Kellogg's places eggs in one basket

When it took Kelloggs'' treasurers an average of three weeks to find out just how much was in their bank accounts, they knew something had to be done.

When Peter Goldsworthy was appointed director of financial planning of Kellogg's Asia Pacific, some wondered why. Goldsworthy was the financial controller of a small cereal company that Kellogg's took over in Australia, with limited treasury experience. But Kellogg's had a bigger agenda in mind for Goldsworthy, namely the implementation of significant changes in Kellogg's treasury operations in the Asia Pacific region.

Kellogg's wanted someone who knew about business, how it worked, and importantly, they wanted someone who knew how to implement ideas that worked now and not just inĂ¡10 years time, says Goldsworthy.

The scene

When Goldsworthy took over, Kellogg's Asia Pacific operations were working under a decentralized, fragmented structure. Kellogg's had...

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