CASE STUDY D -
LEAR CORPORATION EUROPE
(Contact - Bob Rossier Group Chairman,
CEO and President/
Don Stebbins former CFO, now Chairman and CEO Visteon Corporation) -
European Business required a Finance Organisation
to get business under control and support growth
SITUATION GOING IN
- Highly leveraged Group expanding aggressively outside US market and targeting aggressive growth in Europe organically and via acquisition
- Wanting to move from “ex pats” to local hires throughout the organisation and Europeanise the culture
- Weak Finance Organisations scrambling to close the books in time for Group reporting deadlines and considered “bean counters” and not business value adders
- Very poor control environment and everybody running the business except finance
- Financial Systems hetrogeneous (SAP, BPCS or inhouse designed and unstable)
- Financial Reporting inaccurate with consistent surprises
SITUATION 24 MONTHS LATER
- New European Finance Organisation HQ set up and running in Germany with matrix into business and Finance HQ in Detroit
- Hyperion implemented „on top“ of hetrogeneous ERP environment within 6 months
- Monthly Reporting overhauled and liquidity management process implemented with significant reduction impact on working capital and capital spending
- OEM Division performance turnaround plans implemented in areas which had struggled in the past
- Keiper Car Seating and UTA Automotive acquisitions completed and integrated within record time
