Customer service and business development used to be primarily a function of marketing and sales professionals. But increasingly the finance department is engaging with customers, and the CFO is playing a key role in maintaining and deepening vital customer relationships. I discussed this trend recently with Wetteny Joseph, CFO of animal health company Zoetis. Additionally, I was keen on learning more about the interesting industry in which Wetteny operates, how his company is seeing growth as more people focus on the health of their pets and his views on diversity, equity and inclusion as someone in a leadership role from an underrepresented background.
Jeff Thomson: At the end of last year, I wrote an article for Forbes in which I predicted that 2022 will be “The Year of the Management Accountant” due to organizations’ need to rely on finance professionals for insight across a range of issues. How do you think CFOs can make the transition from transactional work to partnering cross-functionally within the organization to add value and insights? As a CFO in charge of Business Development, how do you manage the dual role of customer relationship-builder with responsibility for financials? How important is it for your average finance professional to be able to connect customers to their day-to-day decision making?
Wetteny Joseph: It is easy to assign finance to a cost management role, but I strongly believe that our function has to be as great stewards of the company’s assets and as growth champion. We have the unique vantage point of seeing across all operations, from R&D and sales to manufacturing, and finding ways to drive growth and transformation through capital allocation and partnering with other functions. That is my passion as a CFO.
For me, adding real value starts with understanding the “outside-in,” that is focusing on the customer experience and needs. One of Zoetis’ core beliefs is to be “Customer Obsessed,” which resonates with me personally, and is something that I constantly seek to cultivate within my team. It’s a critical reminder that we all need to understand the customer well, not just customer-facing individuals.
The finance function can benefit greatly by going out into the field and listening to those who are using our products and services. For example, if we want to understand pricing, it’s all theoretical until we understand our “value” through the eyes of our customers. My two years running a commercial business completely changed my perspective and has made me a much better CFO and finance leader. This is why I make it a point to meet with customers. It helps me feed back into the business, think differently and ask the questions that may lead to better, more valuable solutions. I recently visited a couple of small veterinary clinics and was able to observe how our customers used our products and discuss some of the challenges they were facing. Speaking with them sparked new ideas for me on how we can allocate funding to improve the product experience in our diagnostics business, a key growth driver for Zoetis.
Starting and ending with the customer has always been a cornerstone of Zoetis’ growth, and the mindset of our finance team has to be about the art of the possible for our customers.
Thomson: Covid-19 ushered in a new wave of pet ownership, where pets became even more integral to the “family unit” during the work-at-home model. As one of the leading providers of animal medicines, what does this increase in pet ownership mean for growth? How do changes in consumer behavior around pets factor into your projections and decision making?
Joseph: Petcare has been and will continue to be a major growth driver for Zoetis globally, based on emerging trends and our diverse and innovative portfolio.
The companion-animal space has been booming since Covid-19 and should have lasting implications for the market. We are seeing more people acquiring pets during the pandemic, spending more time with their cats and dogs as they work remotely and becoming more aware of every scratch, limp and whimper from their pets. We are also seeing a new generation of pet owners emerging – Millennials and Gen Z comprise about 50% of all new pet owners in the U.S. – and they place a premium on their pets’ health. Their belief in health and wellness translates to their canine and feline companions.
Across developed and emerging markets, we are seeing veterinarians and pet owners adopting more innovative treatments for all sorts of conditions, including dermatology and osteoarthritis pain. Petcare spending trends are up as well, and the rise in online commerce and virtual vet visits has also had a positive impact on our growth. Based on these factors, we continue to see tremendous potential in our existing portfolio of medicines, vaccines and dermatology products.
Our innovation coupled with pet owners’ focus on pet health have permanently raised the standard of care for pets, and we’re excited for the opportunities this space continues to present us.
Thomson: You have been a vocal advocate for more diversity in senior leadership roles, citing your personal history as an immigrant from Haiti and how that has influenced your ability to succeed. What DE&I programs or initiatives are you looking to spearhead at Zoetis? How are you promoting more diversity in succession planning, board membership and executive leadership?
Joseph: I am a big believer in talent development. I have personally benefited in my career from people seeing my potential – sometimes when I didn’t even see it myself – and developing me, mentoring me, to take my next step. I am excited to continue this mentorship within my own team and Zoetis at large, making sure we bring more diverse perspectives to the table and invest in capable people across all levels.
Zoetis has meaningful DE&I aspirations that I look forward to supporting through my role. We are working to increase representation of women at director level and above globally from 32% to 40%, and in the U.S., we are committed to increase overall representation among people of color to 25%, Black colleagues to 5% and Latinx colleagues to 6% by 2025. Our commitment to diversity is also echoed in our executive leadership team, which is made up of 45% women and 45% people of color.
I am also proud to share that Zoetis is also focused on diversity externally in our stakeholder community through the Zoetis Foundation, which is investing $35 million over the next five years to improve the diversity, inclusion and wellness of veterinarians and farmers across the world.
Inclusivity is one of the most powerful catalysts any business can have for building global strategies, robust talent and comprehensive capabilities for an organization.
This article has been edited and condensed.
