In 2010, Ernst & Young published The DNA of the CFO,1 a report that provided insight into what it is to be a chief financial officer. The report was based on our analysis of a survey of 669 CFOs from across Europe, the Middle East, India and Africa (EMEIA), along with a program of in-depth interviews with leading CFOs and finance directors from these regions. In this country-specific report, we focus on the changing role, responsibilities and challenges of CFOs based in Greece. The report is based on a survey, conducted in late 2011, of 65 CFOs and finance directors, who are either CFOs of companies headquartered in Greece, or of Greek subsidiaries of major multinationals. Almost two-thirds of respondents represent companies with annual revenues in excess of €50m. To supplement the survey, Ernst & Young also conducted a number of in-depth interviews with CFOs and finance directors based in Greece.

1. The DNA of the
Greek CFO
A study of what makes a
chief financial officer in Greece
2012

2. Our thanks to the 65 CFOs and Finance Directors who participated in
this study and, in particular, to those who shared their insights in a
series of interviews:
Dimitrios Delonas
CFO of Nireus Group
Angelos Kallias
CFO of Lidl Hellas
Evangelos Raptis
CFO of Forthnet
Geert van Iwaarden
CFO of Unilever in Greece

3. Contents
Executive summary 2
Navigating a challenging environment 4
A focus on the fundamentals 6
Finance and the broader business 8
Building better CFOs 12
Demographics 14
The CFO’s role 16
Contacts 21
In 2010, Ernst & Young published
The DNA of the CFO,1 a report that provided
insight into what it is to be a chief financial
officer. The report was based on our analysis
of a survey of 669 CFOs from across Europe,
the Middle East, India and Africa (EMEIA), along
with a program of in-depth interviews with
leading CFOs and finance directors from
these regions.
In this country-specific report, we focus on the
changing role, responsibilities and challenges
of CFOs based in Greece. The report is based
on a survey, conducted in late 2011, of 65 CFOs
and finance directors, who are either CFOs
of companies headquartered in Greece, or of
Greek subsidiaries of major multinationals.
Almost two-thirds of respondents represent
companies with annual revenues in excess
of €50m. To supplement the survey,
Ernst & Young also conducted a number
of in-depth interviews with CFOs and finance
directors based in Greece.
1
The DNA of the CFO: What makes a chief financial officer, Ernst & Young, 2010.
The DNA of the Greek CFO 1

4. Executive summary
The DNA of the Greek CFO
A severe economic crisis has placed the CFO The need to get the fundamentals of finance right
under the spotlight. Nowhere more so than for those has never been more critical
within Greece. With the Greek economy in recession Three-quarters of survey respondents say that risk management
since 2008, companies need finance leaders with the has become more of a priority than it was four years ago, and a
core financial skills to manage risk, cash flow and similar proportion says that cost management and cash flow have
cost control. become more urgent. Many CFOs are taking this opportunity to
systematize the process of seeking out new efficiencies so that it
becomes engrained in business practice — through good times as
But these finance fundamentals are not enough. well as bad.
They may be top of the CFO’s priority list — and
consume a significant proportion of their time and Core financial management skills are not sufficient
attention — but successful CFOs must possess a in isolation
much broader palette of skills and capabilities. They To deal effectively with the challenges of the day, CFOs must
must have strategic vision, the ability to question also possess a close understanding of the commercial realities
and challenge management decisions, and a strong of the business. In addition, they also need visibility into
operational functions across the organization in order to
rapport with both internal and external stakeholders.
understand key drivers of performance. Many CFOs, however,
recognize that they need to do more to put this insight into
In this report, we examine how the role of the finance a broader context. When asked where they most need to improve
leader has changed in light of economic upheaval, their skills and knowledge, respondents are most likely to point
and explore ways in which CFOs are reshaping their to a requirement for deeper insight into the industry to which
role and responsibilities to support their organization their company belongs.
through these challenging times. The external environment is the biggest barrier to
the success of the CFO in Greece
Unsurprisingly, the impact of the Eurozone crisis looms large in the
minds of CFOs in our survey. When asked about the biggest barriers
to the effectiveness of their role, respondents point to the
challenging economic environment as the most prominent
obstacle. Liquidity problems are a major manifestation of this. More
than one-third of CFOs in Greece say that bank financing is only
available at unfavorable conditions, and one-quarter thinks that
domestic banks do not support business at all. Debt restructuring
is also a challenge, with most respondents agreeing that banks will
only offer this on unfavorable terms.
3/4 1/4 60%
of CFOs say risk
believe domestic banks do do not enough time to focus
management is more
not support business at all on company strategy
of a priority than in 2009
2 The DNA of the Greek CFO

