STATEMENT TO AUSTRALIAN SECURITIES EXCHANGE - August 12, 2015
FLIGHT CENTRE TRAVEL GROUP APPOINTS NEW CFO
THE Flight Centre Travel Group (FLT) has appointed Adam Campbell as its chief financial officer (CFO).
Mr Campbell, 40, was formerly FLT's Australian CFO and has worked for the company for almost nine years across a variety of senior finance roles.
These roles have included:
• The past three-and-a-half years as CFO of the Australian business, which generated record total transaction value (TTV) in the order of $9.3billion during 2014/15
• A year as the leader of the company's global financial reporting team
• 15 months working on a shared services project; and
• Three years as the company's global risk leader
Prior to becoming Australian CFO in 2012 and following his global financial reporting role, Mr Campbell spent six years at Minter Ellison as the law firm's financial manager for Australia and South East Asia.
At Minter Ellison, he managed key external relationships and oversaw various finance functions including financial accounting, tax, treasury and asset management.
Mr Campbell's previous experience also includes six years with Ernst & Young. During that time, his responsibilities included performing internal and external audits of major listed and non-listed entities, working on mergers and acquisitions and helping companies meet their statutory requirements.
"This is a natural progression for Adam, given the extensive experience he has gained both within FLT and externally, and we look forward to his contributions as global CFO," FLT managing director Graham Turner said.
"In addition to his business acumen and senior accounting experience, he has strong leadership skills and a deep understanding of the company, its strategies, its business model and its people."
In his role as Australian CFO, Mr Campbell has worked closely with current FLT CFO Andrew Flannery, chief operating officer Melanie Waters-Ryan and Mr Turner, while helping to spearhead a number of key business initiatives.
These initiatives have included the company's strategic journey from travel agent to the world's best person-to-person travel experience retailer, the ongoing focus on costs and the deployment of numerous process changes to improve both productivity and business acumen in-store.
During his time as CFO, TTV in Australia has increased 22%.
"This is a great honour, as well as a great challenge, and I look forward to playing a role in the company's continued evolution and success," Mr Campbell said.
"FLT is now a large and diverse business with more than 30 brands and an extensive global network of leisure travel shops and corporate travel businesses, plus a growing tour operating presence.
"Strategies are in place to build on our previous successes in both leisure and corporate travel and we have a strong balance sheet that includes more than $500million in company cash and virtually no debt.
"As a company, we are well placed to capitalise on what we believe will be a golden era of travel during the next 20 years and beyond."
The appointment follows Mr Flannery's decision to succeed John Veitch as executive general manager of FLT's Australian corporate travel business, which includes the FCm Travel Solutions, Corporate Traveller, Stage & Screen, cievents, Campus Travel and 4th Dimension brands.
Together, these brands generate about 30% of FLT's total transaction value in Australia, making the domestic corporate business the company's second largest operation globally behind the Australian leisure business.
Mr Flannery's move was announced on August 4 and he will work alongside Mr Campbell, while he transitions into his new role.
FLT will release audited accounts for 2014/15 on August 27, 2015.