Dave Montgomery 2009

967 views

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
967
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
3
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Dave Montgomery 2009

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

×