5. CFOs need to do more to strengthen external The CFO role is a destination in itself
stakeholder relations The increased visibility and importance of the CFO role in Greece
Effective stakeholder relationships are a critical part of the CFO means that most of those finance leaders surveyed enjoy a high
toolkit but there are signs that some finance leaders are level of career satisfaction. The vast majority are happy with their
neglecting this aspect of their role. Less than one-quarter say that remit and range of responsibilities, and their potential for career
investor relations and stakeholder management has become a development. A significant majority either aspires to a bigger CFO
greater priority for them over the past three years. Some external role or are happy to stay in their current position. Less than
stakeholder relationships may be suffering as a result. For one-quarter have ambitions to move to the CEO office.
example, although more than 90% say that their relationship with
the management board, CEO and other C-level colleagues is good,
less than one-third gives the same assessment for their dealings
with government and the media. Relationships with investors are
better but, even here, there are doubts, with only a slim majority
of 61% saying that their interactions are effective.
The pressures of the CFO position prevent some
from fulfilling the strategic aspect of this role
The core finance skills may be in huge demand, but they are just
one aspect of the CFO role. Indeed, for the majority of finance
leaders in the survey, the traditional financial management tasks
consume just half their time, with the remainder being dedicated
to broader strategic activities. This more strategic role is the area
where CFOs are most likely to say that they add value to their
organization. Yet the challenges of the current environment can
hamper their ability to fulfill these responsibilities. Only 41% of
respondents say that they have enough time to focus on broader
company strategy, which suggests that the fundamental financial
tasks are consuming more time than CFOs would like.
1/4 61% 23%
say investor relations and
stakeholder management believe relationships with have ambitions to move
is a greater priority than investors are effective to CEO
three years ago
The DNA of the Greek CFO 3

6. Navigating a challenging environment
CFOs in Greece are facing the most challenging The economy has mostly been in recession since late 2008. The
period in living memory. They must navigate an outlook for Greece is expected to remain bleak for the foreseeable
future. Tough austerity measures have proven increasingly unpopular,
environment of falling demand, tight liquidity,
and have led to widespread social unrest. There has been a precipitous
scarce working capital and rising taxes. To compete fall in industrial output and banks continue to face a tight liquidity
effectively in this environment, CFOs must help their squeeze that prevents them from extending credit to many companies.
organizations to build strong, trusting relationships
No wonder then when asked about the biggest barriers to the
with banks, customers, suppliers and tax authorities. effectiveness of their role, CFOs in our survey point to a
challenging economic environment as the most significant
problem (see chart 1).
Chart 1: Percentage of respondents who believe these are the
biggest barriers to effectiveness in their role
(select all that apply)
54
Challenging economic environment
Company culture (e.g., level of
internal bureaucracy, quality of 42
interdepartmental relations, transparency
in internal communications)
28
Not enough resources in the finance function
Lack of experience in areas that are 12
becoming more important to the role
Relationships with senior company 11
managers outside finance
8
Unrealistic/overambitious targets
3
Personal skill gaps
3
Other
The economic situation in Greece has placed companies under
a tight financial squeeze. Effective cash management — always
a core issue for the finance function — has become critical to
survival but is increasingly difficult to handle effectively. On the
one hand, overseas companies are tightening payment terms
and often requiring cash up front in return for raw materials and
services. Yet on the other, local customers are doing all they can
to extend credit and delay payment in order to manage their own
cash flow constraints.
Access to finance remains difficult
These problems are exacerbated by a severe liquidity crunch.
With banks deleveraging in an effort to strengthen their balance
sheets, credit conditions are becoming tighter, which means that
companies seeking to refinance or restructure debt are finding
it more difficult than ever to secure funding. These challenges are
particularly pressing for smaller, family-owned companies that
rely on local banks and do not have access to international markets.
4 The DNA of the Greek CFO

