Location: Hannover, Germany
About Sonova
Sonova is a global leader in innovative hearing care solutions: from personal audio devices and wireless communication systems to audiological care services, hearing aids and cochlear implants. Sonova operates through four businesses
- Hearing Instruments, Audiological Care, Consumer Hearing and Cochlear Implants – and the core brands Phonak, Unitron, AudioNova, Sennheiser (under license) and Advanced Bionics as well as recognized regional brands. The Group’s globally diversified sales and distribution channels serve an ever-growing consumer base in more than 100 countries.
Sonova´s Consumer Hearing Business (CHB) produces and distributes an extensive range of products under the licensed brand name Sennheiser. Through the acquisition of the Sennheiser Consumer Division in 2022 Sonova added a 75-year old brand with an uncompromising commitment to sound quality. Our CHB product portfolio stretches across the Premium (& True Wireless) Headphones, the Audiophile, and Hearing Care (Enhanced hearing and Speech-enhanced hearables) categories.
About the role
With the acquisition and successful integration of the Sennheiser Consumer Division, Sonova strengthened its leading position within the global ‘hearing’ market. Moving forward, the vision for Sonova´s Consumer Hearing Business is to extend the leadership in premium consumer audio as well as become the go-to brand for situational hearing solutions. With fast-growing sales activities across physical and digital channels covering Europe, US and Asia, a key pillar of our strategy is to drive Gross Margin expansion through: Gross Margin transparency; Driving mix (country/channel/product); Design-to-cost; Manufacturing Insourcing; Trade Terms Optimization; and a Cultural shift to embrace profitability mindset.
Recognizing that none of the above would be possible without a strong ‘finance’ leadership, we are hiring a Global Head of Finance, CHB. This person will work closely on a day-to-day basis with the CHB Leadership team and the corporate Finance function to optimize the financial performance of the Consumer Hearing Business and to deliver on its strategic goals.
The role has direct accountability to the Group CFO and a dotted line to the GVP CHB.
Key Responsibilities
The Senior Director Finance CHB will be responsible for the overall financial leadership of the division with a current revenue of over CHF 300 Mio but with prospects to grow to over CHF 400 Mio over the next 3-5 years. The financial leadership requires a strong focus on continued financial performance improvement YoY driving the company from a low single digit EBITA to a mid-double digit EBITA over the next few years.
The financial leadership expands across all areas of finance including Accounting, Reporting, Controlling Credit & Collection, Sales Analytics and Compliance as well as management of Statutory and Tax local matters as appropriate.
(S)he will manage a team of ca. 40 associates, including responsibilities for staffing, business continuity, performance management and skills development.
This role oversees the financial decision making of the CHB business and plays a key role in driving optimal resource allocation to ensure that the short and long-term financials goals of the CHB business and its contribution to the overall Sonova group financials are met.
Business Support
Business Partnering:
* Trusted financial business partner and "co-pilot" to the CHB GVP supporting and actively influencing day-to-day decision making, shaping strategy and direction
* Driving better business decisions and improving business performance through higher transparency, financial analysis and pro-active issue management
* Maintenance of effective commercial procedures, or initiating change, to ensure key operational, commercial and financial targets are delivered
* Ongoing review of local business performance, profitability and optimization of commercial practices based on overall economic environment (e.g. FX impact on pricing, credit policies and receivables management in high inflation countries, etc.)
Planning, Budgeting and Forecasting:
* Leading, managing and coordinating the local planning process including target setting, budgets and estimates in line with guidance from Business and Corporate Controlling. This includes the sales, COS and Opex budget
* Weekly forecasting of sales performance
Management Reporting:
* Ensure full transparency of CHB performance both within management team and group-level business controlling by regular reporting and in-depth analysis on key performance measures
* Track the financial performance of CHB vs Budget and Prior Year and pro-actively raise any issues with the relevant stakeholders
Analysis and Decision Support:
* Ad-hoc financial analysis and decision support on specific issues including tenders and contractual bids
Business Accounting:
* Maintains a profit and cost centers set-up in line with group standards
* Ensures that the local allocations of sales and costs to individual functional areas, product hierarchies and profit centers are correct and correspond to the actual responsibilities reflecting the underlying performance
* Ensures integrity of the calculation of KPls used locally in line with group standards
Financial Solutions:
* Support growth of the business through financial solutions such as customer insurance arrangements, customer loans, etc. that maintain a good balance of additional business potential versus risk and cost
* Any financial solutions offered in the context of the local business need to be pre-discussed and agreed by the relevant functional specialist at corporate
Financial Governance
Accounting and Reporting:
* Management of the local financial accounts and respective documentation in line with Sonova accounting and reporting policies, IFRS, local statutory and tax requirements, and in particular German GAAP (HGB) for the key market of Germany
* On-time and high quality weekly, monthly, semi-annual and annual financial reporting in line with the Group's standards
* Financial reporting to external bodies where relevant including to tax authorities, statutory filings, financial regulators, etc.
