We are thrilled to feature an insightful interview with Karen Sands, the Group Chief Financial Officer of DPS Ltd., in this year's Finance Monthly Global Awards. With a remarkable career spanning 27 years in the financial sector, Karen shares her journey, challenges, and achievements.
Karen, can you share a brief overview of your career journey to date? How did you get to where you are today?
Can you believe I started in finance 27 years ago? I started in accounting practice, then I moved out into technical training, where I became technical enough to allow me to build a consultancy business. Most consultants are somehow thrown into consultancy and I was no exception, more on that below. I took each day as it came and never overstayed in any role, meaning that I got comfortable with change.
My consulting career started with technical projects that internal teams didn't have the bandwidth or sometimes the technical capability to do, and then when there were less technical changes in the accounting world, I drifted into M&A and finance transformation, where I spent most of my consulting career.
I was promoted to a CFO role almost four years ago, and although it's a huge responsibility, the position suits my style perfectly. I thrive on the ambiguous nature of the role and the constant battle between being in the weeds and being suitably clear of the details to drive strategy and see the bigger picture.
Prior to my current role, I have most enjoyed working in private equity backed businesses, as I like the no-nonsense approach and the energy from M&A transactions.
After many years of searching for that perfect fit, I've now landed in a fantastic business in the fresh produce industry. It is run ethically by inspirational and decent people and long may it continue. Our business continues to grow, and it is an honour to work there.
What are some of the biggest challenges you have faced as a woman working in the financial sector, and how have you navigated and overcome these challenges?
I know that in the past 27 years, things have changed a lot for women in business. To succeed, you need to be uber-competent and have a highly honed influencing style. My personal style is non-threatening and relaxed but underpinned by experience and competence, and this has served me better than trying to be either too masculine or feminine. I have held each role due to competence and my ability to fit into the organisation, not because of or despite my gender.
What are some key milestones or pivotal moments in your career that you consider particularly significant?
There are definitely two standout moments. Firstly, when I launched into consulting, like most consultants, I didn't feel I had the appropriate experience, but a bad experience with a terrible manager threw me into taking whichever opportunity came first, which happened to be consulting. Consulting was the best thing to happen to my career as I gained so much experience in technical areas, systems, people, management styles, investment and ownership structures. I learned more in 10 years of consulting than many will learn in a lifetime of permanent roles, and it opened so many opportunities.
My first CFO role was also a pivotal moment. I'd taken a role as a consultant and there was a need for someone to take the reins and properly integrate the business, ready for an onward sale. I'd already impressed the US parent company but I was surprised and thrilled to get this step up as the CFO. The move to CFO is undoubtedly the most difficult opportunity to secure in any finance career; the pressure is high, and the competition is fierce. The role doesn't suit everyone, and it wasn't something I'd ever aimed for. I think aiming for that seat is a one-way ticket to disappointment because it's such a crowded market, and CFOs are fiercely holding onto their roles; there just aren't the opportunities available. It also isn't a pure finance position, which is where a lot of home-grown CFOs promoted into the role will fail.
How do you manage to balance your professional responsibilities with personal life and family commitments?
It's an interesting question and perhaps an unpopular answer. I have Ôsome' personal commitments and family, but I don't have a partner or children and I think this has really enabled me to travel and take roles that I wouldn't have been otherwise able to explore. I have nothing but admiration for people who can juggle all aspects of life. It was certainly a sacrifice I made and continue to make. I guess I'm married to the job.
What role have mentorship and
support networks played in your
career development?
I've taken an unusual route; I don't have a formal mentor. Instead, I surround myself with some really good recruiters. They can identify opportunities and skills gaps and I find them to be very honest in what they need from me. They know the market, and I wouldn't be where I am today without recruiters in general but also a key handful of people who really encouraged me.
I worked with a particular CFO a few times in a number 2 capacity, and he's been a real advocate and introduced me to my current role. He has been invaluable in my career during the past five years.
I've worked with a few good managers in the
years, but also some terrible ones. As a consultant, you're often needed at short notice because of a
crisis (or sometimes an opportunity) and I've seen things I would never do to others, which has
shaped how I behave today, together with the positives of course.
Can you share any personal anecdotes about juggling career and family responsibilities that you found particularly challenging or rewarding?
Not really, I try to make sure I'm always present for family milestones, where possible, and I have always been very committed to sports, I was a competitive weightlifter many years ago, now I'm a gymnast and it requires a daily commitment, so I find this keeps me grounded and gives me a way to switch off, but even less time for family and social.
How would you describe your approach to leadership, and can you provide examples of innovative strategies you have implemented in your role?
I'm very relaxed, I work on trust, and I like to stretch people. There have been a few occasions where someone on my team has stepped up and taken my role when I've left, and I'm very proud of that. I've never knowingly been mean to anybody during my career, and given the roles I've had and the transformational environments I've worked in, I'm proud to fly the flag of being an alternative way to get things done rather than shouting and punching at desks and throwing coffee (yes they are real examples).
What are some trends or changes in the financial sector that you are particularly excited about or that
you believe will shape the future of
the industry?
I'm excited for BI tools and automation to mean that finance functions can truly step away from the transactions and continue to add value around the business. It starts with adding the 'why' behind the numbers and it evolves to being right there whenever any forward looking is needed. There's a theory that attention should be given to managing the current, thinking of the future and considering the culture, and it is only when we move into automation and into real-time data that we can truly exploit these opportunities and protect against risk.
Looking back on your career, what advice would you give to young women aspiring to enter the financial sector?
Have a thick skin, be tenacious, find good people and really listen and then listen even harder. Be a little self-critical as it will help you to grow.
Lean on recruiters, as they will open opportunities that you didn't think were possible. You won't necessarily love every recruiter, but when you find someone who understands you, it's so valuable. Take time out from work to commit to something else, to give life some purpose and balance. Make client service your main focus and never take even a permanent job for granted. These small tips can mitigate a loss of confidence, which can be a huge challenge to regain and set your career back significantly. How you treat others will be noticed, good or bad. Avoid ever saying that something is not in your job description.
