Trends in Treasury and Leadership

Interview with José-Carlos Cuevas, European Association of Corporate Treasurers (EACT) Board Member for Spain from 2007 to 2024.

Alexandros Koliavras (AK): Please tell us the story of your route to treasury as a career.

José-Carlos (JC): My journey began 1993 as an external auditor with Coopers & Lybrand, [which merged with Price Waterhouse to become PwC in 1998]. I moved into finance with PSA Group in the 1990s, eventually running its treasury operations across Spain and Portugal.

The reason treasury appeals to me is that it's a critical function that gives real visibility into the financial health of a company. From liquidity management down to hedging, a treasurer's role is both technical and strategic.

Over time, I had stints with Alstom and GE, afterwards CFO at a well-known Spanish listed company, Duro Felguera and more recently I was CFO and General Manager of Corporate Resources at Mnemo a cyber-security company. In 2019, I joined EY as a Partner, Strategy and Transaction Services. And in September, I moved to Crowe to lead the Transformation and Turnaround department.

AK: What motivated you to pursue this line of work?

JC: Treasury is a vibrant area and lies right at the heart of business strategy. The function attracted me because a successful treasurer must possess highly developed analytical abilities but, at the same time, have the ability to manage relationships at all levels, with regulators, and colleagues. The sheer variety of work keeps you sharp and engaged. No two days are the same, and as treasurer you have a clear understanding of the company's bigger financial picture.

AK: Please describe a typical day at your desk?

JC: The typical day starts with obtaining an overview of our treasury position, exactly what is happening with our cash flow. Then I move onto updating cash forecasts and liaising with other departments to learn about any issues that might affect our liquidity. Treasury is very much about communication both internally with the different teams within the organisation and externally with banks and other counterparties. Ensuring the company has the liquidity it needs today, while preparing for growth in the future is a very fine balancing act.

AK: How do you achieve a work-life balance?

JC: In treasury, it really depends on your company’s situation. If it's stable, then it's relatively easy to find the balance. If there's a crisis, such as a cash shortage or restructuring, for example, the job might require more attention. But I believe that you can achieve that all-important balance if you have the right team and processes in place.

AK: How do you think the treasury function can contribute to the creation of a sustainable society?

JC: Treasury has to make sure that funds are allocated to the right projects, those that align with the long-term objectives of society and the environment. We have a great opportunity to make that difference but, in fact, treasurer has the responsibility to do so. He or she has a duty to support initiatives that will make their business sustainable, whether through green financing or making sure that capital is placed in companies that are ethical and sustainable.

AK: What is the added value to a professional of belonging to treasury organisations?

JC: Membership of national and international associations, such as ASSET (Asociación Española de Financieros de Empresa) and EACT, is vital if professionals are to keep abreast of regulatory changes. Not only that, joining these groups offers members a fantastic opportunity to exchange best practices and discuss topical trends with their peers. This also presents a platform upon which to formulate collaborative efforts to influence regulatory reforms. These associations also provide the perfect environments in which to develop plans to keep the profession current, relevant, and ready to embrace and encourage newcomers to our profession.

AK: Switching to broader trends, what is your view of the role of AI in treasury?

JC: AI is already starting to reshape treasury, especially in areas such as cash forecasting. Provided the data inputs are correct, AI can enhance the accuracy and speed at which this task can be carried out to a point where treasurers can better predict and manage risks. For sure, there will be continuous major improvements in the field of AI, especially in automating regular tasks that will, free up treasurers’ time for more strategic activities.

AK: With the benefit of hindsight, is there anything you would have done differently during your working life?

JC: I've been extremely lucky in my career in that I have taken on roles that have really challenged me and taught me so much. If I had to pick on anything, I would say I should have embraced new technologies and picked up on digital transformation in treasury earlier. Technology has become so embedded in finance. It is vital to stay ahead of those ever-evolving trends.

AK: What advice do you have to offer young professionals who are starting their career in treasury?

JC: Focus on the core mission of treasury: to make sure your company has the financial wherewithal to function. Everything else is secondary. Be interested, stay curious, keep learning, and reach out of your comfort zone, particularly when embracing technology and innovation. Treasury will be a rewarding field for those adaptors who are willing to grow.