My Life in Treasury: Alexis Wattinne, Bonduelle

Alexis Wattinne, Director, Finance and Treasury, Bonduelle

This month, Helen Sanders, Editor, talks to Alexis Wattinne, Director of Finance and Treasury at Bonduelle, a French family-run company that is the world leader in prepared vegetables, operating in over 100 countries, about his career and experiences in treasury.

How did you first get into treasury, and what attracted you to the profession?

I started my finance career as a trainee whilst at university, and although I knew I wanted to develop my financial experience, I had not identified a specific direction that I would take at that stage. For a new graduate, the opportunities that treasury offers are not necessarily clear beyond those of a general finance career. When I was considering my first job after graduation in 1994, I decided to qualify as an accountant, as I realised the importance of establishing the basics before pursuing a career in finance. I started working at Leroy Merlin (part of Adeo Group), a large family-owned home improvement company in France and it was here that I first came across treasury, and ultimately became treasurer for four years. When I joined, currency risk was a major issue, and helped to take the company through its Euro migration path.

How did your career progress to the role you hold now at Bonduelle?

By 2002, I had a well-established career at Leroy Merlin, but there was little upward mobility by that stage in my career, so from 2002-2007, I expanded my experience by working for a bank, again in treasury. The contrast between a corporate treasury and bank treasury was considerable, not least as the activities were quite different. For example, not only was treasury responsible for short term cash and FX, but I was also responsible for proprietary trading in instruments such as bonds, asset-backed securities and asset and liability management for the bank.

In 2007, by which time I had become head of finance, the bank went through a merger, and my role would have changed to becoming head of asset and liability management. Although I had experienced five very interesting and dynamic years, I wanted to return to corporate treasury, and by chance, I was approached by Bonduelle around this time. Bonduelle’s treasury was small, only three people, and was part of the accounts department. At that time, liquidity was abundant and cheap, but the global financial crisis soon followed.

The financial crisis was accompanied by a new CFO at Bonduelle and a renewed focus on treasury. The Board was aware of the substantial liquidity and FX risks we had as a business so I was provided with additional resources to guide the business through this challenging time. Treasury was split out from the accounting department, and we built a strong treasury function that demonstrated industry best practices in our policies and processes, with a direct link to the group CFO, giving treasury an important strategic role in the business.

How do you think demands on treasurers have changed during your career so far, and what additional skills are required to meet these demands?

Treasury is a relatively new profession, so it is still changing and evolving. I have been very fortunate as a treasurer as I have witnessed some of the major changes that in turn will inform a generation. Since the crisis in particular, I think people are starting to see treasurers as more than simply an accountant who deals with cash management, but as the owner of market and credit risk who plays a vital strategic role in the business. The events of the past ten years: 9/11, collapse of banks that were ‘too big to fail’ and the very real prospect of Euro exit showed the world that what might seem impossible is entirely possible, which needs to inform our whole view of risk.[[[PAGE]]]

What has been your greatest personal achievement so far, and why?

Clearly the past few years have brought many complex challenges, but I was honoured to become the first treasurer of an unrated company to issue a Euro private placement which we did in 2012, for which we won two major industry awards.

What attributes do you look for when employing people into your department?

We are always looking for a combination of the right attitude and experience. We need people who are nimble and agile, and who are constantly looking for ways to improve performance and create value. To do this successfully, communication with both internal and external partners is key, reflecting the fact that treasury is no longer a back office function but a strategic team that works closely both across and beyond the business to generate value. In terms of experience, clearly people need to have developed a strong financial background, such as knowledge of international financial accounting principles, in order to ensure the accuracy of our financial reporting.

How important do you think a formal treasury education is, as opposed to (or as well as) more general finance qualifications?

For junior staff, we are interested in the experiences they have gained during university, such as work placements and internships. AFTE (the corporate treasury association in France) is now endorsing several education programmes that are specific to corporate treasury, so we will probably see more treasury professionals coming through with these qualifications in the future, but on –the-job experience is probably more valuable than an academic treasury background.

Based on your career so far, what would your advice be to finance professionals who are perhaps in their first treasury role?

It is essential to focus on detail and accuracy in everything you do in treasury, and treasurers need to be demanding in the completeness, accuracy and timeliness of data they are producing, and that they require from others. Treasury is still not well-understood, so it is important to be clear and straightforward when explaining treasury issues both to senior management and the wider business. By doing so, the value that treasury brings to the business becomes clearer, and it is easier to gain support for new initiatives.

What would your ideal holiday be?

I would probably repeat a holiday my family and I took a few years ago when we took a road trip along the west coast of the United States. It was a great experience for both my wife and me, and our two children, and it was even better in that we could do it all together. Next time, I would rent an old classic American car (which will delight me as much as the trip itself, although I’m not sure the same could be said for the rest of the family) and we’ll discover all sorts of new places.

What book have you read recently that you would recommend, and why?

Steve Jobs was a person who changed our world with the tools he created, and I would definitely recommend his biography (‘Steve Jobs: The Exclusive Biography’, Walter Isaacson). He was unique in combining revolutionary innovation with simplicity, characteristics that together are inspirational.