7. “f you want to finance your debt,
I
you are on your own as a CFO.”
Evangelos Raptis, Forthnet Group
CFOs and other senior finance professionals surveyed for this a privately owned company that provides broadband and pay
report highlight the scale of the challenge. Almost four in ten say TV services in Greece. “You have to deal with it yourself in terms
that bank financing is only available at unfavorable conditions, of putting together your business plan, defending it and running
which might include high interest rates, extra collateral and sensitivity analyses. Of course, you can appoint advisors, but
non-market parameters. One-quarter of respondents offer ultimately all of the documents, information and analysis are
a more negative assessment still, arguing that banks do not going to come out of the finance department.”
support business in Greece at all (see chart 2).
Some CFOs argue, however, that the difficulties that Greek
companies are currently experiencing with securing finance are
Chart 2: Respondent views on how they find access to bank
nothing new. “For many Greek CFOs, things were constrained well
financing in Greece (percentage)
before the crisis,” says Mr. Raptis. “The bulk of Greek corporates
Bank financing is available only at
37
didn’t really have access to international markets because of their
unfavorable conditions for the
business — high interest rates, extra size. So, generally speaking, the Greek CFO has always been an
collateral, non-market parameters
Bank financing is only available
embattled individual.”
29
to the successful company
with a clean credit history The tax environment remains “treacherous”
Currently banks do not support 25
business in Greece In addition to challenges securing finance, companies in Greece
also have to contend with a complex, fast-changing and frequently
There is no change in access to bank 3
financing now, compared with inefficient tax system. Among our respondents, 49% say that their
before the crisis
company is facing a more aggressive approach from the tax
Other
6 authorities, and more than one-third say that they are facing an
irrational and far-fetched position from tax authorities (see chart 4).
“The tax environment in Greece has always been very
With capital extremely scarce, many Greek companies are doing
treacherous,” says Mr. Raptis.
what they can to refinance their debt, either to lock in relatively
favorable terms or reschedule payments. Once again, they are Chart 4: Respondents’ perceptions/experiences of tax
finding that banks are reluctant to restructure debt since they are authorities in connection with performing a tax audit
facing liquidity problems of their own. One-third of respondents (percentage)
say that debt restructuring is only available at unfavorable
conditions, and one-quarter say that banks are not eager to We are facing a more aggressive 49
offer it at all (see chart 3). approach from the tax authorities
these days
We are facing an irrational and 35
Chart 3: How respondents rate the opportunities for debt far-fetched position, to the largest
extent, these days
restructuring of their bank loans (percentage) Tax audits are performed with 6
objectivity and integrity
Debt restructuring is available 34 10
only at unfavorable conditions Other
for companies
Banks in Greece are not eager 25
to offer debt restructuring
Banks in Greece are eager 18
to negotiate debt restructuring
23
Other/not applicable
Even when it is available, debt financing is fraught with complexity
and adds significantly to the responsibilities of the CFO role.
“If you want to finance your debt, you are on your own as a CFO,”
says Evangelos Raptis, Chief Financial Officer of Forthnet Group,
The DNA of the Greek CFO 5

8. A focus on the fundamentals
To survive in this challenging environment, The challenges of the external environment have emphasized,
companies need finance leaders who can manage the more than ever, the importance of the financial fundamentals.
To survive and thrive against a backdrop of tight credit, uncertain
core financial skills of cost control, risk management,
demand and a highly unpredictable and fast-moving economic
tax and treasury with a high degree of skill and situation, CFOs based in Greece must pay careful attention to cash
dexterity. These skills are now more in demand than flow, risk management and cost control. Among our respondents,
ever — and can make the difference between survival these are the three activities that are most likely to have become
and bankruptcy. Finance leaders must also be a greater priority over the past four years (see chart 5).
prepared to consider multiple scenarios and have
Chart 5: Percentage of respondents who believe these tasks
plans in place to deal with multiple outcomes —
are more of a priority compared with three years ago
including the exit of Greece from the Eurozone. (select all that apply)
75
Improving risk management
72
Cost management
71
Cash flow
Advising management/board on business 60
fundamentals/growth strategy
60
Improving financial controls
Project management/business 52
transformation programs
43
Corporate governance
34
Fund-raising
29
Financial reporting
25
Regulatory compliance
Investor relations and 22
stakeholder management
14
Focus on emerging markets
“The traditional finance activities such as cash flow management
and keeping a careful eye on working capital have become
a critical area of focus,” says Dimitrios Delonas, Chief Financial
Officer of Nireus Group, which is the No. 1 company in the world
in the production and trading of Mediterranean aquaculture
species. “The current liquidity problems in the economy have
demonstrated that investment in risk management is essential,
so that is something that we have also been looking at very carefully.”
6 The DNA of the Greek CFO

