I recently joined Ardagh Group as Treasury, Finance & Risk Director, heading up all front office activities. In my first three weeks we’ve issued $2.8bn of new debt and then refinanced a further $1.8bn. I can’t really take any credit myself but it’s certainly been a busy introduction. We’ve also had to restructure a significant portfolio of swaps. In addition to supporting on DCM such as this, my team of three looks after all the usual front office activities; FX and commodity risk management, forecasting and daily cash management, supply change finance, etc. So, as you can imagine, there is plenty for me to get stuck into!
Someone once told me the job of treasury is simple - find enough cash and to make sure nothing bad happens on your watch. And that is not far from the truth. But there is also so much more value to be added by optimising the actions you take when implement this. Efficient funding and cash management materially reduces interest and banking costs together with working capital, while good risk management will protect your balance sheet and remove volatility from your P&L and protect your margins, ultimately ensuring long term business continuity.
Ardagh has just put one of its business into a JV. We will be a minority 43% owner but we will set up and manage the JV’s treasury under an SLA initially. Once we get through the current refinancing, the treasury separation for this is going to keep us more than busy.
Prior to moving home to Ireland and joining Ardagh, I worked for GSK in London. The past year and a half has seen the new CEO stamp her mark on the company with some really transformative M&A. Supporting these transactions was a great experience. Whether that was by issuing multi-billions of bonds, repatriating billions in rupee from an India disposal, or working really closely cross departmentally to ensure all the intercompany structuring is done efficiently, there was not many dull moments. But starting a family in recent years definitely trumps all that.
In my opinion, ACT has become the primary qualification UK employers look for in treasury; CVs are often initially selected based only on buzz words and AMCT/MCT/FCT are key words help ensure you make the cut. Furthermore, having these qualification give employers comfort that you have the base knowledge required and that you are serious about a career in treasury.
I’ve done the all the ACT exams over the past few years - first AMCT and then MCT. There is no doubt that these have enormously contributed to my better development. In addition, The Treasurer magazine allows me to keep abreast of treasury developments which otherwise I wouldn’t be aware of.
My phone. Being able to monitor your emails and calendar as you go through your busy day is such a help to stay on top of things. And all the other amazing information that the internet and apps put at your figure tips.
Measured, rational, ambitious.
Most things are not that urgent, take your time and do the best you can.
Happy birthday! The world of treasury must have changed so much since you first started and I wish you the best for the next 40 years!