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AL-FUTTAIM GROUPE REAL ESTATE
- CFO
2010 - maintenant
The Al-Futtaim Group is one of the Middle East’s leading enterprises, employing over 30,000 people in diverse sectors. AFGRE is responsible for the conception, development, procurement and construction of a number of mega projects as well as the leasing and operation of these projects after completion. AFGRE is currently a 65 million sq ft development in Dubai, a 40 million sq ft development in Cairo, and a portfolio of investment and operational assets in excess of US$3 billion.
Responsibilities: Lead a team of 80 direct/indirect reports located in Dubai & Cairo. Directed / managed Accounting, Business Controlling, IT and Investment Management. Ensured the day-to-day Managing Director role in the absence of a President for the Division. Interim member of the Chief Executives Committee, representing Real Estate at the corporate level.
Main achievements in 5 months:
Strategic Leadership:
• Delivered a Financial and Strategic Review of the Division, highlighting the key decisions required on Strategy, Funding, Shareholders management, Operations, Structure and people.
Financial Leadership:
• Redefined business performance monitoring through setting correct KPIs and rigorous reviews.
• Delivered the 2011 budget as well as the 2011-2014 strategic plan.
• Drove a Division-wide property valuation exercise to underpin an upcoming debt-restructuring plan.
Commercial leadership:
• Introduced a ‘stage gate process’ ensuring a transparent governance and investment decision framework along the various stages of the property development value chain.
Team Management:
• Hired key direct reports and launched ‘get fit’ program to drive the Finance improvement and transformation.
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Dubai World Trade Centre
- CFO
Dubaï
2007 - 2010
This $500M revenue company employs 1,400 staff members, manages the largest venue in the Middle East and is the master developer for two mega real estate projects representing a $12Bn investment.
Chief Financial Officer
Responsibilities: Lead a team of 65 direct/indirect reports. Direct and manage Accounting, Budgeting and Planning, Treasury, Financing and Cash Management.
Main achievements:
Over the past 3 years, established the core components of a world-class finance function:
• Strengthened the human capital of the Finance department and created key missing functional groups (Planning, Corporate Finance and treasury, Project Control, Compliance).
• Completed the BPR of all Finance processes, policies and procedures.
• Led a full corporate strategic review and established a 5-year financial plan for the group.
• Implemented a methodology for viability/feasibility studies.
• Secured $700M of debt financing.
• Completed a rating process with S&P and Moody’s.
• Appointed an international investment bank and initiated the first part of a structured financing plan. Developed a group funding strategy for the next 3 years.
• Launched the implementation of a new ERP software.
• Instituted a framework to produce IFRS-compliant financial reporting.
• Implemented financial management reports and BSCs for the different business units.
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Club Med Americas
- CFO
2001 - 2007
This $400M revenue business unit employs 4,230 staff members in twelve resorts and four commercial offices located in the US, Canada, Mexico and Brazil.
Senior Vice-President & Chief Financial Officer
Responsibilities: Led a team of 10 direct reports (directors) and 50 indirect reports. Managed Accounting, Forecasting and Budgeting, Tax, IT, Treasury and Cash Management, Product Pricing, Transportation and Purchasing. Maintained operational responsibility for certain resorts within the Caribbean.
Main achievements:
• Served as the key driver in executing the organization’s turnaround plan (from $35M loss in 2001 to break-even in 2004). Drove the development of the overall strategy and responsible for effective and efficient execution.
• Conducted targeted cost cutting measures resulting in cost savings of approximately $20M. Interface with all departments within the organization in leading this endeavor.
• Closed and disposed of 6 non-profitable resorts to optimize cash flow. Negotiation of incentive payments and marketing subsidies with foreign governments.
• Unwound two sale/lease-back transactions backed by securitized notes ($120M face), resulting in cash savings in excess of $20M.
• Ensured transition from French GAAP to IFRS. Oversaw adherence to foreign GAAP for multiple jurisdictions in which the organization operates. Produced US GAAP consolidated financial statements for certain consolidated subsidiaries and assessed the applicability of FIN 46 and other US GAAP pronouncements to the organization’s financial reporting requirements.
• Implemented direct and indirect tax minimization strategies. Ensured compliance with US and foreign transfer pricing requirements. Oversaw adequacy and valuation of deferred tax assets.
• Ensured local compliance with the Financial Security Act (French Equivalent to the SOX regulations).
Business Building
• Accelerated the move to an internet-based distribution platform: from 5% of reservations via online sources to 20% in 18 months, resulting in additional internet revenue of $40M.
• Introduced dynamic pricing on the US and Canadian markets resulting in an increase on 20% in revenue per available room.
• Changed the transportation model from a risk (charter) based operation to a scheduled air platform, resulting in additional margin of $5M.
• Ensured the successful reopening of the Club Med village in Martinique after a $60M renovation. Oversaw the re-launch of the destination from the US by establishing weekly direct jet service from JFK to Fort-de-France, which increased the number of US visitors to the island by three times in the first 6 months.
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Club Med
- Group Controller
Paris
1999 - 2001
Club Med is publicly listed on the Paris stock exchange, employs 18,550 staff members worldwide in 92 resorts and 30 regional offices, and reports $2B in revenues.
Group Controller
Responsibilities: Led a team of 8 direct and 20 indirect reports. In charge of the reporting for the group, budgeting process, mid-term planning, investment control, and ad-hoc studies
Main achievements:
• Led the implementation of the new reporting systems (Oracle, Hyperion)
• Re-organized and elevated the skill level of the controlling department through team restructuring.
• Shortened monthly reporting deadlines from 3 weeks to 8 days.
• Implemented a rolling forecast process which resulted in improved control over company’s performance.
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Groupe FOURNIER
- Director of Controlling - Pharma Division
1996 - 1999
Fournier is a $400M revenue family-owned company employing 2,000 staff members in 25 countries.
Director of Controlling – Pharma Division
Responsibilities: Led a team of 10 direct and 15 indirect reports. Managed reporting, statutory reporting, controlling, and budgeting.
Main achievements:
• Served as project leader for the implementation of a new reporting solution focused on EVA indicators, resulting in enhanced performance measurement of key segments within the organization.
• Rolled out the new reporting system throughout the organization (25 countries).
• Streamlined the reporting, forecasting and budgeting processes.
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Arthur Andersen
- Audit Manager
St. Charles
1989 - 1996
August 1989 – April 1996: ARTHUR ANDERSEN, Paris, France.
Audit Manager
• Led or participated in a variety of assignments for US and French GAAP financial statement audits, business valuations, due diligence assignments and business consulting
