I believe I ultimately did a good job of getting the internal teams really excited about our prospects in these two spaces. More risk was involved, but I was able to provide compelling arguments to convince people. People are comfortable in what they know and what they do, and both of these new products were innovative, emerging businesses. GN: I think you’re always going to face some internal resistance when you are trying to innovate. Was everybody supportive of you running with it (gaming and digital signage) or was there some internal resistance? Once the CEO is on board and you are on the same page, start to engage the Executive Team to expand the view throughout the broader business.
My advice to other CFOs who are looking to innovate is to map out where they think the future is and to work directly with the CEO in understanding his or her vision. Is it an extension of existing capabilities? Is it an untapped market? I always use the term at Cineplex: “I want us to be proactive and not reactive” as we want to execute on the best as opposed to the first opportunities. I was always focused on where I thought the organization could be in 5 or 10 years.Īll CFOs are probably working on five-year or multi-year plans for their organization, and when doing so I think it’s important to understand the strategic fit of an opportunity by asking if it makes sense. When you have an organization like Cineplex that executes the core business really well, you have more freedom to think outside the box. GN: The first thing I spearheaded was our move into digital signage. Why did you decide to take this on and what would your advice be to other CFOs who are keen to lead a similar initiative? RW: Innovation, particularly around moving into gaming and digital signage, was something you helped spearhead at Cineplex. When you’re in financial distress you don’t have the normal bargaining power or financial considerations that suppliers or employees are looking for, so you have to counter that with strong personal and interpersonal relationships. That experience has made me realize the importance of relationships, both internal and external, as well as trust within your team and outside the organization. GN: You know what? I always tell people I was very fortunate to go through more turbulent times earlier on in my career. How have these experiences shaped your approach to leadership? RW: You’ve been the CFO of Cineplex through bankruptcy, private equity ownership to the business having a record year last year. Ross Woledge from Odgers Berndtson interviews the CFO of CineplexĬanada’s ‘CFO of the Year’ discusses the positives of going through bankruptcy, why organizations need to embrace disruption and how leading innovation can be a natural fit for the CFO.
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