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Managing a company through turbulent times
Ronald van der Mark - CFO CFO Day 2008: 12 June 2008
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Agenda
1. Success Maxeda 2. Staying focussed
3. Managing through turbulent times
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1. Success Maxeda
“If everything seems under control you’re not going fast
enough” - Mario Andretti
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Maxeda
DIY V&D
Claudia Sträter M&S Hunkemöller
De Bijenkorf
La Place
Schaap en Citroen Key Figures 2007/08 Sales €3,181 mln EBITDA €228 mln Colleagues 18,242 Stores 1,350 Countries 12
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versus Situation Vendex KBB before Buy-out: • Performance under pressure • Negative publicity • Problems with financing • Financial Holding without
added value for the Business Units
• Relatively weak Management • No cooperation between
formats • Worst place to work • Weak MIS
Current situation Maxeda: • Outperforming the Market • Double digit EBITDA growth • Very strong Cash Flow • High Investments • Strong value creation Holding • Strong Management • Strong cooperation between
formats • Best Places to work and high
Employee Satisfaction • Strong MIS • Positive reputation with all
Stakeholders
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Process since Buy-Out in 2004
• Year 1 - Focus on controlling the business and generating cash: – improving governance and reporting – changing the role of the head office and the culture – cost reduction, working capital reduction and divestments
• After year 1 - Focus on driving the business: – right people at the right place, new (international) top management – achieve retail excellence in every format – invest in long term sustainable growth – A Passion to Serve philosophy – great Strategy (5-S’s) and Execution
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We literally created
a new Company!
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Drivers of Success
• Focus – Drive – Alignment • Servant Leadership • Good Strategy and Strong Execution • Focus on Value Creation for all Stakeholders
(Customers, Colleagues, Suppliers, Community and Shareholders)
This is not Rocket Science but proven (Private Equity)
“template”!
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2. Staying focussed
Only the Paranoid Survive!
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Staying sharp and focussed!
• Constant communication to maintain Performance Culture: – “Good is the Enemy of Great” – “Only the fairy tale ends ‘They lived happily ever after’” - Peter
Drucker – Lets not get seduced by success!:
• “Success is a lousy teacher. It seduced smart people into thinking they can’t lose” - Bill Gates
• “If you are very successful you start think you can walk on water” - Dieter Zetsche
• “Nothing recedes like success” - Walter Winchell
• Constant Challenging: – Confront the Brutal Facts (not everything can be positive) – Set new Targets and Goals
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3. Managing through turbulent times
“You cannot change the wind but you are in full control of
your sails …”
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Managing through turbulent times
• Read the Markets constantly
• Adjust your Strategic Planning and Budgeting process: – Be conservative on Sales Growth and Focus on Margin, Costs and Cash – Focus on the things you can control!
• Adjust your business focus (processes and KPI’s) • Make your Cost and Capex commitments flexible
• Create contingency plans • Look at learnings from previous downturns, other markets/areas and
experienced managers
• Prepare for the upturn
Out performance is always Value Creating!
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Final thought
“It is not the strongest of the species that survive,
nor the most intelligent, but the one most responsive
to change”
Charles Darwin
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ronald.van.der.mark@maxeda.com
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