A logistics firm operating across several European countries, undergoing strategic shifts, concluded a sale process. This is when Emma Bernard-Papadakis, leveraging her 25-year career in finance, stepped into this pivotal moment as an Executive Interim CFO. Over a period of 9 months, she provided guidance and support to the management and finance teams throughout the company’s sale closing and integration by a restructuring private equity fund.
“I was fortunate to join an environment where everyone is exceptionally friendly and pleasant to work with, which made it easy for me to quickly fit in as an interim manager.”
Enabling management to prepare for change
Strategic decision to refocus from the previous investor, led the company to undertake a sale process. The executive committee had to be prepared to face major transformation.
Emma quickly began to raise awareness among the management team about the upcoming changes due to the new shareholder’s proximity with the private equity environment, describing it as “a world balanced between EBITDA and cash flow.” By improving the reporting, Emma also was able to enhance comprehension of the changes in key financial metrics before and after the transaction.
“The finance role is increasingly driven by longer term perspectives. CFOs are more than ever expected to act as strategic partners to the CEO. Additionally, CFOs must cultivate a heightened sense of curiosity as they navigate a diversity of topics, ranging from data to CSRD and beyond.”
Efficient alignment with the CEO, close collaboration with the shareholder and swiftly building a strong trust relationship was essential. Emma observes that an executive interim manager establishes credibility much faster than someone in a long-term position would.
To ensure assignment success, Emma made sure the objectives were clearly defined and listed what may or may not be achieved within the set timeframe: “I think that setting some limits to what should be expected is also a way to prevent disappointment in the long run.”
Transforming the finance function to meet new shareholder’s requirements
“My management style is both hands-on and trustful. My past career has allowed me to step into various roles, so I really understand the different finance functions.”
While reorganizing the finance function, Emma assisted the team in acquiring new working methods, adjusting to new reporting requirements and completing production tasks, including year-end closing. Through role clarification and widespread information sharing, Emma developed team collaboration and efficiency: “The team has learned to work together”. At the same time, the finance team began to engage more closely with external stakeholders.
“Making sense out of the tasks is very important and that comes through sharing information and clarifying what is expected.”
According to Emma, the role of today’s CFO clearly extends beyond mere financial expertise:
“CFOs are increasingly required to develop HR skills and emotional intelligence as they oversee very distinct functions, each with its unique requirements. Indeed, managing an accounting team differs significantly from managing an FP&A team, a treasurer, or a procurement team.”
Navigating cultural diversity
As the finance teams were spread across several European countries, Emma’s extensive experience in multicultural working environments was highly beneficial.
“Depending on where you come from and what you’re used to, your sense of time, the way you share objectives and how direct you are varies”.
Embracing these differences serves as a valuable method to regularly self-reflect and avoid expecting uniform reactions from everyone: “When someone doesn’t react the way you expect them to, there’s a subtle reminder to consider cultural differences. I respect that and try an alternative approach.”
“As an interim manager, I made a point of not getting overly involved.”
If all remains on track once the assignment is completed, Emma views it as a success. Thus, she ensured teams could operate on their own.
“It’s much easier to step back mentally when you know you’re leaving.”
Executive interim management assignments are about focusing on the present and achieving the set objectives. This approach allows greater freedom of speech, observes Emma:
“In most professional environments, what you say, how you say it, when you say it needs to be pondered based on alliances you need to build for the future. As an interim manager, I feel I can speak directly and to the point.”
