Chief Finance Officer','039570','Chief Finance Officer','Director/Executive','Full Time','Full Time','!*!Reports to: TfL Commisioner
Accountable for: Finance, Procurement, Commercial and Business Services Function
Transport for London is one of the world’s best known and most successful integrated transport authorities. In just 20 years, TfL has gained global respect for its innovative and progressive approach to the identification of customer needs, delivery of high-quality service and use of mutually beneficial partnerships to maximise stakeholder and consumer value for money. TfL is equivalent to the size of a FTSE 100 commercial business with c£5 billion annual income (pre-COVID this was £10bn), 28,000 employees, and a £35bn investment plan. We play a key role in the recovery of London and the UK from the pandemic. TfL Finance is key to this.
The funding agreements with government to date to cover the revenue lost from the pandemic amount to c.£5bn of taxpayer money, so the impetus for TfL to become even more efficient and generate new sources of income has never been greater.
Each government funding agreement has come with a number of conditions, and negotiating and achieving the conditions attached to the latest agreement is the responsibility of the CFO and critical for TfL. It will help support investment planning, customers, suppliers, employees as well as protecting the critical service we provide for London. Meeting the funding conditions is crucial in ensuring TfL takes back control of its finances to remove reliance on further government funding.
By joining TfL you’ll be joining a team of highly ambitious and motivated Chief Officers, driven by its purpose and living its vision and values.
You’ll be leading the financial challenge for TfL to reach its financial sustainability, and making a difference to mobility in London.
This is a unique opportunity, and we need your skills, ideas, energy and creativity to deliver the future London needs.
About the role
The CFO reports to the TfL Commissioner and is a member of the executive leadership team and the Board. They will shape the financial strategy, drive business performance, and have oversight of the Procurement, Commercial and Business Services functions; the total team comprises of c.1,500. Key responsibilities include: Secure funding for multi-year budgets to support the delivery of the Mayor’s Transport Strategy and TfL’s vision for transport in London.
Provide sound governance, financial stewardship, clear leadership and direction of Finance, Procurement, Commercial and Business Services functions, its people and resources, to fulfil TfL’s statutory duties and ensure legislative compliance.
Lead on financial management across TfL including effective business planning to deliver objectives and monitoring of business and financial performance.
Oversee and provide direction on the delivery of transport projects that form part of the TfL 5 year Investment programme, TfL Business Plan, Mayoral priorities and other major initiatives.
Manage TfL’s prudential borrowing programme to support the Investment Programme.
Deliver innovative financial and commercial solutions to maximise the use of TfL’s resources.
To lead the strategic and operational development of finance and commercial management across TfL to ensure reliable, high quality back office support services.
Ensure the effective analysis, assessment and planning of Finance services in Transport Trading Limited Property (TTLP) , Operations, Capital, Group Finance and Corporate Finance, Business Services and Procurement and Commercial - identifying trends and developments that can inform and improve TfL’s planning and decision-making.
Contributing to the corporate management of TfL and supporting the delivery of the Mayor’s vision to sustain London’s place as a premier world city and TfL’s aim to be the world’s leading transport authority by delivering safe, reliable and integrated transport to all those who live in, work in, or visit London.
Lead on developing and sustaining relationships across Whitehall, particularly the Treasury and Department of Transport.-Lead on developing and sustaining relationships with the financial markets and business community including banks, rating agencies and representatives of major businesses.Engage openly and effectively with stakeholders in all sectors and at all levels.
Demonstrate leadership in inclusivity, equality, social and environmental issues in managing Finance.
Accountable for Procurement and Commercial strategy and supporting policy.
TfL are seeking a highly motivated leader who has led the finance function in a large scale, high complexity and capital-intensive environment. Whilst transport and broader infrastructure experience would be useful, the key focus is on excellent leadership skills in comparable environments.