9. “ e need to ensure that we are closely
W
connected to the environment so that
we can spot issues and react quickly.”
Geert van Iwaarden, Unilever, Greece
In addition to dealing with the traditional aspects of the finance Scenario planning takes center stage
role, CFOs are also finding that they need to develop new areas
The unpredictability of the external environment highlights the
of technical knowledge, particularly in the legal domain. “There is
importance of considering a range of potential scenarios.
a lot of pressure on CFOs to be the public face of the company
For many CFOs, this means holding frequent conversations with
when dealing with banks,” says Mr. Raptis. “Finance people have
stakeholders across the business in order to spot early warning
always had to have some sensitivity to legal issues, but these have
signals. This can then be used, along with other inputs, to inform
become a lot more complex because you may be dealing with
a scenario-based approach to assessing risks that enables
anything from new types of legal agreement to debt restructuring
companies to explore different outcomes and their impact on the
and even bankruptcy.”
business. “We need to ensure that we are closely connected to the
Careful monitoring helps CFOs to tackle the crisis environment so that we can spot issues and react quickly,”
explains Mr. van Iwaarden. “Because things change so quickly,
A strong focus on costs and risk requires finance leaders to
we need to have a plan B and plan C right from the start rather
have visibility into every part of the business in order to spot
than simply a base plan.”
inefficiencies or emerging threats. Asked about the measures
they use in their organization to tackle the consequences of the One scenario that is foremost in the minds of many CFOs is the
downturn, respondents point to close monitoring as the most potential exit of Greece from the Eurozone. “As part of our risk
valuable tool they have (see chart 6). management, we took steps to understand our exposure if Greece
would change its currency,” says Mr. van Iwaarden. “We needed
Chart 6: The main measures used by respondents to tackle to understand what would happen to the PL, balance sheet and
the consequences of the recession during the crisis period cash flow statement, and how it might affect our access
(percentage) (select all that apply) to funding. We also looked beyond Greece, to consider possible
implications for the Unilever group.”
52
Close monitoring/reduction of costs
38
A combination of all these measures
15
Lay offs/reduction of personnel
Divestitures/divestments/ 12
disposal of assets
Flexible working arrangements 2
for employees
5
Other
With the situation in Greece changing on a daily basis, CFOs
must pay very careful attention to the implications of new
developments, and be able to respond quickly to emerging risks or
opportunities. “Although we still have a long-term view, our focus
is currently on making sure that we stay very close to developments
and that we can adjust our plans quickly as required,” says
Geert van Iwaarden, CFO of Unilever, a consumer products
company, in Greece.
The DNA of the Greek CFO 7

10. Finance and the broader business
The core financial skills — as important as they Although the financial fundamentals may be more critical than
are — should not dominate the CFO’s agenda. The key ever, they are just one aspect of the CFO role. When asked where
they thought they had personally created the most value for their
area where finance leaders can add value is in their
organization over the past three years, respondents pointed to
ability to frame strategic discussions and add rigor the provision of strategic analysis and advice as the activity where
and process to decision-making. CFOs in Greece are they think they make the biggest contribution (see chart 7).
playing a more central role in strategy, and this is
Chart 7: Where respondents believe they personally created
helping companies to make decisions from a position the most value for their organization in the past four years
of knowledge and understanding against a highly (percentage)
unpredictable and fast-changing environment.
Providing strategic analysis and advice 18
to the company management
18
Steering the company through the
financial crisis
12
Delivering significant cost-efficiencies
Improving quality of the 11
financial reporting
Supporting and funding growth 9
opportunities for the business
Building the company’s external 8
reputation for excellence in financial
management
6
Improving working capital management
Implementing stronger governance 6
and controls
5
Ensuring effective risk management
Effectively overseeing 3
the treasury department
2
Prudently managing tax-related issues
2
Other
The fast-changing external environment has highlighted the need
for CFOs and their teams to have visibility into every part of the
business. By building good relationships across operations and
business units, finance leaders can identify issues early and
provide the insight and rigor that is necessary to resolve
problems, make good decisions and capture opportunities.
Among our respondents, the ability to develop a closer
understanding of the commercial aspects of the business is seen
as the most important quality that CFOs need to manage the
challenges of their role (see chart 8).
8 The DNA of the Greek CFO

