Press Release: April 15, 2010
Interview with: Stewart Glendinning, Chief Financial Officer, Molson Coors Brewing Company
Miami, FL, April 15, 2010 - FOR IMMEDIATE RELEASE
Global economic uncertainty is driving a cost cutting craze in many organizations. Such decisions however, should not be taken lightly as they could put companies at a strategic disadvantage at a time when anything can rock the boat. Chief Financial Officers (CFOs) need to keep a long-term perspective, and make sure costs are not reduced in the critical business areas, says Stewart Glendinning, CFO at Molson Coors Brewing Company. A speaker at the marcus evans CFO Summit XX Spring 2010 taking place in Miami, Florida, May 6-8, 2010, Glendinning shares his ideas on the long-term strategies that CFOs need to adopt to stay afloat.
What are the challenges facing CFOs in North America at the moment, and what solutions would you recommend?
Stewart Glendinning: The biggest impact on CFOs at the moment is the state of the economy, as it is affecting their companys ability to grow. Many organizations around the globe have continued to grow their bottom line over the last 12 or 18 months and a lot of that was a result of cost cutting measures. From a CFOs perspective, there are two solutions: pressing much harder with cost reduction to give the business a little more breathing room and developing innovative types of analyses to help their business in identifying where they should be focusing for top and bottom line growth.
What long-term strategies would you recommend to CFOs?
Stewart Glendinning: Success ultimately depends on having a great team. The number one long-term strategy I would recommend to a CFO would be to ensure finance directors have a strong team and a strong succession plan. In addition, they need to be careful that they do not reduce costs in the critical business areas. It is pretty easy for a company to drive fairly substantial reductions in marketing budgets, but if the company is operating a business that revolves around their brand, they might find that they are harming the health of their brand in the long run.
CFOs should not be operating too much in the moment, and there is a danger of doing that in the current economy. They need to have a long-term view of where the organization ought to get to and how they can create value for the shareholders; those may be various profitability type of targets, balance sheet or debt structures that really provide support for the long-term health of the business. They need to prepare themselves for changes before they occur.
What are your projections for the coming few years?
Stewart Glendinning: It is very hard to say when we will come out of the current economic turmoil. The area that will be affecting CFOs most is technology I would expect that we will continue to see evolution in the types of technologies that support CFOs and businesses in general. Many large businesses today have many back office systems without much standardization, and in the next five years we will probably see a push towards pulling some of the systems together into more standardize platforms.
The other change that could affect CFOs in the US is the prospect of implementation of the International Financial Reporting Standards the Federal Communications Commission is considering implementing those standards, but they have not given any firm indication of when they expect to have them in place. This will have a big impact on CFOs, as it will require a redo all of their systems and a retooling of all their accounting stock.
Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
About the CFO Summit XX Spring 2010
This unique forum will take place at the Doral Golf Resort & Spa, Miami, Florida, May 6-8, 2010. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on liquidity planning, acquiring capital and preparing for changes in regulatory legislation.
For more information please send an email to firstname.lastname@example.org or visit the event website at http://www.cfosummits.com/StewartGlendinningInterview
Please note that the summit is a closed business event and the number of participants strictly limited.
About marcus evans Summits
marcus evans Summits are high level business forums for the worlds leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit http://www.marcusevans.com
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