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    Case study

2006-03-13 07:45

US-based Industrials Corp had big plans for the Chinese market. It wanted its China business to be worth U$500 million by 2008, up from US$150 million now. It established a local subsidiary and pledged it would hire a Chinese chief financial officer (CFO) with financial experience, a strong strategic business perspective, solid industry knowledge, and the ability to co-operate with Industrial Corp's various divisions.

The company eventually decided on a new CFO who had previously worked as an accountant in a Big Four accounting firm in the United States and as a financial planner in the Asian operations of a multinational company for three years. The executive also spent eight years in the Asian operations of a multinational energy company, where he steadily rose from financial operations manager to deputy general manager. In the five years before joining Industrial Corp, the returnee executive also worked as a finance director for the Chinese subsidiary of another multinational.

This career path provided him with the experience needed for his new role. Industrial Corp's choice also had superb technical training in accounting, auditing, financial planning and budgeting.

He gained a lot of experience at the energy company in areas as diverse as project management, the establishment of performance management mechanisms, and line management in China.

In his role as finance director at his last company, the executive helped develop the company's China strategy, acted as a trusted advisor to the CEO, and as a business partner of the senior management team, sources from the HR Department of Industrial Corp say.

(China Daily 03/13/2006 page4)


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