11. “ he business can sometimes be surprised
T
to discover that the finance guys are not
just there to produce monthly accounting
reports, but that we can also contribute
a lot to the discussion.” Dimitrios Delonas, Nireus Group
Chart 8: Percentage of respondents who believe these are Chart 9: Percentage of respondents who believe these are the
qualities that a CFO needs to be able to develop to face the skills or knowledge they need to develop most
challenges of their role (select all that apply) (select up to three)
Better understanding of the commercial 72 Deeper insight into the industry to 40
aspects of the business which your company belongs
Better understanding of the operating 65 32
Designing and executing strategy
performance of the company
51 26
Being a strong team player Communication and influencing skills
Regular communication 46 New trends and techniques in financial 25
with financial institutions management
37 Skills to manage upwards 18
Closer relations with COO/CTO (e.g., relationship with CEO/board)
3 Deeper insight into key 18
Other country markets for your business
New trends and techniques in 18
working capital
Deeper industry knowledge is a differentiator 15
Presentational skills (e.g., media and
broadcast training)
Knowledge of the sector in which the company operates can also
be a key differentiator in the CFO role. By understanding the People management skills 14
(in your department)
broader dynamics that may affect their industry as a whole,
12
finance leaders in Greece will be better placed to spot early Project or change management skills
warning signs or identify opportunities that might emerge
11
in a fast-moving and turbulent environment. Yet this broad sector Stakeholder management
knowledge is an area where CFOs are frequently lacking. 8
Analysis and advisory skills
Among our respondents, having deeper insight into the industry
in which their company operates is seen as the area where they
would most like to improve their skills or knowledge (see chart 9). Among our respondents, more than half say that finance’s
standing within the organization has improved in the past four
The CFO as business enabler years (see chart 10). This shift is likely to reflect two broad trends:
This deeper industry insight can be a powerful catalyst for first, the critical role that finance leaders have played in helping
forming strong, constructive relationships with commercial companies in Greece steer through a highly difficult period;
managers. It can also alter the perception of the finance function and second, the structural changes that many organizations have
among the broader business. “The business can sometimes be made to embed the finance function more deeply within
surprised to discover that the finance guys are not just there the business.
to produce monthly accounting reports, but that we can also
contribute a lot to the discussion,” says Mr. Delonas. “By asking
the right questions and challenging their thinking both on the
top-level strategy development and also on more operational
issues, finance can make a significant contribution to
the business agenda.”
The DNA of the Greek CFO 9

12. Finance and the broader business (continued)
The perception of the finance function as an enabler of business This shift toward a more strategic, “business partnering” role for
means that the business is now more likely to seek out the skills finance can be extremely beneficial, but it is not always an easy
and capabilities that CFOs can bring to the decision-making transition to make. For many companies in Greece, the challenges
process. Among our respondents, just over half say that other of dealing with tax, treasury and other core finance issues are so
business managers routinely turn to finance for advice on key all-encompassing that it can be difficult for CFOs to break away
aspects of strategy (see chart 10). from these tasks and devote more time to their business
partnering responsibilities. Among our survey respondents,
Chart 10: Percentage of respondents who agree with the
62% say that they spend half their time on traditional financial
following statements?
management tasks and half on broader strategic tasks
Finance's standing within the
organization has improved
23 31 (see chart 11). Yet 59% agree that they do not have enough time
in the last three years to focus on broader company strategy (see chart 10). This
Other business managers in the company 12 41
routinely turn to finance for advice suggests that, in a significant number of companies, the more
on key aspects of strategy
strategic aspect of the finance role may be being neglected.
I have enough time to focus on broader 6 35
company strategy
The financial crisis has forced us to
Chart 11: How respondents divide their time between
9 26
refocus on controls and reporting, at the traditional financial management and a broader strategic role
expense of more strategic initiatives
13 21 (percentage)
CFOs are often unsung heroes
within companies
I spend half of my time on traditional 62
financial management tasks and the
other half on broader strategic tasks
Strongly agree Agree
I spend all of my time on traditional 18
financial management
According to Mr. van Iwaarden, a key benefit of this stronger I spend all of my time on broader 5
relationship between finance and the business is the ability to help strategic tasks
the company make the right choices at the right time. “Finance as Other
15
a function is well positioned to integrate the different views across
the management team, and to facilitate the process of making
choices with the right financial analysis,” he explains. “As CFOs, The skills of diplomacy have become crucial
we can serve as catalyst and facilitator for the decision-making
Successful business partnering depends on having senior finance
process in an efficient way, and ensure that there is the right
executives with strong communication and diplomacy skills.
amount of challenge when strategic choices are to be made.”
Yet this is an area where many see room for improvement.
But again, a careful balance needs to be struck. Although challenging When asked where they most need to improve their capabilities,
strategic choices is important, CFOs must ensure that they do not more than one-quarter of respondents point to communication
reinforce outmoded perceptions of finance as the “business and influencing skills (see chart 9).
prevention unit” that picks holes in any initiative. “You can’t be the
CFOs and their teams need to build effective relationships across
devil’s advocate all the time,” says Mr. van Iwaarden. “Of course,
every function in the business. One important aspect of this is the
we need to speak up consistently when necessary but we must do
ability to strike the right balance between partnering with the
so in a way that is respectful and ultimately constructive. If we are
business to help them achieve strategic objectives while also
just seen as the policeman the whole time, then we are not doing our
serving as the objective “conscience” of the business. This means
role justice.”
that, in some cases, CFOs must be an “enabler” of business, while
in others they should be prepared to stand firm on issues that
they perceive could be damaging to the organization. “You need
technical knowledge in order to understand the fundamentals,
processes and systems,” says Angelos Kallias, CFO of Lidl Hellas.
“But these also need to be combined with interpersonal skills.
You can’t have one without the other.”
10 The DNA of the Greek CFO

