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Dave Montgomery 2009
 

Dave Montgomery 2009

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    Dave Montgomery 2009 Dave Montgomery 2009 Presentation Transcript

    • Shanghai American School 2009 Pudong High School Career Day
      • Dave Montgomery
      • CFO, Abbott Laboratories – China
      • February 20, 2009
    • Shanghai American School 2009 Pudong High School Career Day
      • Agenda
      • Background and Introduction
      • Abbott Laboratories / Industry Background
      • What does a CFO do?
      • Positives / Challenges of My Role
      • How does somebody get my position?
      • Other Advice
      • Questions – Open Forum
    • Shanghai American School 2009 Pudong High School Career Day
      • Background / Introduction
      • Dave Montgomery, CFO Abbott Laboratories – China
      • BS, Industrial Engineering 1980
      • MBA, Finance 1985
      • 29 years in workforce; 22 with my current employer
      • US citizen Los Angeles, California is “home” now
      • Working overseas since 1998
      • Married with 2 girls ages 7 and 5 attending SAS Pudong
      • NOT a Certified Public Accountant (CPA) and definitely NOT a “bean counter”
    • Shanghai American School 2009 Pudong High School Career Day
      • Abbott Laboratories / Industry Background
      • “ A Promise for Life”
      • Abbott Laboratories
      • Global healthcare company with sales in 2008 of $30B (over 50% from international)
      • Headquarters: near Chicago, Illinois USA
      • Key business segments include:
        • Pharmaceuticals - Vascular Care
        • Nutrition - Diabetes Care
        • Diagnostics - Optical Care (2009 acquisition pending)
      • China
        • Sales of $468MM in 2008 2009 target is 30 – 40% growth
        • 2,000 employees representing all business segments
        • Office locations in 10 cities
        • Pharmaceutical and Nutrition manufacturing in country
        • Top 10 global affiliate; #2 global Nutrition country (behind US)
    • Shanghai American School 2009 Pudong High School Career Day
      • Healthcare Industry
      • Broad and diversified; significant variation from country to country based on economic development, consumer sophistication, and government regulation
      • Heavily regulated industry
        • Product safety
        • Medical claims
        • Price controls / Government reimbursement
      • Why consider this industry / career in healthcare?
        • Rewarding: Patient quality of life
        • Challenging: Constant change (operating environment, new product introductions)
        • Stability, but need for innovation
    • Shanghai American School 2009 Pudong High School Career Day
      • What does a CFO do?
      • Chief Financial Officer (CFO) – senior finance professional in an organization
      • Manages / Directs many of the following functions:
        • Accounting / Controllership - Information Technology
        • Treasury - Purchasing
        • Taxation - Audit / compliance
        • Financial Planning & Analysis - Administration / Real Estate / Insurance
      • Activities focused on:
        • Meeting / Achieving financial objectives for sales revenue and profitability
        • Cash flow generation and financing the business
        • Business analysis for new products, new markets, acquisitions, divestitures
        • Accurate public reporting of financial results
        • Compliance with tax requirements of local authorities
        • Integrity of processes and procedures
    • Shanghai American School 2009 Pudong High School Career Day
      • Positives / Challenges of My Role
      • Positives
        • Involved in every aspect of the business
        • Direct leadership of key day-to-day execution of tasks
        • Set long term strategy and vision
        • Multi dimensional
        • Cross functional (work with sales, marketing, scientists, lawyers, operations etc)
        • Ability to educate / mentor younger employees
      • Challenges
        • Continuous change (economics, employees, customers, gov’t regulations)
        • Industry perception
        • Work / Life balance
    • Shanghai American School 2009 Pudong High School Career Day
      • How Does Somebody Get My Position
      • There is no “standard” career path – many ways to advance
      • First and most important:
        • Build on a strong educational background, but well rounded
        • Accounting / Finance / Mathematics
        • Business / Human Relations / Economics / Social Sciences
      • Financial heads tend to be “Generalists” not “Specialists”
        • Breadth of positions as you progress (multiple disciplines)
      • Accept new opportunities as they are presented to you
        • New position (This is my 8 th position in 22 years with Abbott)
        • New location (my 6 th location)
        • Not every opportunity is a “promotion”. Lateral moves are OK.
      • Take initiative for year career, but have reasonable expectations
        • Work with your employer
        • It won’t happen overnight (unless your dad owns the company)
    • Shanghai American School 2009 Pudong High School Career Day
      • Other Advice
      • Characteristics that I look for when hiring
      • Self confidence, but not arrogance or egotistical
      • Verbal communication skills
      • Willingness to continue learning
      • Integrity (a must have in Finance / Accounting)
      • Ability to work with others
      • Good judgment / decision making ability
      • Independent thinker
      • Balance FOR ME THE MOST IMPORTANT
    • Shanghai American School 2009 Pudong High School Career Day
      • Other Advice
      • Career planning
      • Find something you enjoy doing; not what dad/mom want you to be
      • Yes, money is nice, but it definitely is not everything or even the most important thing
      • You can get an excellent education almost anywhere, not just Harvard
      • Be willing to take some calculated risks with your career
      • Don’t be afraid to admit that you’ve made a mistake get out of a career choice that isn’t meeting your needs
      • The rewards of any career are what you make of them
        • ENJOY IT…IT’S GOING TO LAST 40 YEARS OR SO