2nd QUARTER 2014
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of hiring, training, and motivating people to
make things happen in a timely, accurate
manner. But you also have to hold them
accountable to established goals and objec-
tives, and doing that means you have to lead by
example while communicating your vision.”
At some companies, top management may
have an idea and a plan to implement it, but by
the time it filters down, the message may get
scrambled beyond recognition, resulting in
costly delays and do-overs. Riccio avoids this kind
of trouble by sticking to some basic principles.
“It’s part of being a trusted partner,” he says.
“My objectives cascade to the leadership team
and to its members, so we’re all moving in the
same direction, while engaging in coordinated
action to reach our goals and objectives.
But doing that successfully depends on
communicating effectively. I’ve found that if
you start with the overarching goal and then
break it down into smaller tasks, it’s easier for
the individual team members to understand
what needs to be done, and where their
position in the ‘accountability tree’ is.”
Eye on the Ball
After the move, it was time to forge ahead on the
change-management project, which is a work-
in-progress. Like a juggler, he’s always got one
more ball to keep in the air.
“My ongoing responsibilities include reporting
to the CEO and the management committee about
our financial and operational progress, including
revenue, profits, and cash,” Riccio says. “Along
with that, I’m also responsible for supporting the
business, which encompasses finance, but increas-
ingly includes Information Services (IS) and other
segments, so I’m always interacting with a variety
of departments. It keeps things fresh.”
It also keeps Riccio on his toes.
“Before I was appointed as CFO, I was
involved in some major IS projects, so I was able
to get some hands-on experience,” he notes.
“That came in handy when I became CFO, since
IS now reports to me. … I have to be conversant
with the concepts and issues. Also, I meet with
department heads on a regular basis in order
to minimize surprises —we don’t have silos of
responsibilities here. That puts me in a position
to support all of the departments and encourage
them to work in a cohesive manner.”
But today, with increasing regulatory
oversight, CFOs like Riccio have to balance that
support with an understanding of corporate
governance issues.
“It’s almost like golfing, where all the players
have to understand where the fairway ends
and when you’re getting close to moving out of
bounds,” he says. “Although the company has
checks and balances in place to ensure
compliance with corporate governance
standards, the board of directors has entrusted
the CEO and me with this responsibility; and in
connection with that we’re visited on a
periodic basis by the internal auditors.”
Riccio is excited about Panasonic’s plans for the
future, and his involvement in those plans. “It’s no
secret that in addition to streamlining the organiza-
tional process, we’re also engaged in another
significant transformation: moving from a con-
sumer electronics orientation to one that is more
focused on other products and services,” he says.
Panasonic announced late in 2013 that it was
ending its production of plasma television sets,
while signing a deal to supply nearly 2 billion
lithium-ion battery cells during the next four years
to TeslaMotors, the electric car manufacturer.
“The first phase of that transformation involved
moving from a TV-centric model to one that offers
more consumer products,” he says; segments like
appliances, beauty care, and home security. “Then
in phase two, we’ve been growing our business-to-
business solutions,” which include the Tesla
batteries and in-flight entertainment systems.
Riccio’s also getting deeply involved in new-
business development efforts as Panasonic
continues to move in a new direction, evolving
into its third stage of change: B2B solutions,
where the company offers design and other
services to clients, in addition to products. “I’m
still tying together everyone’s efforts,” he reports.
“Corporate direction continues to be reinforced
by CEO Joseph Taylor, and I’m charged with
implementing that direction, cascading the
responsibilities and ensuring that the systems and
resources are there so we can continue to develop
new solutions for newmarkets.”
For Riccio, it’s one more stepping-stone.
C
“MY OBJECTIVES
CASCADE TO
THE LEADERSHIP
TEAM AND TO ITS
MEMBERS, SO
WE’RE ALL
MOVING AS ONE.”
Which CFOs have
appeared in CFO Studio
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