13. “t’s our obligation to explain to investors the real business
I
drivers and the inner logic and rationale behind our decisions
and, in most cases, that is more important than being afraid
of saying too much.” Dimitrios Delonas, Nireus Group
Mr. van Iwaarden emphasizes that the softer skills that Chart 12: Percentage of respondents who rate their business
characterize the more “enabling” side of the business partnering relationships with the following stakeholders as good or very good
role should be combined with a willingness to be firm when 42 54
Auditors
necessary. “The softer skills are important to work in a spirit
of collaboration but, at the same time, we also need to be clear 28 66
Other C-level colleagues
and protect the company’s financial interests as appropriate,”
he explains. “Striking the right balance between being 28 63
Management board
collaborative and firm is very important.”
45 45
Chief executive officer
External stakeholder relationships need attention
34 48
Chief operations officer
In addition to building strong relationships within the business,
CFOs must also develop and maintain effective interactions with Financial institutions
26 51
external stakeholders. At a time when investors, regulators, rating
agencies and the media are all more keen than ever to access 14 49
Creditors
objective, trustworthy information about the business, finance
Investors 18 43
leaders are increasingly taking center stage. They can play a
critical role in reassuring stakeholders about the strength of the 18 35
Analysts
business — and are trusted to impart both the good news
and the bad. 15 37
Regulators
“If you’re able to present consistent, transparent data that people 3 26
Media
understand and trust, then you are ahead of the game,” says
Mr. Delonas. “You also need the strength of character so that you Politicians/government 2 23
are not afraid of explaining difficult things or the cause and effect
of different drivers of your business.”
Very good Good
But while greater transparency with external stakeholders
is important, effective finance leaders also recognize that there
must be a balance between openness and disclosing competitive By contrast, relationships with external stakeholders are,
information. For Mr. Delonas, the key is to determine where in general, not nearly so effective. Only one-quarter of
exactly competitive advantages lie. “You have to do your respondents think that their relationship with government is
homework and hold discussions internally about what you should good or very good, and 29% offer a similar assessment of their
disclose,” he explains. “It’s our obligation to explain to investors interactions with the media. Dealings with investors fare
the real business drivers, and the inner logic and rationale behind somewhat better, but even here, only a slim majority sees the
our decisions and, in most cases, that is more important than quality of the relationship as effective.
being afraid of saying too much.” With so much uncertainty pervading the Greek economy, strong
Many CFOs also admit that their relationship with external investor relations and financial reporting have become critical
stakeholders is not always as strong as that with internal peers. to maintain confidence. “We’re continually improving our finance
With the exception of auditors, the top five stakeholders with reporting, both internally and externally,” says Mr. Delonas.
whom CFOs say they have the strongest relationship are internal. “By broadening and strengthening our KPIs, we can more
For example, 94% of respondents think that their relationship with accurately reflect the cause and effect relations from business
other C-level colleagues is good or very good, and 90% make and be able to foresee change. These indicators can be powerful
a similar assessment of their relationship with the CEO tools to help us and our investors to understand what’s going
(see chart 12). to happen in the future.”
The DNA of the Greek CFO 11

