GREG MITCHELL

UK-headquartered cleantech designer, manufacturer (electronics, plastics, ceramics) and distributor.

• Appointed group director, responsible for advising and reporting to the board, consisting of institutional investor representatives.
• Group oversight for risk management, treasury, financial strategy, corporate governance, tax compliance, financial reporting (IFRS, IAS), FP&A, and enterprise value creation.
• Designed and executed a board-approved 3-year turnaround strategy focused on gross margin improvement, operating leverage improvement, geographic expansion, supply chain consolidation, and new product development.
• Raised R120 million in debt and equity.
• Reduced cash conversion cycle from +12-months to 6-months, optimising working capital.
• Spun out the Service business from Distribution to be a standalone division generating annuity driven revenue streams.
• Led the digital transformation of the business, included standardising and automating processes, integrating and optimising the ERP (Cin7Core) system, and implementing a reporting system (Power BI) providing live data, improving decision making.
• Managed multi-jurisdiction corporate governance and investor relations (165 shareholders) across multiple share classes.
• Built budgeting and forecasting models, improving insight into product demand and cash flow requirements.
• Outsourced operational finance requirements and developed internal commercial finance capability focused on forward-looking business growth (operating performance, FP&A, and liquidity management).
• Restructured the business into a group holding structure with subsidiaries in the UK, South Africa and the UAE. Included, company formation, standardising and optimising process and workflows, system integration and implementation, treasury hedging strategies, and raising capital for regional bridging facilities.

Mauritian domiciled Private Equity business invested in manufacturing, technology and the sustainable property sectors across Africa.

• Led capital raising initiatives across multiple rounds (>R250m), engaging private and institutional funders. Structured funding facilities for growth and working capital requirements.
• Consolidated the group offshore holding structure, resulting in improved corporate governance and reduced costs, without triggering adverse tax consequences.
• Stabilised an underperforming FMCG (personal and homecare) toll manufacturer. Initiatives included restructuring supplier and lender facilities, fixed cost rationalisation, operating leverage improvement, improving forecasting, and sourcing an acquisition to provide economies of scale.
• Led the valuation, deal structuring and integration of an FMCG manufacturing acquisition.
• Designed a distressed debt acquisition strategy, perfecting ceded manufacturing assets for use in the merged acquisition.
• Negotiated and contracted a toll-manufacturing agreement for FMCG personal care products with a pan-African distributor.
• Developed capital allocation and evaluation frameworks for the holding company, establishing investment thresholds and evaluation frameworks (WACC, ROIC, ROE, NPV, IRR).
• Successfully represented investor interests in a challenged voluntary liquidation arbitration.

National insurance and Mobile Virtual Network (MVNO) business.

• Built commercial and financial capability for the MVNO business. Included defining and implementing financial reporting processes.
• Renegotiated a wholesale data and airtime contract with Cell C (national telco service provider), saving R2m per annum in costs.
• Restructured a joint venture motor product, releasing R15 million reserved for future claims.
• Responsible for managing the groups insurance Loss Ratio (margin) and the Loss Sinking Fund (regulated reserve fund) through the Covid pandemic.
• Managed, through forecasting and data analytics, the groups liquidity during a period of claim uncertainty due to the pandemic.
• Defined and implemented cross-functional strategies, improving the Customer Division's performance.
• Led an internal and external, cross functional team tasked to analyse and mitigate risks arising from a change to policy rewording.
• Managed underwriter relationships, leading monthly market conduct reviews with the regulators.

Largest privately owned shipping container conversion, leasing and logistics business in Africa.

• Placed in the business post acquisition by the Intespace Group to manage and represent its interests.
• Tasked to head up and turnaround the inland region (all areas excluding the Western Cape) by developing, obtaining board approval, and executing a sustainable growth strategy.
• The approved strategy focused on product differentiation (in a commodity driven market), joint ventures, strategic marketing, defined routes-to-market (including e-commerce), predictable annuity revenue streams, and improved operational workflow processes e.g. production scheduling.
• Annuity revenue increased by 300% (R500,000 to +R2 million per month).
• Spun out the logistics business to be a standalone division, offering 3rd party services, increasing asset returns, and increasing the value of the core business.
• Led the integration of a merged acquisition. Challenges included opposing corporate cultures.
• Led the cross-border expansion of the business into Zambia and Mozambique through joint ventures.
• Created profit share business models with strategic customers.
• Enabled Intespace to exit the business with a 50% upside (selling their majority stake to a trade buyer).

Investment holding company in the property and ancillary services sector.

• Managed strategic investments across portfolio subsidiaries by partnering with operating CEO's to create shareholder value.
• Responsible for turning around and exiting a courier and logistics business (now ACT Logistics).
• Turnaround initiatives included building a sustainable business model in a crowded space, system development and implementation, operating leverage improvement, skills sourcing and development, labour union negotiations, blue-chip customer retention, and the acquisition of a business to acquire skill and scale.

Government institution overseeing tourism & economic development for the province of KwaZulu-Natal.

• Financial oversight for an annual R1,5 billion budget in full compliance with PFMA, Provincial and National Treasury, and SCOPA regulations.
• Responsible for managing financial and compliance risk across departmental activities in the province.
• Advisor to the Head of Department and its political appointee on financial regulation and compliance.
• Headed up the financial and supply chain functions for the department and its portfolio companies.
• Developed financial models, optimising funding alternatives and investments, generating social, economic and financial returns for the Department.
• Developed systems to monitor and report on divisional performance.
• Oversight of the annual external audit by the Auditor General. Achieving two consecutive unqualified audits, 2011/2012, following repeated qualified audits.
• Member of the Bid Evaluation (BEC) and Bid Adjudication (BAC) Committees.
• Represented the Department on several inter-governmental steering committees.