You will be a highly experienced finance professional, with an outstanding track record of achievement in public and/or private sector organisations. You will be the functional head for Finance and Procurement & Commercial, and ideally bring experience of leading other functions, such as Procurement, Commercial such as Shared/Business Services.
You will promote and maintain an effective culture of innovation, excellence and continuous improvement whilst delivering strong leadership and championing diversity. You will demonstrate leadership traits of maturity, presence and resilience in operating at the most senior levels of an organisation and ensure you build an inclusive culture where everyone can show up as themselves and fulfil their potential. You will demonstrate the ability to inspire and energise a highly qualified workforce at all levels, and to drive change where required in a very long-cycle environment.
There will also be requirement to interact effectively with a multitude of external stakeholders including investors, advisors, UK government and auditors. In addition, candidates will need to be politically-savvy and navigate that landscape effectively. Strong communication skills, gravitas and experience will be therefore be necessary to bring credibility to these relationships with key senior stakeholders.
TfL is also undergoing a significant transformation of its Procurement, Commercial and Business Services function across people, systems and processes; this is an exciting time to lead a newly formed leadership team continue the journey and embed the changes and integrate with overall commercial strategy and deliverables.
As such, you will be an experienced financial leader and have the gravitas to successfully embed change in the organisation, establishing a positive customer-focused working culture based on collaboration and inclusion. You will bring high levels of personal confidence, credibility, and enthusiasm for TfL’s mission, coupled with a results-focused and straightforward style. An energetic and driven demeanor is critical to work alongside employees, customers and stakeholders to effectively communicate the goals within a complex environment.
Operating budget of c£90 m pa
Capital budget of c£1m pa.
Overall responsibility for TfL operating expenditure of £6 billion pa, £5bn income pa, and c£2bn capital expenditure, and oversight of £35 billion Investment Programme.
8 direct reports and personal office.
Staff numbers circa 1,500 (combined Finance, Business Services & Commercial).
To discharge TfL’s responsibilities in relation to:
Finance (involving all divisional finance functions, group finance and corporate finance).
Procurement and Commercial.
Areas of authority for decision making
Working within TfL decision-making processes and, in particular, TfL Board delegations, the Chief Finance Officer takes decisions on all matters relating to financial and commercial management of TfL.
As a Chief Officer of TfL, the Chief Finance Officer holds joint responsibility for the delivery of the Mayor’s integrated transport strategy.
TfL Board-Business Community.
Chief Officers across TfL.
Greater London Authority and GLA Group.
Government Departments - in particular the Treasury and Department for Transport.
Financial Institutions, in particular rating agencies and lenders.
How to apply
We are partnering with executive search provider, Korn Ferry, on recruitment. For more information, please contact: Anthony Byrne, ****
Please apply using your CV and a two page covering letter size Arial 12 demonstrating your skills, knowledge and experience.
Closing date: Wednesday 27 July 2022
Eligibility – Internal employees:
In line with our Resourcing Policy (Feb 2014), internal employees are required to complete their probationary period before applying for internal TfL positions. Please ensure you have successfully completed your probation before submitting an application for this role, otherwise your application may be withdrawn.
Internal employees with any current formal warnings are not eligible to apply for internal TfL vacancies until expiry of the warning. Ineligible applications may be withdrawn. Details of what is defined as a current formal warning can be found on Source<****
Equality, diversity and inclusion:
We are committed to equality, diversity and inclusion. We want to represent the city we serve, which will help us become a more innovative and efficient organisation. Our goal is to make our recruitment as inclusive as possible. We are a disability confident employer who guarantee an interview to any disabled candidate who meets all of the essential criteria.
Applications to internally advertised roles can only be accepted from temporary workers who are on PAYE terms via agency, or PAYE via Umbrella Companies. Temporary workers who are paid through their own limited companies are not covered by the Agency Worker Regulations and are ineligible to apply.
NPL members of staff are not eligible to apply to secondment opportunities
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