14. Building better CFOs
The finance function has increased its standing and Finance leaders who possess a combination of strong technical
profile within the business. Yet, in setting the bar skills, a grasp of the commercial realities, strategic vision and
excellent communication skills are rare. In our study conducted
higher than ever, it has become more difficult for
on the future requirements of the Group CFO role, Finance Forte,2
companies to find candidates who have the almost three-quarters of senior finance professionals agreed that
necessary experience and breadth of skills. very few people in their current finance function have the skills to
Broadening the pool of potential recruits is one part succeed as Group CFO. And 58% agreed that the breadth of skills
of the solution, but more important is the need to that are necessary to be a successful CFO means that the pool of
develop ways to give finance professionals exposure good candidates is shrinking.
to different projects and parts of the business. To make matters worse, some CFOs questioned for this
country-specific report think that Greece is lagging behind other
countries in its ability to nurture the right combination of skills
in its finance team. “It can be difficult to find the type of person
who has mastered the fundamentals but who also has a very
good business understanding along with relevant education,
such as a good MBA,” says Mr. Delonas. “And, in my experience,
I think Greece is some way behind a number of other European
countries in having the availability of finance professionals who
possess these skills.”
Greek companies look beyond traditional recruitment
boundaries
There are signs, however, that the situation is improving as finance
functions come under increasing pressure from internal and
external stakeholders to perform a broader role. “As shareholders,
owners and CEOs start demanding a lot more from their finance
teams, that will trigger an executive search beyond the traditional
scope of profiles that are currently being sought in the market,”
says Mr. Raptis.
Companies are also playing their part by putting in place talent
management programs that give senior finance professionals the
breadth of experience they need to succeed in the top role.
Short-term rotations out of finance and into commercial positions
can be one way of giving finance executives deeper knowledge
of the business and sector. “Members of the finance team need
to develop experience from other parts of the business in order
to understand and fulfil their own role more effectively,” says
Mr. Kallias. “By gaining experience in sales, procurement or even
technical parts of the business, finance professionals can then
bring that back to the finance function and use it to develop
a better understanding of their day-to-day role.”
2
Finance forte: The future of finance leadership, Ernst Young, 2011.
12 The DNA of the Greek CFO

15. “ embers of the finance team need
M
to develop experience from other parts
of the business in order to understand
and fulfil their own role more effectively.”
Angelos Kallias, Lidl Hellas
Broader experience creates more well-rounded Chart 14: The role which respondents aspire to (percentage)
finance leaders A bigger CFO/FD role (e.g., Group CFO 49
or CFO of larger company)
Within the finance function itself, professionals can also become
23
more rounded and commercially aware by becoming involved in Chief executive officer
large, company-wide projects, such as mergers and acquisitions
17
or the implementation of enterprise resource planning systems. Happy to stay in current post
Among our respondents, leading a large project is seen as one
6
of the top three factors that have helped them in their career Start own business
development to date (see chart 13), after motivation and hard 3
Chief operations officer
work, and interpersonal skills and networking. “Leading a big
project is a very useful experience because it enables finance 2
Other
professionals to test their own leadership capabilities with bigger
groups of people,” explains Mr. van Iwaarden. “Driving an agenda
toward successful completion is excellent preparation for the Besides tradition, an important reason for this seems to be a
challenges of the senior finance role.” high degree of satisfaction with the finance leadership role. An
overwhelming 95% of respondents are satisfied with their remit
Chart 13: The importance respondents attach to the and range of responsibilities, and 89% are satisfied with their
following in their career development to date (percentage) ability to influence broader corporate strategy (see chart 15).
(select all that apply) They are also confident that they have the right resources and
headcount in the finance function to perform its role. Where they
92
Motivation and hard work do have concerns, it tends to be around their own workload.
78
One-third, for example, say that they are not satisfied with their
Interpersonal skills and networking
work-life balance. The current state of the domestic economy,
Involvement in supporting major business 73 and the need to navigate highly challenging issues, such as
projects (MA, international expansion,
cost reduction programs, etc.) liquidity and working capital management, understandably
Mentoring from senior executives
66 add to the pressures.
Working for companies compatible with 63 Chart 15: Respondent satisfaction with aspects of their role
your values and beliefs
(percentage)
60
Educational qualifications
33 51 16
Work-life balance
57
International postings/assignments
14 56 30
Potential for career development
31
Company-provided training
Allocation of resources to finance 11 72 17
(headcount, budgets, etc.)
20
Following in the footsteps of role models
12 63 25
Compensation, benefits and incentives
The CFO role is a destination in itself Ability to influence broader
company strategy
11 55 34
With an increase in the breadth, influence and profile of the CFO 5 52 43
Remit and range of responsibilities
role, the majority of respondents see it as a career destination,
and not a staging post to the role of CEO. Almost two-thirds say Not satisfied Quite satisfied Very satisfied
that they are either happy to stay in their CFO current role, or will
seek out a bigger CFO role as the next step in their career. Less
than one-quarter say that they will be seeking out a CEO position
(see chart 14). “It remains rare to see a CFO rise to the ranks of
CEO in Greece,” explains Mr. Raptis.
The DNA of the Greek CFO 13

16. Demographics
The following charts show the attributes of the 65 CFOs and FDs Gender, age, qualifications and tenure
we surveyed and the characteristics of the organizations
Gender
they represent.
86% male, 14% female
Career history and job title
Where respondents have spent the majority of their career
Age (years) (percentage)
(percentage)
3
At other companies 37 60 to 69
in different industries
20
At my current company 35 50 to 59
in the finance function
57
In banking/financial 9 40 to 49
services
20
At other companies 8 30 to 39
in the same industry
3
At consulting firms Highest qualification (percentage) (select all that apply)
3
At accounting firms 48
MBA
At my current company 2
in a department Master's degree 20
other than finance in finance
3 Business/accountancy
Other 18
related bachelor's
degree
12
Job title Chartered accountant
Other post-graduate 11
Divisional FD degree
Others
Regional CFO/FD 11
4% Other university degree
3%2%
5
PhD
40%
Group CFO/FD
3
Other
51%
Country CFO/FD
• The average Greek CFO is male, aged 46 and has an MBA.
• He has been in role for four years and is most likely to have spent the majority of his career within a corporate
environment, as opposed to an accountancy or consulting firm.
• He is broadly similar to the average CFO within EMEIA, who is also male, 42 years old and has been in his current role
for five years and nine months. The EMEIA CFO is less likely to be MBA qualified, favoring a degree in finance.
• Despite the breadth of both the EMEIA and Greek studies, what is clear from the results is that the respondents
represent a distinctive and unique, community of professionals. The lack of diversity across segments is marked.
14 The DNA of the Greek CFO

17. Time in current role (percentage) Sector (percentage)
14 11
Less than 2 years Retail and wholesale
46 8
2 to 5 years Consumer products
20 Banking and 8
6 to 10 years capital markets
14 6
10 to 15 years Life sciences
6 5
More than 15 years Insurance
5
Other
Company ownership, revenue and sector
5
IT
Ownership (percentage)
Media and 5
entertainment
Subsidiary of a foreign 35 5
listed company Pharmaceuticals
18 5
Local company, listed Other transport
Part of a big 17 3
international group Technology
Local company, 14
privately owned, 3
Telecommunications
not listed
Subsidiary of a 8 3
foreign private company Oil and gas
8 3
Other Automotive
3
Other
Annual revenue (percentage)
2
63 Health care
€50m or more
2
23 Power and utilities
€20m to €50m
2
9 Real estate
€10m to €20m
Logistics and 2
5 distribution
€1m to €10m
2
Manufacturing
12
Other
The DNA of the Greek CFO 15

18. The CFO’s
role
The CFO’s role is broad from
developing to enabling to
executing strategy. We believe
these six segments represent the
full breadth of the CFO’s remit.
The leading CFOs we work with
typically have some involvement
in each of these six — either
directly or through their team.
While the weighting of that
involvement will depend on the
maturity and ambition of the
individual, the sector and scale of
the finance function and economic
stability, they are all critical to
leadership.
16 The DNA of the Greek CFO

19. l
erna
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ME
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Representing
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OP
the organization’s decisions are
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UT
EL
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DEV
stakeholders
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Developing and Providing insight
defining the The CFO’s and analysis to
overall strategy 5 2 support the CEO and
for your organization role other senior
managers
elopin
4 3
Dev
Funding, enabling Leading key
and executing initiatives in finance
strategy set that support overall
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Fu
ng
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ENABLEMENT
The DNA of the Greek CFO 17