Sumit Chaudhary is the CFO, EMEA at Foot Locker in the Netherlands. His career has spanned the Big 4, telecoms, travel and FMCG sectors, in countries such as India, the UAE and the UK.

How do you see the Dutch economy evolving over the next five years?

As per recent publications, the expectation is that the Dutch economy in 2022 will grow anywhere between 3-3.5% and about 1.5% next year. Private consumption will continue to support growth and unemployment continues to remain low.

Having said that, the Netherlands is not isolated from the larger impact of the Ukraine war and the inflationary pressures that we are seeing. The Dutch economy drives strength from strong infrastructure that makes it the gateway for Europe.

The work environment is stable and flexible, the work force is well educated, and it continues to be a preferred destination for companies to open their offices. So, I remain very bullish about the future of the Dutch economy - the inflation is a blip, but I think there’s definitely a lot more in store for the Dutch economy.

What do you see as the biggest challenges over the next 12 months in your role as CFO, EMEA at Foot Locker?

If I step back and really look at the biggest challenges over the next 12 to 18 months, what I am going to say is probably not unique to Foot Locker. I think every CFO is probably juggling with the same set of challenges.

Probably three. One is really managing and maintaining talent. The war for talent has never been more intense. A hybrid work environment has created challenges in terms of how you pivot from historical norms of engaging with teams to a hybrid world. So, continue to find ways to invest in talent and your colleagues, and keep them motivated to bring their best to work every day.

The second is managing uncertainty - continuing to manage through the compression and margins and profitability created by inflation. Economic uncertainty is just one big challenge that every CFO or CEO is facing today.

And finally, another element which I do not think is unique is that every board, every business leader is now stepping back and asking the question: how do I stay ahead of the game? The challenge for the CFO, or for me, is to be able to balance being strong on governance and being strong as a strategic advisor to the business team and being able to answer questions. The duality between how you invest for growth versus get fit for growth - I think that’s a continuous challenge.

Having worked across multiple continents and within a diverse market sector, including the Big 4, telecoms, travel and FMCG, what risks have you taken throughout your career to help you get to the level you are at now?

Stepping back, I think three things. One is that you have to be comfortable to make yourself uncomfortable - I think that’s the only way to drive progress. Having been born and brought up in a small city in India and pushing myself to step out of India and work across geography, you have to be comfortable to make yourself uncomfortable.

Second is to be proactive in your work environment and asking for challenges; sometimes you will fail, but - more often than not - that’s going to open a lot more doors for you.

Finally, be willing to make mistakes, but acknowledge that you have made a mistake and learn from that. Vulnerability and honesty, if you bring that to your workplace every day, you will definitely find that doors are opening for you.

What is the most rewarding part of your role?

As a leader, my goal is to ensure that I create the right environment for my team to excel. So, essentially, building upon that, the most rewarding part is to see the impact of the work my team does and also, when colleagues reach out and stop by, acknowledge that. That’s the only momentum one needs as a leader, because that’s all you do as a leader - you’re there to remove roadblocks.

In your opinion, how can leaders create diverse teams?

I would probably say two things. One is it really starts with being deliberate and intentional about talent acquisition, working in partnership with your HR teams; really ensuring that there is a healthy mix of talent that we bring onto our teams.

The other key is cognitive diversity, which basically says that, as a leader, you need to take the lead to build the inclusiveness in all our processes, in all our engagements, ensuring everyone gets a voice. I think that’s the only way one can truly build a diverse team and make sure everyone feels included and their voices heard.

What advice would you give to aspiring leaders?

I would probably repeat some of the advice I have received along the way. I have been blessed to have a lot of good mentors who can help me. Three things stand out for me. One is give your best to the job you’re doing; nothing speaks more than your performance.

Number two is to be proactive and asking for opportunities. Take charge of your career growth; no one else will canvas for you, so you have to take charge of your career growth.

The third thing is always seek and appreciate when someone gives you feedback. I used to take feedback very harshly, but then I realised over time that, if someone is giving me feedback, they are investing in me and they are investing in my growth. So, just having the humility to listen to feedback, internalise it and work upon it, I think that’s a big key to success.

What is your favourite business motto and why?

That will be: answer every question and question every answer. Again, the work we do, as leaders or as professionals that work in the office, is really to make progress. To make progress, you have to answer questions and then, once you get an answer, you do not have to be happy with the answer you get, because that’s being happy with the status quo. Innovation happens only when you challenge the status quo. So, it’s a very interesting mechanism, but answer every question and question every answer.

In addition, if I look back to my journey, I have been blessed with having a lot of mentors. Not all of them have actively coached me; some I have viewed from a distance and learnt from them. It is hard work, dedication and bringing yourself to work every day, I think that really is the key to success.

Thank you to Sumit for speaking to our Finance & Accountancy recruitment team in the Netherlands, led by Hannah Mallia and David Harper.

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment.