Job description
Position: Treasury Director
Department: Finance-Coop
Responsible to: Senior Vice President, Investor Relations & Treasury
Job Purpose: Responsible for successfully managing the treasury operations of the Coop
Introduction
Headquartered in Santa Monica, California, USA, Activision Blizzard is a global interactive entertainment software leader and the world's largest independent video game publisher.
The company's product portfolio includes Activision Publishing's Call of Duty®, and Skylanders Spyro's Adventure™ franchises and such established licensed properties asSpider-Man™, X-Men™, James Bond™, and Transformers™, as well as Blizzard Entertainment's World of Warcraft®, Warcraft®, StarCraft®, and Diablo® franchises.
Activision Blizzard is the umbrella organization over Activision Publishing and Blizzard Entertainment and provides corporate shared services such as Legal, HR, Finance, IT, Accounting, Facilities and Sales for both companies.
Coöperatie Activision Blizzard International U.A. (“Coop”) is based in Schiphol-Rijk, the Netherlands, and is the parent of all subsidiaries of Activision Blizzard throughout the world, excluding North America. In 2012, the Coop revenue exceeded €1bn.
The Treasury Director position is a globally focused role, involving significant interaction with the company’s worldwide operations and global counterparty banks. The Treasury Director will be based in the Schiphol-Rijk office, but will report to the Corporate Treasurer located at company headquarters in Santa Monica, California, USA,
Overview of the Coop
The Coop serves as international headquarters for Activision Blizzard’s global operations (excluding North America). In addition, the Coop manages European supply chain operations, worldwide emerging market businesses and the international treasury center (Coop Treasury).
Around 50 personnel are based in the Schiphol-Rijk office, involved in both European Head Office operations and the Benelux sales business. This role is an excellent opportunity for a highly motivated, ambitious candidate who wants to work in an innovative, fast growth environment in a multinational head office function which will continue to evolve rapidly.
Overview of the International Treasury
There are 145 bank accounts in 19 countries with 17 different currencies. As of 9/30/2013, we had approximately $3 Billion in Cash and Investments held internationally.
The Position
The newly-created Treasury Director position reports directly to the Corporate Treasurer and will work closely with the Corporate Treasury team to implement the department’s global treasury initiatives. Working in close partnership with the Corporate Treasury team, the Treasury Director will manage the daily treasury, banking and cash positioning processes for Coop Treasury. The role will be responsible for managing all treasury “front office” operations, including the international cash pool, execution of foreign exchange conversions and hedging activities and international investments. The Treasury Director will play a significant role working alongside the Corporate Treasury team to manage global banking relationships, manage counterparty credit exposure and monitor the European investment landscape for opportunities to invest the company’s large cash portfolio.
The Coop Treasury team is a newly formed organization and is currently in the process of building “best in class” treasury infrastructure, including a treasury management system, multi-bank FX dealing platform and expanded counterparty bank relationships. The department is continually evaluating ways to optimize its global bank account structure and leverage bank account services provided by its partner banks. We are seeking an experienced treasury professional with experience in implementing and managing treasury management systems, managing multiple currency cash pooling structures, and familiar with operating in the evolving financial regulatory environment (i.e. familiar with SEPA, EMIR, Dodd Frank, etc.).
Key responsibilities for the Treasury Director include (but are not limited to) the following:
Cash Pool & International Cash Management
- Execute all outgoing cash transfers from the Coop Treasury cash pool to the territories
- Oversee territories’ management of local bank account funding levels
- Manage cash funding needs for the Coop and worldwide territories, including emerging markets
Investments
- Execute all transfers to/from investments as a result of cash pool deposits/withdrawals
- Manage investment balances pursuant to Corporate Treasury investment policies (% limits, counterparty risk management, etc.).
- Monitor country and financial institution exposure in investment portfolio
FX
- Actively identify and manage FX exposure for the Coop, Coop Treasury and key international subsidiaries
- Advise the Coop and key international subsidiaries on currency risk management practices
- Execute spot and forward FX contracts with relationship banks
- Partner with Corporate Treasury on global FX risk management initiatives
Cash Flow Forecast
- Produce the cash flow forecast for the Coop, including supply chain operations and third party contracts, including emerging market operations
Banking
- Serve as primary day-to-day relationship manager with European commercial banks and Investment firms
- Participate in annual banking reviews to negotiate pricing / fees
- Manage all international banking documentation for opening and closing of bank accounts
The Treasury Director will work closely with the Coop finance team, international tax and legal teams, finance teams at all of our major global subsidiaries in Europe and Asia, as well as the Corporate Treasury team in Santa Monica, California, USA. Experience working with different levels of management based in locations around the world is required. Excellent communication skills are essential along with a “can-do” attitude.
The Coop Treasury is evolving, and the successful candidate will need to embrace change and have a proven track record in continual process improvement, capable of delivering efficient processes that incorporate an evident knowledge and understanding of financial risk management and controls.
1. Key Responsibilities
Treasury ”front office” operations: 60%
Cash flow forecast 20%
Governance and internal controls 10%
Ad-hoc projects as assigned 10%
2. Position Duties
· Lead European treasury operations, including cash pool operations, intercompany settlements/funding, foreign exchange operations, bank relationship management/ administration and cash flow forecasting.
·
Participate in the Coop Treasury SOX internal control framework and financial policies. Assist the Coop Finance Director and Coop Treasury accounting team to continually refine the operational guidelines and processes for ensuring the Coop Treasury is financially under control and all resources are utilized efficiently.
· Manage and develop a staff of 1-3.
Principal Working Relationships:
Primary:
Corporate Treasury team (based in Santa Monica, California, USA)
Coop Finance Director
Coop Treasury Accounting Manager
Corporate Consolidations team (based in Santa Monica, California, USA)
European and APAC Territory Finance Directors and Accounting managers
Secondary:
European Tax Director
Person Specification
Qualifications/Experience (appropriate to the job)
Treasury “front office” operations and execution experience and foreign exchange derivatives experience are essential.
Cash pooling knowledge highly desirable.
Familiarity with derivatives accounting highly desirable.
Approximately 5-10 years of international treasury experience essential.
Advanced degree in finance or economics highly desirable (example: MBA, MSc degree).
Familiarity with treasury management systems, online banking platforms, FX execution systems highly desirable.
Experience with Bloomberg or Thomson Reuters is desirable.
Expertise with Hyperion/Essbase useful.
Financial accounting background, strong understanding of IFRS, US GAAP. Experience of operating in a Sarbanes Oxley compliant environment.
Background in multinational group company with significant exposure to international subsidiaries is highly desirable.
Highly proficient in Office suite is essential.
Experience in managing a small team is essential.
Personal Attributes (appropriate to the job)
Excellent communication skills (both written and verbal).
‘Have done, can do, will do’ approach
Fluency in English language
Strong analytical skills. In particular, understanding and interpreting financial documents
Excellent attention to detail
Strong management and personal organisation skills
Desire to and capable of progression
Proactive / dynamic nature