Securing an interim Finance Director for Vesuvius

Listed on the FTSE 250, Vesuvius employs nearly 11,000 people worldwide in seven R&D centres, 59 production sites and 89 sales offices. Vesuvius operates via two main Global Divisions, Steel and Foundry, (which trades under the Foseco brand), both of which have sub-divisions within.

Remit

The company 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 was able to “hit the ground running” and bring this complex business through a successful year end.

The person placed in the role was Thelma Matuk, a “seasoned interim” who specialises in CFO/Finance Director roles for complex international manufacturing organisations which can also encompass a turnaround or a restructuring. Her experience included a Big Four 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.

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 the 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.