Headquartered in Exeter, Pennon Group PLC is one of the largest environmental infrastructure groups in the UK. The Group is listed at the top end of the FTSE 250 and has assets of around £6.5 billion and a workforce of around 5,000 people.
Their strategy is to lead in the UK’s water and waste sectors, invest for sustainable growth and drive value through efficiency. The Group is made up of several businesses.
The Challenge
Having successfully completed on previous search campaigns for Pennon Group PLC over many years and due to their significant revenue growth, Moon Executive Search was approached again to manage three highly confidential search campaigns to appoint a Group Financial Controller and two Financial Controllers into their operating businesses.
For the Group role, we were seeking a highly strategic all-round operator who would take responsibility for top line financial reporting, budgeting and forecasting and tax and treasury considerations. Specifically, they would oversee the delivery of internal Group financial performance reporting and assess the impacts of performance across the different business areas of the Group. In addition, they would oversee the preparation of external Group financial reporting to the London Stock Exchange, including the Group’s Annual Report and Accounts, Interim accounts and City presentation materials. Finally, they would be expected to provide technical advice internally on new projects and interact with external auditors for audit planning/ accounting issues, including the half year Review and full year Audit/Annual Report.
For the Financial Controller roles, we were seeking experienced Accountants to focus on the Operating business, working with Directors and Senior Managers across the businesses to deliver their overall Business Plan and contribute to the operational performance of company. They were to offer support for the strategic direction and provide expert financial advice, on areas such as contract review and negotiation, ensuring strong financial governance and control and ensuring the appropriate statutory, tax, accounting and reporting for the Group Business and its subsidiaries.
For all positions, we were mindful of the regulatory requirements of reporting for a FTSE business and therefore sought clear evidence of the application of IFRS complex technical accounting and as well as looking to assess their leadership capabilities and management style.
Our Approach
Once instructed, we held meetings with Susan Davy, CFO and senior members of the finance team, to gain a detailed brief which included the context and background to the appointments and a discussion regarding the key characteristics sought in each candidate. We established that given the regulatory nature of these appointments, we would operate under strict Non-Disclosure Agreements with all candidates in the first instance.
We then began to map the existing market, utilising our extensive knowledge of the executive finance market and adopting a thorough national search into both FTSE listed businesses and organisations with a group matrix operating structure, who may potentially have candidates offering the requisite skill sets. Our research included undertaking a forensic analysis of candidate backgrounds and track records, their current companies and perceived career motivations.
Having met with all candidates to conduct a first stage interview, during which we assessed their qualifications, experience and skills, we presented our recommended shortlist to Pennon with detailed notes for each candidate. We had ongoing discussions with all stakeholders to consider each candidate’s strengths and ensured that candidates were supported with detailed information at every step of the way.
The Solution
By remaining flexible in our approach to the market and taking into a broad range of considerations throughout the process, we were able to present a shortlist of candidates for both roles who offered proven leadership, direction and management of the finance and accounting teams taken from both public and private sector backgrounds.
As a result, we were delighted to announce the successful conclusion of all searches, with the appointed candidates bringing both commercial and technical experience to Pennon Group.
Susan Davy, CFO said:
‘Both Vanessa and Simon offered us an invaluable insight into the executive finance market, were transparent in all their communications with us and were highly detailed in their research. They understood that it was critical to us to attract technically competent, commercial astute and high calibre individuals for all roles and their shortlist gave us a great base from which to make our final selections.’
Vanessa Moon adds,
‘Having worked with the group and all operating businesses for many years, it was very rewarding to once again support Susan and her colleagues to identify the candidates they needed for these senior appointments. Simon and I left no stone unturned in these searches and we were determined from the beginning to deliver shortlists that offered the Interview Panel real comparison and market insight.’
Moon Executive Search provide bespoke solutions for clients, using our extensive expertise and knowledge gained from twenty years of recruiting to find your perfect candidate. If you are looking to appoint a senior leader to your Board, visit Build Your Board to get started, or call us on 01275 371200.
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