BMSA Leaders in the Spotlight – Rene Allenbach, CFO

This feature article is part of a series of three profiles on very experienced leaders within Bridgestone Mining Solutions Australia. Their skills, commitment and drive not only enrich the Australian operation, they each seek to inspire our teams and make a positive contribution to the overall success of the business.

BMSA’s Chief Financial Officer, Rene Allenbach, has been in the role with our company, based in our Sydney headquarters, since February 2017. Furthermore, he also became an Executive Director of BMSA in January 2019.

Rene is an experienced Chief Financial Officer with a proven track record in driving and managing finance, operations and strategy in growth businesses and mature global companies. Over the years, Rene has successfully led various teams through several change initiatives that demanded focus and sensitivity.

His ability to take on challenging assignments and deliver excellent outcomes has also seen Rene hold senior positions in General Management across a number of different industry categories with regional and global responsibilities.

"Focus on ‘how something can be done’ and not ‘why something can’t be done’ and don’t wait for a 100% perfect solution – it doesn’t exist."

What are you most proud of so far in your role of CFO for BMSA?

Some of my achievements so far include driving the journey and transition of BMSA (BSEM) into a Service business, and strengthening the internal governance environment. Since I joined, I’ve been involved in various acquisitions (BSEA, Otraco International) and divestments (Otraco Africa(s) and Bridgestone PNG). I’ve also implemented a new costing methodology, which enables visibility on performance thus changing the narrative and discussion within the organisation.

What are your top three goals for the next 12 months?

• Taking full advantage of the opportunities presenting from the Otraco integration in Australia and driving growth in the LATAM market.
• Support the expansion of our Services and Solution Business offerings.
• Establishing a good work-life balance.

What do you see as the major issues facing our industry over the next five years?

Decarbonisation and its impact on demand and the customer base is right up there. As is recycling and specifically ELT (end of life tyre) recycling, shareholder activism, pending legislation, and our customers continual social license to operate will require thoughtful solutions. Also, geo-political developments and their impact on the global economy.

Do you have a motto in life, or a favourite quote that keeps you positive?

I have three mottos I subscribe to. Be consistent in everything you do and have a high work ethic; accept and be comfortable with ambiguity; and understand that it doesn’t have to be perfect to be successful. Plus a quote I like from Charles Dickens is “if you can’t convince then, confuse them” – just kidding.

Were you mentored earlier in your career? If so, what have been some of the benefits of that?

I didn’t have a mentor early on, which I deeply regret. Having learnt a fair few lessons over the years, and wanting to give something back, I have spent many years mentoring executive MBA students at the University of New South Wales, as well as a number of finance talents from ASX200 companies.

What’s the best piece of advice that you have ever been given?

“If you know the numbers, you know the business” – this is not just because of my background in Finance but data tells you what is really occurring (or not) in the organisation.

What advice would you like to give others at the company who are at an earlier stage of their career?

Volunteer for projects and initiatives outside your area of expertise, so you can accelerate learning and gain more knowledge. Focus on ‘how something can be done’ and not ‘why something can’t be done’ and don’t wait for a 100% perfect solution – it doesn’t exist and if you do wait, you will never improve.

More advice I’d like to pass on is to seek opinions and views on challenges you are facing from colleagues outside your department, or from an external network you actively built over time. That’s because a different and fresh perspective or approach may just be what’s needed to solve the challenge.

How do you juggle the sometimes competing demands of Work, Life and Family?

I accept that there are peak periods and try to organise myself accordingly. However, I haven’t exactly been successful in achieving a balance and I have to work harder on myself and be stricter to get it more balanced – so it’s a work in progress. Regular exercise and trying to keep some level of fitness is my way to handle the demands of work, and sport gives me an outlet after a demanding day at the office.

What is an interesting fact about you that no-one at BMSA would know?

I missed out on competing in the Olympic Games, twice. The first time, for Switzerland, by six weeks due to injury, and then many years later for Australia, again ruled out due to injury. The sport was European Handball, which is a high-paced sport that can be explained as a mix between football, netball and basketball. I did well in a number of National Championships, at Junior and Senior levels – but that’s it for me now. I guess I’ll just have to be content with watching the Olympics on television.