for providing comprehensive legal support to Caterpillar business units around the globe. Prior to that, he held several positions, including Chief Ethics and Compliance Officer; Deputy General Counsel; Associate General Counsel – Securities, Tax and Regulatory; and, while based in Singapore, General Counsel – Asia-Pacific. Before joining Caterpillar, he was an Associate Attorney in the Corporate and Securities Practice Group with Greenebaum Doll & McDonald PLLC. Spears has Juris Doctor and Master of Business Administration degrees from the University of Kentucky, and a Bachelor of Science degree in Business Administration from Berea College in Kentucky.

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Confirmit Appoints New CFO to Continue Successful Growth and Profitability Confirmit has announced on 19th October the appointment of Halvor W. Stokke as Chief Financial Officer, following former CFO Ken Østreng’s move to the position of President and CEO earlier this year.

On the 19th October, it was announced that leading SaaS vendor for multi-channel Customer Experience, Employee Engagement, and Market Research solutions, Confirmit had appointed Halvor W. Stokke as Chief Financial Officer, following former CFO Ken Østreng’s move to the position of President and CEO earlier this year.

Stokke joins Confirmit from global engineering and construction organization Kvaerner, where he held the position of Vice President, M&A and Business Development, for five years. During this time, Stokke was responsible for business strategy and planning, driving the reorganization of the company at a time of volatility caused by significant price fluctuations in the oil industry. Prior to Kvaernar, he spent two years in strategy and business development at Ringnes, Norway’s largest brewer and part of the Carlsberg Group.

Stokke’s long-term interest, however, has remained in the IT industry, which began during his first role as a consultant at The Boston Group Consulting. This interest was the catalyst for his move to Confirmit, the leading global solutions provider for Customer Experience (CX), Voice of the Employee (VoE), and Market Research (MR).

Stokke explains: “During my varying roles, the multitude of business challenges I’ve faced are often rooted in, or can be solved by, technology. I wanted to move closer to the

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actual delivery of IT solutions, rather than remaining on the periphery as is usually the case in consulting roles and in diverse, globally spread organizations.”

Stokke was also impressed by Confirmit’s longevity in a turbulent and competitive technology market, its ongoing financial security, and its history of successful merger and acquisition activity.

He says: “Over 20 years after its foundation, Confirmit remains at the forefront of delivering solutions that allow global businesses and Market Research organizations to listen to their employees and their customers, and act on the feedback they gather. This in itself is impressive, but to experience year-on-year growth and profitability without any need for external investment, it’s clear Confirmit is able to adapt to an ever-changing market.

“In my opinion, this is the result of a careful combination of astute financial management, intuitive acquisition and technological innovation. I hope I can contribute to this successful strategy going forward and enable more and more companies to benefit from Confirmit’s solutions and services.”

Established in 1996, Confirmit achieved record sales in 2016 and delivered over 1.4 billion questionnaire pages on its SaaS platforms in the first half of 2017. Growth has happened both organically and as the result of a series

of acquisitions, including IRM in Australia in 2015, Integrasco in 2014, CustomerSat in 2012, Techneos in 2011 and Pulse Train in 2007.

Ken Østreng, Confirmit President and CEO, said: “We’re delighted to welcome Halvor to the Confirmit team. We are committed to recruiting and retaining the brightest and best talent in the industry to drive future growth.

Halvor’s impressive experience to date, coupled with his intuition for sound business strategy, is already proving to be a great asset.”

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More Than Purse Keepers and Risk Managers, Modern CFOs Are Driving Customer Experience with Data Fifty-three percent of finance leaders surveyed report being responsible or accountable for customer-focused initiatives.

In a new study, Dun & Bradstreet revealed data that uncovers the changing role finance leaders play in stewarding their organisation’s customer experience, a mandate traditionally viewed as one of the chief marketing officer.

Because positive business results are often fuelled by great customer experiences, chief financial officers are increasingly using data and analytics to become customer-obsessed to ensure their organisation’s customer strategy is rooted in insights that will drive favourable outcomes.

The Customer-Obsessed Finance Leader, a study commissioned by Dun & Bradstreet and conducted by Forrester Consulting, found: • Thirty-six percent of company finance executives surveyed were identified as customer-obsessed Leaders, making customer-focused initiatives a top priority this year and reporting increases in customer acquisition, retention, and satisfaction.

• Customer-obsessed finance Leaders reported year-over-year increases in revenue, profitability, and cash-flow at a rate of 10 to 30 percentage points greater than their less advanced peers.

• Data and insights-driven companies are 39 percent more likely to report year-overyear revenue growth of 15 percent or more.

• Seventy-nine percent of customerobsessed Leaders indicated that their organisation will likely increase spending on technology applications to support customer engagement.

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Implementation of a customer-obsessed strategy requires mastery of seven data competencies that must be aligned across people, processes, and technologies.

