West Indies Project #5 Noel Ryan

It’s been a short break but back out and to really hit the ground running in 2021, I wanted to talk about the finance experience from a different angle for the West Indies Project.

With the role of the modern CFO constantly changing and under scrutiny, the debate for us, within our region, used to center on whether the Expat CFO had what it takes to fit local market conditions and add value. So, how do they break into local management and market conditions and get the leverage they need? 

 There is no place like home but this takes a deeper meaning for a new Expat CFO and after reading Anders Liu-Lindberg’s post on the evolutionary types of CFO’s I couldn’t help but wonder what do they need to do differently (if at all?).

 Perhaps the reality is that foreign offices are less concerned about hurdles and more about solutions. So, without further ado, meet Noel Ryan who has been both a CFO at home and abroad and home for him is Ireland and abroad for him was the West Indies (up until 2018!) to provide us with more ideas on how he succeeded in this role in being an Expat CFO.

Even if you haven’t been a CFO, we hope this article still provides something beneficial to you!

1. Thanks for agreeing to do this Noel, tell me more about your experience in the West Indies?

I relocated to the Caribbean with my wife and my then 8-year-old daughter in early 2011, I originally intended to stay 2 years but ended up staying 8 years! My role was Chief Financial Officer – first for the Digicel Trinidad & Tobago market, then for the Digicel Jamaica market and later Regional CFO for Digicel Large Markets. It was an exciting time where I was centrally involved during a period of high investment in infrastructure projects, such as – building fibre networks, Long Term Evolution Data (LTE), and network expansions.

 My responsibilities as a market CFO included supporting the CEO and the leadership team in relation to strategy, planning and execution whilst also managing and running all the finance activities of the company, including budgeting, forecasting and internal & external reporting and compliance.

 My responsibilities as Regional Chief Financial Officer included the management of complex multi-country operations in a high change environment and the development of strategic and operating plans for the businesses. My role was during a period where the Finance team was transitioning from a functional model in each country to a hub model including outsourcing of all transactional activity. On a personal level, experiencing Caribbean life and the rich culture and making close personal friends was life changing. 

2. Can you compare and contrast the CFO roles both here and abroad? What skills did you need to tap into the local market and work effectively with management? 

Simply put, business is "any activity or enterprise entered into for profit." The operational, the commercial and the financial challenges associated with this activity are similar for the CFO regardless of location. What is different is the size and complexity of individual businesses. Often, complexity is because the business is part of a large multi-national organization with external market reporting requirements, which was the case during my period in the Caribbean. I found the supply and caliber of graduates was excellent in Trinidad and Tobago and in Jamaica and educational standards incredibly high. The challenge then is that Accountants need to gain experience within a complex organization to develop and progress. The biggest challenge was retaining high performers because the skills and experience gained are much sought after by local business and other multi-national businesses. The skill I most needed to tap into in the Caribbean was the development and retention of talent. I can proudly say that during my time I contributed to the development of star performers who would be an asset to any size organization anywhere in the world.

My management colleagues in the Caribbean were highly skilled and experienced. Working effectively with management in the Caribbean was no different from any other location in my experience.

3. What hurdles did you face in working with others as an Expat CFO? How did you adapt?

The biggest international challenge in my experience was managing senior resources in diverse locations where we did not proficiently speak a common language. In those circumstances both communication and culture became extremely difficult. My solution was firstly to show patience and respect which builds trust. It is important to have structure in these circumstances and to have clear simple communication. Personally, I created shared templates that simply laid out objectives and recorded updates. When I started my career – we built international relationships via telephone and fax. I used to love a good ole chat (in broken English) with Giordano from Italy about Inter Milan on a Monday morning, before we discussed the previous week’s revenue report! Building relationships with work colleagues we have never met in person is nothing new. What is new is the fast pace of progress and the fantastic tools we have today – COVID 19 has just accelerated the change that was already under way. My only tip is to embrace the new world

4. What advice would you give in deciding to work internationally and in returning home thereafter once COVID 19 is overcome?

Firstly, seek out fellow expats that joined your prospective employer and or have relocated to the same location – it’s a big move so it is important that you know what you are getting into and that it meets you and your family’s expectations. A good choice depends on individual requirements - for me it was an exciting opportunity to work for a business that was investing in the future and because I have a great love of travel and an ambition to see the world…it was a perfect fit. 

People return home for many reasons – in my case, it was for family reasons. Readjusting is about making the most out of life wherever you are and is a really just a mindset. My priority on returning home was to make up for lost time and spend quality time with family and friends………other than of course reinvesting in warm clothes.

5. Would you share something that you learnt in your career that you believe we can all benefit?

An important learning in my career was that you need to break down and simplify the important headline numbers and performance indicators of your business. A common mistake is to have numerous reports and complex analysis but to be unable to distil this information into a clear and confident understanding of what is happening to your business. Simply put, you need to be able to see the wood from the trees.

 In 2006, the business I worked for was acquired by a large US multinational – the CEO of that business maintained a one page report which included the headline financial numbers and key performance indicators of the business. From that one page he could clearly articulate how the business had progressed over the past 3 years and determine where he expected the business to be in 3 years time. That modus operandi resonated with me and I have adopted it effectively since.

 My simple advice is that the CFO and senior members of the Finance team are in a prime position to observe and influence the key performance indicators of their business. Use that privilege effectively by identifying, simplifying and understanding those key indicators and you will hugely benefit the business you support and drive forward your own personal development and career progression .   

6. Finally, tell me about a time you implemented change in the workplace and was it a success?

In business today, change is inevitable – expansion, investment, divestment, remedial, transformation, efficiencies and even when people simply come and go…...the list goes on and on. I have managed all of the aforementioned changes during my career. One of my most satisfying "change implementations" was the successful integration of an acquired business, which was delivered through detailed planning and focused execution. Prior to the acquisition the target business was approaching insolvency. The combination resulted in the creation of a successful new business unit. An effective integration plan that implemented significant changes to the organization structure, introduced new products and reengineered business processes was hugely positive for the employees providing stability, security and created renewed energy.

 The 4 key steps in the acquisition process were as follows with number four arguably being the most important:

 1.Create a strategic plan and ensure the target acquisition is the right fit to deliver the stakeholders objectives

2.Identify how the transaction will be financed - In the above case, the acquisition was substantially funded via equity 

3.Assemble a qualified team (with internal leaders and external advisors) to perform due diligence and complete the transaction

4.Prepare and successfully implement a comprehensive integration plan

I love it! Noel’s ways of working always resonated with me just as his closing statement. Noel, thanks for joining us today.

 Have you been an expat finance professional? Tell us about your experiences in the comment section!

A little bit about the West Indies Project:

This project was born in July 2020 to showcase those who aren't on the LinkedIn platform yet or those who have only recently joined to share their stories with the goal of providing insight into the finance industry in the West Indies.

And Feel free to check out previous articles in the series below:

Andre Hayes

Natasha Farah

Shameed Abraham

Safiya Noel