Became CFO at the age of 31 – E24

– We grow so fast that he probably does it there once a quarter.

Cecilie Weltz, CEO of Otovo’s subsidiary Edea, points to a glass cage. Otovo founder Andreas Bentzen is standing in front of a camera rig and giving a digital lecture to new employees about how solar cells work.

The solar cell company’s office premises in Torggata in Oslo leave little doubt that they are doing something space-related. The walls are adorned with ceramic plates representing planets, and the vases are shaped like astronauts. Bentzen gives a lecture in the room «Space station». E24 follows Weltz through the black-painted hallway, past the Milky Way room, before reaching a large, open room with a stage at one end.

– It’s the sun, of course.

This is where Weltz sometimes gets to do what she really intended. The plan was not necessarily the CFO of a listed growth company and the CEO of the subsidiary before she turned 32. It was to stand on a stage.

– Actor, pop star, it kind of went in that dure there. I would say I really still think it’s a possibility. It’s never too late, says Weltz with a good laugh in this week’s episode of E24’s podcast Voksenpoeng.

Listen to the entire interview where you usually find your podcasts, or in the player below.

The girls’ day at the Norwegian School of Management (NHH) inspired her to secure a good education while following her stage interest.

– Then I saw the Weekly revue and fell in love, says Weltz.

Although the main motivation at first was the revue, the studies quickly aroused interest in finance in Weltz. She was not a classic math nerd at school, but Excel was a parade. It came in handy when she eventually started getting internships. The “cool guys” did Excel modeling. The girls were often offered to help with slides for presentations.

– Then I thought no, I also want to model. Why should I not be able to do that? So then I spent a lot of time getting really good at it.

Two man-years in one year

After graduating, she brought her Excel skills to corporate finance – partly because it was the most prestigious among the students at NHH, partly because they were known for tough interview processes. If you got in there, you could get in anywhere.

She did get there by doing a less impressive job interview at Swedbank’s analysis department. Peter Hermanrud, then chief strategist at Swedbank, gave her two minutes to read through a pile of information, and then tell him which direction the courses were going to go.

– It turned out then that I was not going to become a stock analyst. Peter picked up the phone and called down to Ove Gusevik, who headed the corporate finance department, and said that here I have someone who might suit you better.

Browse the gallery or follow Voksenpoeng_med_Nora on Instagram to read Cecilie Weltz’s school diary.

Valuation tasks in Excel – in just over two minutes – went far better. Weltz began as an advisor to companies that were to be listed on a stock exchange and companies that wanted to buy other companies. It became a hectic workday, where being present in the office from early to late was important – perhaps as important as what you actually did in the office.

– I worked well over two man-years in one year, and was basically online all the time. I was very focused on spending as little time as possible on other things, so I could optimize the time I was in the office.

The recent graduate economist enjoyed himself, but felt that working days of 16 hours cost. She observed that the heads of the department also worked long hours. When the opportunity arose to help start a new department for lending to acquisition companies, she seized it in the hope of a slightly calmer everyday life, and slightly smaller pointed elbows.

However, she does not regret the effort in the first job. As a freshman, she thought it was just to “go on”, say yes to everything, be part of everything – in the hope that it would speed up her career.

– And that led to it. I would do it again, absolutely.

The boys’ club

After three years at Swedbank, she got a job at the acquisition company Verdane, before leaving the financial industry. She is positive about the development in gender equality she has seen there – when she worked at Swedbank, many of the top managers were women.

– Then I do not think you can get around the fact that it is a small element of the boys’ club anyway. It could happen that you came into a customer meeting where the broker sat and talked to the manager on the other side about how fast pubic hair grew. And then I have received some requests for assessment of newly purchased works of art that turned out to be something like Japanese erotic art. It actually happened twice!

– What do you say then?

– I do not remember what I said … Congratulations on a great work of art, something like that.

Weltz laughs and emphasizes that she did not find the boys’ events unpleasant.

– I actually experienced all the time that it was a nice, friendly atmosphere. Never anything over the line, she says.

Still – after several years in finance, Weltz noticed that she was confident on the transaction side. She was more uncertain about the operation. Just as she was starting to think about learning more about that part by taking an “exchange stay” in one of the companies Verdane had in her portfolio, a phone call came from Otovo. They were to set up the leasing company Edea, and needed some financial experts.

It became impossible to say no to Weltz, who both wanted to work with sustainability – and eventually move up to a leadership position. She was clear on that from the start.

– It sounds a bit simple in a way, but I think that if you are very vocal in what you want, then it is easier for people to help fulfill that wish, and at least support you and lead you along the way .

– Backward welding

The leadership ambition was fulfilled much earlier than expected. Three months into the Otovo job, the CFO quit. 31-year-old Weltz was offered the position of deputy.

– It was backwards. I did not think so.

– You never considered saying no?

– Yes, maybe I considered it for a second. “Is there a hidden camera?” I thought. But it was a completely insane opportunity to get, so I had no doubt if I should say yes.

The role quickly became permanent, during a chaotic period for Otovo. At the same time, the solar cell company was growing enormously in several countries and raising capital for Edea. In the middle of it all, the chief accountant quit, and she was left alone in the finance department.

There were several stress walks along Torggata – Weltz’s preferred stress management technique.

– I have to trot around. I go and think “do not be stressed, do not be stressed”. It’s a bit of a mental breakdown situation, where I just go and first I’m really stressed. As I walk, my heart rate comes down, she says.

“Management hovers on a pink cloud”

After a time with both the CFO role in Otovo and the CEO role in Edea, she is now only the latter. Weltz is looking forward to focusing on developing the new company into more companies.

As a leader, she has found her strength in the interest of the people around her, and to listen to them without interruption – something she learned from former CFO Lars Syse Christiansen.

Among the weak points, she can be too strict, and demanding, she hears. She met herself at the door of it already in Verdane. An e-mail with feedback about a portfolio company that did badly went straight to the entrepreneurs, instead of the responsible partner in Verdane.

– Whether I should be tough or … I want to be very clear, then. So I wrote something like “management floats on a pink cloud and refuses to face reality,” says Weltz.

One week later, she was called in an hour earlier than anyone else at a strategy meeting with the company. The founders looked at her and thanked sarcastically for the email. Only then did she realize the mistake.

– This is their life’s work, so it should be done in a completely different way. It was incredibly unprofessional and it just … It was really weird. I was very sorry that they had received the message that way, but that unfortunately the assessment stood by the team. I have to be responsible for that assessment, says Weltz.

As a top manager, she tries to balance bone hardness. She laughs a little at her own actions.

– You get to work with it and maybe go shopping for buns at the store once in a while, and be a little more cozy.

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