CFOs, with their leadership position, crossorganisational perspective, and ability to understand complex sets of data, are uniquely positioned to implement insights-driven behaviours and processes within their organisations. Investing in the right tools and technology, as well as augmenting internal data with third-party data and analytics are some of the key actions leading finance executives are taking.

Challenges to becoming truly customerobsessed persist; disconnected strategies within the organisation, disparate data, inconsistent metrics, and a lack of investment in technology are among respondents’ most cited obstacles.

The study further outlines seven critical data competencies to master, qualities and resulting metrics that set customer-obsessed finance leaders and followers apart, and howto strategies to focus efforts around using data and analytics to become a customer-obsessed organisation.

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Research Shows 53% of CFOs Think It’s Only A Matter Of Time Until Their Team Makes A Serious Mistake In a recent survey, 97% of UK Financial Leaders say their role has changed over the last three years, seventy-one percent of respondents believe finance teams under too much pressure to be business protector and growth driver. Over half of respondents (56%) feel board expectations are unrealistic, with 53% admitting reduced resources increase the risk of serious mistakes, while 59% of respondents say their role includes more risk and compliance responsibilities and increased focus on revenue-generating activity.

An independent study commissioned by Dun & Bradstreet has shone a light on the complexities of the modern Financial Leader role – highlighting a community under intense pressure to balance traditional accounting tasks with more strategic revenuegenerating activities.

Of the 200 UK Financial Leaders surveyed, almost three-quarters (71%) believe finance teams are under too much pressure to be business protector and growth driver and 56% believe their board has unrealistic expectations.

Exploring the evolving nature of their role, almost all (97%) financial leaders surveyed say their responsibilities have changed over the last three years. Most pointed to a growing emphasis on strategic responsibility, with 59% revealing their job now includes more risk and compliance responsibilities.

Dun & Bradstreet’s Tim Vine, head of Trade Credit for UK & Ireland, explains, “The role of the financial decision maker has transformed over the last few years and, while many (74%) financial leaders feel this has been a positive CFO Monthly October 2017

shift overall, it’s still a major challenge.

Suddenly, teams who have reduced in size now have to manage a complex dual role – business gatekeeper and revenue creator.”

lack of investment in technology (21%) and inaccurate data (20%). As a result, almost two-thirds (65%) admit it’s difficult to find and capitalise on strategic opportunities.

Yet despite their expanding role, 60% of respondents say their team has decreased in size over the last three years. As a result, 53% admit reduced resources increase the risk of serious mistakes being made. Almost two-thirds of respondents (59%) suggest their organisation sometimes rushes through the compliance process to support revenuegenerating activity and 55% reveal they feel uncomfortable with the extent to which their business sometimes gambles on risk management.

“The UK’s financial leaders know how powerful data analysis and smart use of technology can be in helping them meet business expectations in their new joint role as business guardian and revenue driver,” continues Vine. “Despite the challenges they clearly face, these two roles are not opposites.

Protection and growth can go hand-in-hand, but only when they are underpinned and supported by the resource, tools and data to allow for smarter decisions that will grow the business. If financial leaders are to fulfil this duel objective, they must gain support for the data and analytical capabilities needed to empower their insight.”

To meet the expectations of their businesses and fulfil their roles effectively, the majority of respondents (45%) believe data is “extremely important” to make smart decisions and forecasts. The biggest data benefit cited by 43%: helping collate customer intelligence.

However, 57% of financial leaders admit their business lacks the ability to access accurate and current data. The biggest barriers respondents see are: a lack of skills (23%),

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Fulton Financial Expands Executive Leadership Team Fulton Financial Corporation has announced that Mark R. McCollom will join the company as Senior Executive Vice President and a member of Fulton Financial’s senior management team, effective in November 2017.

Fulton Financial Corporation, a $20 billion Lancaster, PA-based financial holding company, has approximately 3,700 employees and operates more than 240 offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through six subsidiary banks.

McCollom also will serve as Chief Financial Officer Designee, and assume the role of Chief Financial Officer in early 2018 from Philmer H. Rohrbaugh, the company’s interim CFO. McCollom is currently Senior Managing Director and Chief Operating Officer of Griffin Financial Group, LLC, an investment banking and financial advisory firm headquartered in Reading, PA. He has more than 30 years of financial services experience in various positions with different entities.

At Fulton Financial, the scope of McCollom’s responsibilities will include: accounting, treasury, corporate development, tax, financial planning and forecasting, investor relations, line of business finance, and administrative services. He also will be responsible for advising senior management and the board of directors on all financial matters.

“Mark has significant experience in banking and finance, having previously served as the CFO of Sovereign Bancorp, Inc.,” said E. Philip Wenger, Chairman, President and CEO of Fulton Financial. “We look forward to welcoming Mark to our team and leveraging his knowledge and skills to continue to grow our company.”

Rohrbaugh, who has served Fulton Financial most recently as both Chief Operating Officer and interim CFO, and previously as Chief Risk Officer, has announced that he plans to retire, effective March 30, 2018, following the transition of his CFO duties to McCollom. Rohrbaugh joined Fulton in 2012 and has played a significant role in leading the transformation of Fulton Financial’s risk management culture and improving operational efficiencies.

