New Opportunity: CFO at TTS Tooltechnic Systems, North America (Festool)

About the Company

TTS Tooltechnic Systems is a third-generation family-owned company with European HQ in Wendlingen, Germany and North American HQ in Indianapolis, IN. The TTS family of companies is comprised of 43 companies including Festool, Tanos, Cleantec, SawStop, Sharper Tools and others, and employs more than 3,000 people around the globe and generates over $1B in sales.  TTS and its various subsidiaries manufacture industrial tools, hardware products and other practical products with manufacturing centered in Germany.

About the Position

The Chief Financial Officer (CFO) has full P&L ownership for Festool/TTS North America (US, Canada). The CFO is a member of the North American Executive Committee reporting to the CEO North America. This person ensures effective and efficient management of 7 legal entities including but not limited to finance, controlling, accounting, taxes, human resources, IT, compliance, and facilities. This role will lead a terrific team with 7 direct reports and total staff of ~57 FTE.

Essential Functions

  • Provides leadership, communication, and coaching to employees; cultivate a motivated employee environment of trust, teamwork, accountability, self-confidence, and business ownership.
  • Serve as a member of the Executive Committee, providing financial data and analysis as required.
  • Participate in key decisions as a member of the executive management team.
  • Direct the capital request and budgeting, and forecasting processes.
  • Develop performance measures that support the company’s strategic direction.
  • Monitor and direct the implementation of business plans, as well as other financial and tax strategies.
  • Establish and implement corporate financial and accounting policies, procedures, and structures within the boundaries established by the TTS Board of Directors.
  • Ensure that the company complies with all legal and regulatory requirements.
  • Report risk issues to those charged with governance at TTS group level.
  • Ensure that record keeping meets the requirements of auditors and government agencies.
  • Lead external and internal audits.
  • Evaluate potential of team members and design appropriate succession planning.

Education / Experience

  • Bachelor’s Degree in Accounting/Finance/Economics. MBA or CPA strongly recommended.
  • 10 plus years of experience in an international setting (European Financial Reporting Lines).
  • A minimum of 5 years financial leadership experience.
  • Several years of people management experience.

Other Qualifications

  • Strong expertise in U.S. GAAP and German GAAP.
  • Strong IT skills, e.g. SAP FI/CO/IM and MS Office (pivots, Excel, PowerPoint).
  • Excellent presentation skills.
  • Great interpersonal and intercultural skills and ability to interact in an international environment.
  • Extensive experience implementing internal control systems plus experience with implementation of ERP, preferably SAP.
  • Ability to travel in domestically and abroad (10-20%).
  • Fast paced and high-quality producer with excellent judgement and decision-making skills.
  • English and German fluency (written & spoken).
  • Experience working with a Germany company is a plus.
  • USA Permanent Resident.

Interested in learning more?

180one is a retained search firm and has been engaged by Festool to manage this search. If interested in learning more about the opportunity, please contact Matt Oltmann at 180one.

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