Heading up finance at one of the country’s largest multinational companies is all about fine-tuning the systems to make the right business decisions for Sean Capazorio, group CFO for Aspen Pharmacare.
When Sean Capazorio learnt that he would be taking home the trophy for the Finance & Technology category at the 2024 CFO Awards, he was on a plane en-route to one of the 46 countries where Aspen Pharmacare markets and sells its products.
Aspen, which is based in Umhlanga, is a South African success story operating on a global stage and Sean masterfully leads a team of highly skilled professionals across the markets where the group has a presence. Among others, he manages the company’s business and financial performance across wide-ranging currencies and strategically evaluates opportunities for business improvements. This highly diverse and dynamic role has served as a global springboard which has elevated Sean’s performance and delivery – and gained him recognition as an award-winning CFO among his peers.
A qualified CA(SA), with an advanced certificate in taxation from the University of South Africa, Sean joined the Aspen group over 28 years ago and over time has progressed his career in many exciting positions, providing the foundation to support his promotion to the role of group CFO and executive board member in January 2022.
“We’ve got quite a complex business in that we’re probably one of the largest multinational South African companies. We have established offices in over 46 countries and territories, and we sell our products in more than 115 countries. So, when you look at that type of business model and you think about managing multiple currencies, you must find a way to manage the business at a constant exchange rate [CER],” says Sean.
The CER is a way of levelling the playing field by creating a virtual currency which allows Sean to compare performance across different countries as if they were all operating under the same monetary conditions.
Different variables and factors
“We tried to introduce a system which could place our teams from different countries on an equal footing and find a way to assess their performance with the understanding that exchange rates are beyond our control. Now, thanks to the CER system, we’re able to advise the teams what real gross profit they’re making,” says Sean.
“Our supply chain is very complicated and has multiple touchpoints before the product is sold to the end customer. Against this backdrop, the finance teams need to determine the overall regional and product performance by looking through the supply chain and exchange rate complexity,” Sean explains.
Imagine trying to compare the performance of a team in Argentina dealing with a 300 percent inflation rate, with an economy in Germany where things are relatively stable? The CER model has provided Aspen with a clearer picture of the company’s overall performance, given all those different variables and factors.
Thanks to this innovative approach, Aspen’s CER system is now able to break down the value chain of each business across the world, which provides management with a better view of their profitability.
“It’s an end-to-end solution which helps the teams in-country to run their business optimally,
because they know exactly what the profitability of their products are,” says Sean.
“Managing this Goliath is also about fine-tuning all our systems to make the right business decisions and measure people with the correct metrics without all the noise of currency and supply chain complexity,” he adds.
Understanding human dynamics
Aspen has embraced a complex digital transformation journey over a number of years, and Sean feels that the benefits of this adoption are becoming increasingly evident in the business: “We’re now able to publish high quality automated real-time business performance reports that provide an enhanced understanding of each regional business and predict how the group will perform going forward.”
Sean combines the analytical rigour of being a CFO with a deep understanding of human dynamics, cultural sensitivities and an appreciation for how interconnected the world truly is.
He relies heavily on the expertise of the local teams in each country while still maintaining a unified Aspen culture. It’s about balancing local expertise with global consistency.
“The key is to get the right resources in-country who are connected, and who are able to embrace Aspen’s high performance culture. Adapting your message for the different regions is also pivotal, as is ensuring that you have the right local team on the ground who can run the business, but at the same time deliver with a cultural fit that aligns to our work ethic,” says Sean.
Understanding cultural nuances is just as crucial as understanding the financial figures in each country. The Australians are different to the Dutch, who are also different to the Germans. Sean says in a global organisation the ability to connect with people around the world and understand their perspectives is important. But there’s also a need to leverage global influence to protect business interests. When operating in different countries, one needs to know how to navigate the political landscape and build alliances.
“To elaborate, Aspen has successfully been able to leverage the country’s relationships within the SADC and BRICS communities for positive and sustainable business outcomes in the various territories in which the group operates. Strong emerging market presence and sustainable growth is one of Aspen’s key strengths,” he explains.
Intentionally de-stressing
Notwithstanding its global presence, Aspen remains proudly South African. Aspen’s flagship sterile manufacturing site, located in Gqeberha, is where the company manufactured 225 million Johnson & Johnson Covid-19 vaccines for Africa. “We saved a whole lot of lives during the pandemic, which aligns directly to our purpose to improve the health and quality of life of patients,” he says.
Sean’s life is a testament to the importance of being passionate about his career while intentionally de-stressing by balancing corporate commitments with family and self-care to provide a mental break from the pressures of work.
He is an avid cyclist and proudly shares that he’s completed a gruelling 25 Cape Town Cycle Tours. This speaks to his disciplined and goal-orientated mindset, which serves him well in the high-pressured finance environment.
“I try to do things that take my mind off work, which also includes recreational mountain biking. I tend to find that if I don’t enter races, I don’t train, so that’s the motivation that keeps me in the saddle. My family remains my priority though, so making time for them is non-negotiable,” says Sean.
“Like everybody else I’ve also taken to the padel court – it’s a gentler sport and I can play the game with my wife and family. As an ardent Liverpool fan, I enjoy watching football as well,” he adds.
Sean also values the art of making personal connections, especially with passionate people who value integrity and innovation and live accordingly.
