Maria Semkina: Expert in Navigating the Emerging and Volatile Markets and Driving Growth

The role of Chief Financial Officer (CFO) is expected to undergo significant changes in the future, driven by evolving business landscapes, technological advancements, and shifting economic dynamics. While the traditional responsibilities of a CFO include financial management, reporting, and risk mitigation, the future role is likely to be more strategic, multidimensional, and collaborative.

As the CFO of, the Middle East, Africa, Turkey, and East Europe for Lenovo, Maria Semkina shares that the future CFO is expected to be a strategic leader who not only manages financial aspects but also actively contributes to shaping the overall success and sustainability of the organization. This involves a broader skill set that encompasses technology, data analysis, strategic thinking, and effective collaboration with various stakeholders. 

For someone who has held the position of CFO for over a decade now, Maria points out that some aspects of the CFO role remain consistent over time. These long-lasting responsibilities include strategic leadership, risk management and decision-making, and talent development. Strategic leadership involves communicating the principal Key Performance Indicators (KPIs) and the strategic direction for managing the organization. Risk management and decision-making involve engaging in comprehensive risk management practices and making informed decisions that align with the overarching strategic goals. Talent development is recognized as paramount and involves identifying, nurturing, and empowering individuals to contribute effectively to the organizational objectives. These core functions highlight the enduring and foundational nature of the CFO role, emphasizing strategic foresight, effective risk mitigation, and the pivotal role of talent development in sustaining organizational success.

Charting her Course

Maria believes that one’s professional journey commences during the formative years of education. She’s glad that her parents let her explore everything from sports and language to science, and music, to instil in her a broader perspective on the world. 

After completing her secondary education, Maria set a personal goal to gain admission to the preeminent university in Russia, which she successfully achieved. Opting for a degree in Finance, she established a business club at her university, facilitating interactions with top industry leaders who shared their success stories. Subsequent to graduating, she joined British American Tobacco’s Finance Management Trainee program, where she was exposed to various facets of finance, including audit, corporate finance, marketing finance, and operations finance, profoundly shaping her understanding of the field.

After completing the program, Maria continued her tenure at British American Tobacco for several years. However, as a proactive individual perpetually seeking challenges and continuous learning, she eventually sought new horizons. Enticed by an opportunity to join a company spearheading transformational change, she joined Syngenta, a multinational agritech company, where she assumed the role of Finance Manager tasked with establishing and refining financial and operational processes. 

Over the course of a decade with Syngenta, her professional character evolved, characterized by an unwavering commitment to delivering at a capacity of 200%. She actively engaged in cross-functional projects, recognizing that a comprehensive 360-degree knowledge of all facets of business operations and industry is indispensable for providing adept financial support and facilitating informed decision-making.

While serving as a Finance Manager, Maria seized the opportunity to expand my purview and assumed the role of CFO for Belarus, Central Asia, and the Caucasus—an experience that allowed her to apply and refine my management skills.

Amidst Syngenta’s organizational transformation involving the reorganization of two businesses, I made a pivotal decision to venture into entrepreneurship. During the challenging times of the COVID-19 pandemic, I focused on assisting businesses in achieving sustainable growth and effective management. This multifaceted experience involved delving into various business sectors, including the establishment and management of her own restaurant.

Subsequently, Lenovo presented an opportunity for a CFO role covering the East Europe territory. Drawing on over 15 years of experience, she prioritized the values and culture of the company over mere remuneration. Lenovo, aligning seamlessly with her professional preferences, emerged as the ideal choice for Maria.

Committed to Excellence

Maria is deeply passionate about her work, consistently seeking new avenues for personal and professional development. This commitment to excellence granted her visibility across the organizations she has worked for, culminating in her appointment to the role of CFO. Her approach has always prioritized close collaboration with business partners, leading her to spend considerable time in the field, engaging with clients and customers, and understanding their concerns and aspirations.

Reflecting on her life philosophy, encapsulated in the quote “Life doesn’t give you challenges, life gives you opportunities,” she believes that challenges are inherent opportunities for growth and development. In light of the geopolitical turbulence in the East Europe region, she embraced a bold and challenging decision to relocate to Dubai and assume the role of CFO for the Middle East, Turkey, Africa, and East Europe region.

This decision, while daunting, involved navigating a region where women face limitations in rights and opportunities for top management roles. Furthermore, acclimating to a new country with a distinct culture was a source of initial hesitation. Nevertheless, she made the conscious choice to embrace this opportunity.

As Lenovo’s CFO, she looks over a huge region, encompassing over 85 countries, and presents a unique complexity, each requiring a tailored management approach. “My diverse and talented team comprises professionals of exceptional caliber. My overarching goal is to provide them with a clear vision and opportunities for growth, thereby supporting the business in achieving healthy and sustainable expansion,” she says.

Balancing Professional and Personal Aspirations

Throughout her life, Maria has navigated significant stress and encountered both personal and professional challenges that, at times, led her to periods of distress, depression, and decreased productivity. The relentless pace of the world often impedes reflection on the past and strategic planning for the future. Amidst the deluge of information and life demands, one frequently overlooks the importance of pausing to acknowledge personal achievements and expressing gratitude for one’s accomplishments, she feels.

