Chief Financial Officer - Retail

Our client is a diversified conglomerate headquartered in Dubai with a strong presence across Africa. They have 25+ years of experience in global trade, retail, and manufacturing, with business interests spanning FMCG, pharmaceutical retail, frozen foods, real estate, and packaging solutions.

They are currently seeking a dynamic and experienced Chief Financial Officer to lead financial strategy, planning, and performance management for the retail business in Angola. This role is key to driving operational efficiency, optimizing working capital, and ensuring strong financial controls aligned with the companys broader goals, and reporting directly to the Group CFO that is fully responsible for the overall finance and accounting function at the Corporate and the SBU levels.

Short Term Role Objectives

• Understand and improve current systems and processes in place in accounting, budgeting, cost control, financial analysis; Map and standardize across the organization.
• Streamline the accounts and finance department at both the corporate and SBU levels.
• Conduct a thorough risk analysis of the organization and recommend risk mitigation plans.
• Establish Capital structure and liaise with subject matter experts and create a strategic plan at group level.
• Mentor finance and accounts teams across SBUs.
• Identify 3-5 key processes that need to be improved based on the risk analysis and begin execution.
• Develop SBU wise financial performance analysis.

Key Responsibilities

Planning & Forecasting

• Collaborate with senior leadership to shape the organizations strategic vision, build strategic partnerships, and support growth initiatives. Provide actionable recommendations based on financial projections, revenue and expense analysis, and real-time operational insights.
• Play a leading role in developing the strategic plan for the organization, its implementation and continuous monitoring.
• Collaborate across functions on developing the operating budget and rolling forecast. Budgetary control: Regular monitoring of Opex/Capex and monthly reporting on variances, reasons, and action plans. Review and analyze operational MIS, trends, and key performance indicators of all stores/functions.
• Develop and promote a framework to drive financial acumen and accountability across the organization.
• Develop cost structures for each revenue stream and align costs with performance. Monthly reporting on alignment initiatives.

Operations

• Review existing processes, drive SOP documentation and implementation projects, ensuring completeness, forward-looking alignment with best business practices, and current business realities. Suggest improvements, review automation levels, and control aspects in various processes.
• Review existing ERP setup (SAP), implemented processes, quality of implementation, identify processes that can be automated, and recommend general improvements.
• Identify current cost control mechanisms in the organization and methods for reducing costs operationally.
• Review existing delegation matrix, recommend changes to improve efficiency, and ensure controls are in place for proper adherence to matrices and escalation systems for deviations.
• Review cash flow forecast, focusing on the next 3 months based on business realities. Submit to Group Treasury. Regularly review funds position, escalate issues, and take proactive actions to address cash flow gaps in consultation with senior management. Lower financing costs by suggesting alternative ways of raising funds.
• Assist Business Unit Heads in meeting budgeted targets, conduct detailed performance reviews of each business line/store/product, devise revenue and pricing strategies for each revenue stream, and guide profit center heads to achieve targets.
• Continuously review AP terms and participate in commercial negotiations with vendors, contractors, customers, etc. to secure long-term financial benefits.
• In conjunction with the Sales & Marketing Team, oversee the credit control function in line with group credit and financial policies. Regularly review A/R aging, set up and periodically review credit limits, and monitor movements. Take timely action for the recovery of overdue/doubtful debts.
• Review and control inventory levels, aging, and sales patterns. Escalate for timely action on slow/non-moving items and to liquidate old stocks. Ensure adequate provisioning of inventory in books of accounts.
• Ensure adequate provisioning per policy and monitor impairments of receivables, payables, inventory, advances, investments, and assets.
• Evaluate new business acquisitions, conduct due diligence, risk analysis, valuation, and prepare feasibility reports.

Financial Information & Reporting

• Assist Group CFO in the implementation of IFRS in the business unit and manage the change process with all stakeholders.
• Ensure system compliance with statutory requirements with respect to information, language, and reports.
• Monitor day-to-day financial operations of stores and other businesses, review delays, lapses, and bottlenecks in operations, and proactively initiate necessary remedial steps and process/system changes to avoid recurrence.
• Ensure Day/Month/Year close procedures and checklists are in place, adequately communicated to all concerned, and adhered to. This should include both financial and operational tasks, covering a wide spectrum of reconciliations (e.g., bank, suppliers, customers, inventories, assets).
• Work with banks and financial institutions to secure project/working capital funding and loans, focusing on minimizing the cost of funds.
• Coordinate with statutory and internal auditors to ensure unqualified reports.
• Supervise the preparation of monthly financial statements, analyze budget variances, and prepare corresponding justification reports to management. Submit MIS reports with detailed briefings on various operations to the Chairman & Group CFO regularly.
• Coordinate with tax accountants to ensure timely updates on tax accounts and legal filings. Strategize, plan, and implement measures to minimize tax liabilities in consultation with experts.

Risk Management

• Constantly identify key risks to the organization in areas like finance, legal/tax, accounting, insurance, cost control, and contractual matters. Document identified risks and develop a risk matrix for the group, along with possible mitigating plans and actions.
• Construct and monitor reliable control systems within the group to safeguard various assets, including data and information. Regularly review and implement corrective measures for any identified control weaknesses.
• Review internal audit plans and reports, ensuring all auditor observations are addressed and actions implemented. Maintain relations with external and internal auditors and investigate and implement their findings and recommendations.
• Monitor open legal issues involving the company and legal issues affecting the industry.
• Maintain appropriate insurance coverage for all properties and assets owned by the group. Generate awareness regarding policy covenants and ensure adherence to acceptable levels.
• Ensure that all legal filings are done on time, and the company complies with all legal and regulatory requirements.

Innovation & Organization

• Challenge the status quo and identify ways to innovate and implement changes.
• Stay up to date with new technology, processes, and knowledge.
• Develop innovative processes and systems that take local environmental conditions into account and are adaptable.
• Effectively lead the team by hiring and retaining top-grade talent. Ensure all staff have proper job descriptions (JDs) and key responsibility areas (KRAs) that are communicated and understood by all.
• Evaluate the finance team, plan for innovation, and foster continual improvement. Provide individuals with opportunities for professional and personal growth.
• Train the accounting team on accounting, legal issues, and ERP-related matters.
• Build strong relationships with peers and other departments; provide financial insight and financial counselling on various operational matters to the operations team.

Key Qualifications

• A qualified Chartered Accountant, CA or CIMA (ICWA India); MBA is an added advantage.
• 15+ years of progressively responsible experience for a major retail group/FMCG company, preferably in grocery retail, having managed turnover exceeding USD 200 million
• Working knowledge of SAP preferred
• Africa experience is a big plus
• Excellent leadership and managerial competencies relevant to business strategy, problem solving, and decision making
• Skilled in examining, developing, re-engineering, and recommending financial policies and procedures
• Languages - English (Mandatory), Hindi (Desired), Portuguese (Desired)
• Drives strategic clarity and cross-functional synergy with a forward-thinking, solution-oriented mindset
• Data-driven, detail-focused, and collaborative