Fulton Financial also announced the retirement of Craig A. Roda, effective May 1, 2018. Roda joined Fulton Bank in 1979, and he currently serves as Senior Executive Vice President of Community Banking for Fulton Financial and Chairman and CEO of Fulton Bank. Roda has been instrumental in modernizing consumer banking at Fulton Financial and has remained a tireless advocate for the Lancaster community.

“Phil and Craig have made significant contributions to our company during their tenure at Fulton Financial,” said Wenger.

“They are dedicated leaders and trusted business partners who will be leaving strong legacies at Fulton. We are grateful to them for their years of service, and we thank them for their continued commitment to our company as we transition their roles to new team members.”

Curtis J. Myers will take on the roles of President and Chief Operating Officer of Fulton Financial, effective Jan. 1, 2018. Upon Roda’s retirement, he will become Chairman, President and CEO of Fulton Bank. Myers

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currently serves as Senior Executive Vice President for Fulton Financial and is President and COO of Fulton Bank. Myers has been with Fulton since 1990.

Fulton Financial also announced the following promotions to its senior management team, effective Jan. 1, 2018: David Campbell, Senior Executive Vice President of Strategic Initiatives and Operations.

Angela Snyder, Senior Executive Vice President-Head of Consumer Banking and CEO of Fulton Bank of New Jersey.

Bernadette Taylor, Senior Executive Vice President and Chief Human Resources Officer.

Daniel R. Stolzer, Senior Executive Vice President, Chief Legal Officer and Corporate Secretary.

Finally, Meg Mueller, currently a member of the senior management team, will transition from her current role as Senior Executive Vice President and Chief Credit Officer to Senior Executive Vice President-Head of Commercial Banking, effective Jan. 1, 2018.

Rounding out the senior management team are current members Betsy Chivinski, Senior Executive Vice President and Chief Risk Officer; and Angela Sargent, Senior Executive Vice President and Chief Information Officer.

“We’re excited for the future and ready for new opportunities in 2018,” said Wenger.

“We will continue to have an experienced and robust Senior Management team, all of whom bring expertise and a commitment to our company. Most importantly, we will all work together over the next several months to ensure a smooth and unified transition so we can continue to provide excellent service to our customers and value to our shareholders.”

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Charged Success Chanje and eMotorWerks partner on energy-as-a-service vehicle charging platform for electric delivery trucks. The collaboration uses energy management systems to give commercial EV fleet operators reliable and cost-effective energy.

An independent study commissioned by Dun & Bradstreet has shone a light on the complexities of the modern Financial Leader role – highlighting a community under intense pressure to balance traditional accounting tasks with more strategic revenuegenerating activities.

Of the 200 UK Financial Leaders surveyed, almost three-quarters (71%) believe finance teams are under too much pressure to be business protector and growth driver and 56% believe their board has unrealistic expectations.

Exploring the evolving nature of their role, almost all (97%) financial leaders surveyed say their responsibilities have changed over the last three years. Most pointed to a growing emphasis on strategic responsibility, with 59% revealing their job now includes more risk and compliance responsibilities.

Dun & Bradstreet’s Tim Vine, head of Trade Credit for UK & Ireland, explains, “The role of the financial decision maker has transformed over the last few years and, while many (74%) financial leaders feel this has been a positive shift overall, it’s still a major challenge.

Suddenly, teams who have reduced in size now have to manage a complex dual role – business gatekeeper and revenue creator.”

Yet despite their expanding role, 60% of respondents say their team has decreased in size over the last three years. As a result, 53% admit reduced resources increase the risk of serious mistakes being made. Almost two-thirds of respondents (59%) suggest their organisation sometimes rushes through the compliance process to support revenuegenerating activity and 55% reveal they feel uncomfortable with the extent to which their business sometimes gambles on risk management.

CFO Monthly October 2017

To meet the expectations of their businesses and fulfil their roles effectively, the majority of respondents (45%) believe data is “extremely important” to make smart decisions and forecasts. The biggest data benefit cited by 43%: helping collate customer intelligence.

However, 57% of financial leaders admit their business lacks the ability to access accurate and current data. The biggest barriers respondents see are: a lack of skills (23%), lack of investment in technology (21%) and inaccurate data (20%). As a result, almost two-thirds (65%) admit it’s difficult to find and capitalise on strategic opportunities.

“The UK’s financial leaders know how powerful data analysis and smart use of technology can be in helping them meet business expectations in their new joint role as business guardian and revenue driver,” continues Vine. “Despite the challenges they clearly face, these two roles are not opposites.

Protection and growth can go hand-in-hand, but only when they are underpinned and supported by the resource, tools and data to allow for smarter decisions that will grow the business. If financial leaders are to fulfil this duel objective, they must gain support for the data and analytical capabilities needed to empower their insight.”

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