Furthermore, as a woman, she felt societal expectations compound, requiring proficiency not only as a high-performing professional but also as a devoted mother and friend. The societal expectation of perfection across all facets of life can be overwhelming. She deems it essential to recognize that the efforts exerted are more than sufficient. The pursuit of perfection in every domain necessitates careful prioritization of what holds paramount importance.

“In my own journey, I have encountered similar challenges and offered advice to a friend facing comparable difficulties. I emphasized the significance of prioritizing health as the foremost asset. Many accomplished individuals adhere to daily routines, a practice that contributes significantly to personal and professional stability. Though the benefits may not be immediately apparent, the investment in routine development yields dividends in the long run, enhancing both personal and professional aspects of life,” shares Maria.

Impending Change in Data Management with Growth of Technology

Maria sheds light on how the progression of technology has dramatically changed the way we handle information. From using calculators for basic calculations to employing Excel for extensive data analytics, the world has witnessed a significant evolution over the years. In the current landscape, the influx of new technologies has inundated us with vast amounts of data, reaching a point where it can be overwhelming for individuals to process manually.

Consider a scenario reminiscent of scenes from futuristic movies, where individuals don glasses that provide information on every object and person in their surroundings. This vision of the future is rapidly approaching reality. However, it is crucial to emphasize that behind these technological advancements, there must always be a human presence guiding and interpreting the information.

As we navigate this era of extensive data processing, Maria says that it is imperative not to overlook two critical factors: data privacy and security. With the abundance of data being processed, maintaining the confidentiality and integrity of this information becomes paramount. Striking a balance between harnessing the power of data for insights and respecting privacy rights is a challenge that demands careful consideration, she shares.

The responsible and ethical utilization of information is another key aspect. “While technology empowers us with unprecedented capabilities, the way we leverage this information requires conscientious decision-making. It’s important to avoid potential disputes and obstacles in the evolution of data management by ensuring that ethical standards and privacy concerns are central to the development and deployment of these technologies. This approach will contribute to fostering a trustworthy and sustainable evolution in data management practices,” she suggests.

Keeping the Business Steady

Maria opines that the most critical and fundamental aspect, when establishing a company, is to determine its purpose. Every organization is driven by a distinct purpose that remains constant despite the evolving world. At Lenovo, the primary goal is to deliver solutions that enhance the daily lives of end customers, making them more enjoyable and comfortable.

In the initial stages, Maria says that the emphasis was on providing a simple solution—a portable device for analyzing and storing basic data. However, with the passage of decades, customer expectations have evolved into a demand for comprehensive solutions encompassing hardware, storage, advanced problem-solving, extensive data management, and artificial intelligence (AI). “Thus, it is imperative to remain steadfast in upholding our core purpose while adapting to the dynamic changes introduced by the world, including advancements in AI, Environmental, Social, and Governance (ESG), and data analytics,” she says.

To keep a business going against the odds, finance plays a pivotal role in this dynamic environment, serving as the “right hand” of the business. As a core function, finance must keep pace with the evolving business landscape. In addition to aligning with the organization’s overarching purpose, finance acts as the skeleton, providing structure through meticulous management of processes, ensuring compliance with regulations, and navigating the complexities of tax regulations. “In the face of rapid market changes, the finance function becomes instrumental in aiding the organization to make informed, efficient decisions within the established frameworks of the financial world,” advises Maria.

Accolades

Lenovo, being a global technology company, has been recognized for its innovation and contributions to the industry. Lenovo has often received accolades for its high-quality laptops, desktops, and other computing devices. Most recently, Lenovo was recognized as Best Hardware Vendor at the Future Enterprise Awards and Best Data Centre Solution Vendor at the ICT Leadership Awards.

Maria was recently chosen as the Top 10 Women CFO in UAE in 2023. She was also a panel speaker at the World Finance Forum in 2023 held in Dubai. 

Way Forward

The past couple of years have been marked by significant changes in Maria’s life, particularly since joining Lenovo in September 2021. In a span of 10 months, she relocated to a new country and assumed a new role. Over the subsequent year, her responsibilities expanded to encompass all Lenovo businesses in her region, including Mobile, PC, Services, and Servers.

While the challenges of her current role are considerable, Maria finds great satisfaction in the work. She recognizes the importance of pausing to nurture and grow within her current position. However, the rapidly evolving world demands constant adaptation, and she finds herself continuously on a learning curve.

Looking ahead 5-10 years, Maria’s path remains uncertain. What matters most to her is enjoying each day and seizing opportunities for personal growth. Outside of her professional endeavors, she holds a keen interest in architecture, aspiring to contribute to the betterment of the world and its people. Charitable pursuits may be a part of her future, building on her current involvement in supporting students and colleagues through mentoring and guidance as they strive for personal and professional growth.

“As for Lenovo, one of its standout qualities is its agility. The company excels in adapting to the dynamic business environment, positioning itself as a key competitive force in the market. This ability to navigate change is a distinctive advantage that sets Lenovo apart from many other companies,” concludes Maria.

Quote: “Life doesn’t give you challenges; life gives you opportunities”

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