Case Study

Vesuvius – Securing an interim Finance Director

A close up of machinery working on metal, with sparks flying off it.

In Summary

Vesuvius plc is a global leader in molten metal flow engineering and technology, whose products are used by steelmakers and foundries as well as in the glass and solar energy industries. Listed on the FTSE 250, Vesuvius employs over 11,000 people worldwide in 7 R&D centres, 59 production sites and 89 sales offices and operates via two main Global Divisions; Steel and Foundry (which trades under the Foseco brand), both of which have subdivisions within.

The Situation

Vesuvius reached out to BIE to find an interim Finance Director for the EMEA Foundry division. The business was looking for a talented and highly capable interim FD, based in Germany, who would be able to “hit the ground running” and bring this complex business through a successful year end.

The successful candidate was Thelma Matuk, an experienced interim specialising in CFO/Finance Director roles for complex international manufacturing organisations which can also encompass a turnaround or restructuring. Her experience includes a Big 4 Accountancy firm background before moving into industry to work as Finance Director for various blue-chip companies. She also brought with her significant international experience having lived and worked in Germany.

The Results

During her five-month placement, Thelma had a significant impact on the business. Key achievements (in addition to leading the finance team through the year end) included:

Establishment of daily Jour Fixe sessions and monthly calls with all EMEA finance teams responsible for compiling month end accounts to facilitate communication and best practices.
Training sessions with EMEA finance teams to roll out the Golden Rules Control Framework and including them as part of the finance team’s annual objectives.
Motivating the EMEA Finance Team to improve productivity within finance community.
Preparing detailed activity and timeline for a business restructuring plan to transfer accounting activities from the business unit in Italy to the shared services hub in Krakow, Poland.
Redefining the job roles of the finance team in Italy and the UK from those of accounting to controller to align with the EMEA strategy and organisation.
Implementing a profit and loss account reporting structure for the newly established non-ferrous sales organisation.

Candidate's View

“BIE was highly professional throughout the end to end process from submitting my CV for this role to getting accepted by the client. My contact at BIE was Executive Director Simon Moore – and communication was first-class throughout. I had four interviews for this interim role all in the same week with the final one being on the Thursday. I was accepted for the role on the Friday and the following Monday I was in my office in Borken, Germany at 8.30am starting my interim FD role! This demonstrates how quickly BIE can move to satisfy their clients and also their interims.”

Thelma Matuk, Interim Finance Director