| Welcome
to the Tax Intelligence Report!
The October 2005 issue of the Tax Intelligence
Report will highlight the impressive career
track of Anthony Maggiore, Group Head
of Tax at Compagnie Financiere Richemont
in Geneva, Switzerland. Mr. Maggiore has
thoroughly enjoyed his international tax
career and is currently contemplating
his next professional milestone. We encourage
you to read this month’s interview
and learn how he has been enriched through
his career in international tax.
Respectfully,
Kathleen Jennings
President, ET Search, Inc. |
| |
|
IN
THIS ISSUE |
|
|
 |
For
the past five years Anthony Maggiore
has been Group Head of Tax for
Richemont, the luxury group based
in Geneva, Switzerland that includes
Cartier, plus many globally recognized
luxury jewelry, watches and fashion
brands. He joined the Richemont
group in 2000 with the mission to
create a world class tax department,
optimize the group’s structures
worldwide and reduce the effective
tax rate. That mission being completed,
Anthony has set out in search of
new challenges. |
|
Passionate
about tax planning and confident in his
abilities, Anthony is contemplating corporate
tax opportunities, but he also has the
opportunity to launch a consulting career,
perhaps with the help of colleagues that
share this ambition. Anthony Maggiore
currently resides in Geneva, Switzerland
with his wife Christine and their seventeen
year old son, Ray. I interviewed Anthony
recently to inquire about his tax department
management philosophy, the milestones
in his career, what he’s enjoyed
most about being a tax professional and
what factors will ultimately determine
his course for the future. |
|
KJ- During the past 10 years you created
two highly accomplished tax departments,
how did you manage this feat?
AM- I believe in hiring
the best people, providing clear direction
and then getting out of their way. I
find the best candidates amongst the
tax professionals I have been collaborating
with for years because I am familiar
with their accomplishments and ability
to work well with others. My teams are
organized in a matrix that allocates
each tax professional multiple country,
project and compliance responsibilities.
This approach has kept the size of my
tax departments optimized, facilitates
the best resource allocation within
the group and ensures that everyone
knows their deliverables. It also requires
extensive collaboration and communication
that build relationships, trust and
confidence. Just as important, everyone
is encouraged to participate in professional
organizations and to pursue continuing
education. Retention is rarely an issue.
My tax departments conduct themselves
as service providers, serving clients
like any public accounting or law firm
would. Thus, I encourage my teams to
behave as entrepreneurs, partnering
with the business units, country managers
or project teams they work with. This
approach is appreciated by our clients
and gives each tax professional their
distinct profile. It also gives the
business people a positive perspective
on the capabilities of their tax department
professionals to add value to projects
and transactions. Ultimately, the tax
departments I manage are profit centers,
contributing materially to profits and
cash flow, while proactively managing
risk.
KJ- How did you become a tax professional,
and who were your mentors in the profession?
AM- I started my career
in public accounting, quickly realizing
that I much preferred tax versus audit.
In 1980, I began my corporate tax career
with Avon Products in New York City,
working for Bob Corti, preparing Avon’s
consolidated federal tax return. Bob
sponsored my entry into the Tax Executive
Institute and supported my efforts to
complete the CPA exam and my MBA in
taxation at Pace University. While at
Avon, I also had the opportunity to
work for Mike Neary who sparked my interest
in international taxation and endowed
me with a solid foundation. Preferring
later to be closer to my home in Connecticut
in 1985 I joined Richardson-Vicks working
for Jim Parkin as an International Tax
Manager. My understanding of international
tax planning grew exponentially while
working with Jim and he encouraged me
to start my law studies. During that
time Richardson-Vicks was acquired by
Proctor & