INTHEBLACK May 2022 - Magazine - Page 22
GET SMART
// M E E T T H E C F O
OPEN VIDEO IN A NEW WINDOW
“microeconomic distortions” and wrote what
turned out to be a great essay. I was hired!
Soon afterwards my boss was talking about
“deadweight losses”, and I asked him what it
meant. He was dumbfounded and said, “What
about your master’s in economics?” I replied
that I studied economics for an agricultural
science degree and an MBA. “But what about
your essay?” I explained that I figured it out
from the pocket dictionary. After a stunned
silence, he said, “Well, thankfully you are a
quick learner!”
Eventually an investment banking role came
up in Wellington. After 10 years in investment
banking, and some time with Auckland Council
heading up financial strategy and rating policy,
I moved into a strategy, planning and
performance role at Auckland Airport.
MY CHALLENGES
MAINTAINING BALANCE
Clearly the NZ$1.2 billion (A$1.1 billion) equity
raising and banking restructure that we
implemented in April 2020, less than two
months after New Zealand’s borders were
closed due to COVID-19, was a very intense
and challenging time, but highly successful.
22 ITB May 2022
Lately I’ve had a difficult balancing act.
On the one hand it has involved keeping my
team and the wider organisation engaged
and optimistic for the future, but I’ve also
had to tap the brakes with our board and
leadership team to avoid restarting
suspended operations and the multi-billiondollar infrastructure plan too early. That
could jeopardise liquidity, banking covenants,
credit rating and our long-term recovery.
Surrounded by smart, ambitious and
energetic directors and colleagues champing
at the bit to get going, this can be quite
uncomfortable.
Another challenge has been the pervasive
but misplaced belief of some airlines that
Auckland Airport is hell bent on exploiting
our monopoly. Nothing could be further from
the truth. We anguish over decisions that
impact our airlines, especially multi-billiondollar capital investment decisions. However,
we have dozens of airline customers, each
with different needs and customer service
propositions, so we can’t please everybody.
We have to be bold and take a position that
we believe is in the best interests of our
wider travelling public.
LESSONS LEARNED
AND BEST ADVICE
Don’t angst over university degree
choices or your first job. As long as you
work hard and do your best, you’ll have
an interesting and fulfilling career path.
Don’t ever take on a new job or role that
misaligns with your personal values.
Hire great people. The greatest
contribution you can make to any
business is to recruit and motivate great
people and then delegate accountability
and responsibility, so they can deliver
what they were hired to do.
Hold your ground if competing business
objectives threaten your company’s
prospects. You can’t please everybody.
As a finance practitioner, you must strive
for what is best for your company and
shareholder value over the long term.