* Adequate monthly accrual and provisioning of all costs in line with group standards
* Documented monthly reconciliation process for all key balances (including IC positions, bank balances, etc.) and pro-active follow-up and resolution of any differences
* Pro-active interaction with Corporate Controlling on any technical accounting or financial reporting issues
Sales Management:
* Recognition of revenues in line with Group accounting standards
Opex and Expense Control:
* Ongoing control and approval of operating expenses in line with budgets and estimates as well as relevant corporate guidelines (specifically T&E and transactions outside the ordinary course of business)
* Financial support and analysis for vendor selection and procurement including the optimization of indirect spend
* Identification and execution of continuous and structural improvement initiatives as well as indirect spend savings in collaboration with the rest of the management team
Balance Sheet and Working Capital Management:
* Strict control and active management of credit limits and accounts receivables with a view to optimise DSO's and limit bad debt losses
* Ongoing tracking and optimisation of inventory levels
* Assessment, documentation, monitoring and reporting of customer financing arrangements
* General control and management of balance sheet items
Capital Expenditure Control:
* Management and financial assessment of capex requests
* Financial assessment of store opening/closure requests (in Retail)
Financial Systems and Transaction Management:
* Responsibility for the finance relevant aspects, set-up and controls within the local ERP systems
* Drive efficient and cost-effective accounting and transaction processing with a view to achieve a high level of automation by using the relevant tools available within the group
Tax:
* Solid understanding of the key jurisdictions local tax environment (Import duties, CIT, VAT/GST, WHT and other relevant taxes) as well as tax effects in the context of intragroup transactions and tax compliance requirements in general
* Application, reporting and payment of the correct import duties, VAT and Sales taxes for all relevant transactions. Annual review and plausibility assessment of rates and reconciliation of filed returns with local statutory accounts and profit and loss statements
* Responsibility for ensuring local systems, transactions and documents are established and retained in line with statutory requirements to ensure compliance with the relevant tax regulations and that taxes are filed in a timely and complete manner
* Liaise with the corporate tax department in tax matters and specifically in planned extraordinary business transactions or changes to the way business is done
* Review expected statutory profitability on a sub-annual basis to identify deviations from target, rationales thereof, suggest measures in regards to transfer pricing and secure compliance with arm's length principle according to process guidance from Group Tax
Treasury:
* As appropriate, management of local bank relationships in coordination with Group Treasury
* Maintenance att the GCs of up-to-date documentation such as signature lists, eBanking permissions, etc. for all interactions with banks and other financial intermediaries
* Ensure all GCs establish local bank signing authorities for all bank transactions to be subject to approval by adequately senior staff and that the 4-eye principle is always observed
* Ensure adequate safeguards and staff training is undertaken locally to prevent fraud
* Management of local cash balances in coordination with Group Treasury
* Proactive management of funding requirements in coordination with Group Treasury
Internal and External Audit:
* Management of the year end audit for the local GCs including all interaction with the external auditors and coordination of any issues with Corporate Controlling
* Hosting, supporting and coordinating Corporate Internal Audits at the GC level, including scheduling support, preparation of documents and facilitation of procedures. Set the appropriate tone from the top and act as a role model to leverage the benefits from Internal Audit process and to avoid that time of the auditors is wasted
* Fast and sustainable resolution of issues identified by Internal Audit within the responsibility of the local Finance Directors in line with agreed timelines. This includes full documentation of any remediation steps taken. Any repeat findings are to be avoided and agreed management action needs to be completed on time
* Quarterly consolidation and reporting of the internal audit remediation progress for the local GCs to corporate
ICS Champion:
* Identification, implementation, documentation and regular review of key controls within the local GC
* Remediation of identified internal control deficiencies
* Interaction with Corporate ICS Manager in internal control implementation and review projects
* Ongoing documentation, confirmation and reporting of adherence to control metrics
Compliance Champion:
* Support the CHB GVP as appropriate in the implementation, roll-out and regular staff training and ongoing monitoring of the Sonova corporate Compliance1 policies and processes
* Act as a go-to-person and advisor for local staff to address Compliance1 questions, or pass-through such questions to Group Compliance staff
* Jointly with the CHB GVP act as gatekeeper for Compliance matters and, if necessary, independently escalate significant matters to Group Compliance
* Together with the CHB GVP, conduct or support investigations of alleged local Compliance violations in line with guidance from Group Compliance
About you
* A university degree in Finance, Economics or Business Administration
* A track-record spanning 10-15 years in financial leadership roles of increasing complexity and accountability
* A true business partner with a holistic understanding of the interconnected functions that comprise a modern multinational company
* Experience in a global manufacturing organization – ideally in the consumer goods industry
* The ability to collaborate with and influence stakeholders at senior leadership level, driving a strong performance mindset with a focus on continuously improving the financial results of the company
* Experience leading organizational change and ability to deliver high quality results on tight deadlines
* A tech savvy finance leader with an aptitude and affinity for IT systems (e.g. SAP, Cognos, Salesforce, Navision, Stripe) and digital enablers (AI, data analytics)
* Ability to inspire and lead diverse teams in a context of organisational change
* A strong set of personal guiding principles that align with our company values: We care; We drive innovation; We strive for excellence; We take accountability; We build the best team
* Excellent communication and presentation skills
* Fluency in English, German and other languages would be a plus
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