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2nd QUARTER 2014
recalls. “It also reinforced my project develop-
ment and project leadership skills.”
Riccio’s perspective evolved as he became a
high-level insider at Sealed Air and then at
Panasonic. His responsibilities were more
hands-on as he helped to develop and implement
strategies.
“Today at Panasonic that approach is part
of my close relationship with our CEO, Joseph
M. Taylor,” says Riccio. “He sets the strategic
direction for the region, based on the parent
company directives, and then I’m responsible
for ensuring that the systems, infrastructure, and
funding are there.”
It’s clear that Riccio, who enjoys challenges, has
met and overcome more than his share during his brief tenure as CFO.
Relocation Strategies
One recent assignment involved Panasonic Corporation of North
America’s decision to relocate from its longtime Secaucus site to a more
modern, ecologically friendly, 337,000-square-foot headquarters in
Newark that houses executive, administrative, sales, and support staff.
But the assignment turned out to involve a lot more than just a move.
Part of the task was logistical: taking charge of site selection and
interfacing with contractors who would build the structure, which
was designed to meet Leadership in Energy and Environmental
Design (LEED) gold certification for new construction, and LEED
platinum certification for its interior.
But the move itself — of some 1,000 employees and
contractors — was part of a broader assignment involving a “change
management” project: aligning the global goals of Panasonic’s
consumer, industrial, and service business units with the company’s
regional goals and objectives.
“I have to admit that when our CEO handed me the assignment, I
thought that it wasn’t exactly a traditional responsibility for a CFO,”
Riccio says. “It was a wide-ranging responsibility. The design of the
new building reflected the new philosophy — fewer offices, so there
would be fewer barriers between departments, and more interaction
between employees.”
Riccio was in on the ground floor of the makeover, approving the
project plans and other documents that laid out the human resource
and physical asset management planning; and he also drew on his
extensive managerial experience to bring together the experts who
could manage the makeover at a micro level.
“I relied on experts, but exercised
oversight,” explains Riccio. “We drew up
budgets and timelines, and held meetings at
least twice a week to … [keep tabs on
spending] and resolve any discrepancies
early on. At the same time, I had to be careful
about ‘scope creep,’ or the desire to expand
certain projects beyond a reasonable limit. In
those cases, saying ‘no’ could be as important
as saying ‘yes.’” He also had to work with
key stakeholders to get buy-in from
Panasonic’s business units.
“Everyone understood that we were going
to an open environment, and I worked with
team leaders to iron out the details with every-
one involved,” recalls Riccio. “It involved a
different way of looking at your business unit.”
The new paradigm involves merging a
global view with a local one, he says.
“My role involves drawing on expert input
and integrating the various views, in part utilizing the multifaceted
experience I gained during my stint at the CPA firm where I worked
with different stakeholders, and at Sealed Air where I helped to
manage disparate projects and budgets.”
The idea, according to Riccio, is to align outcomes. A far-reaching
overhaul like this could easily get mired in delays and cost overruns.
But that’s not the way Panasonic does things. “All of the necessary
departments pulled together and we brought it off — on time and
under budget,” he adds.
The success of this project, like many others, “is largely the result of
building a cohesive team,” Riccio says, characterizing the task as one of
many responsibilities of today’s CFO. “You have to consider the basics
The North American headquarters for Panasonic had its ceremonial
ribbon cutting last September. Located in Newark, NJ,
both the exterior and interior are certified “green” by the
U.S. Green Building Council
The Panasonic Breakfast Collection, which consists
of a toaster, a coffee maker, and a kettle
FEATURED
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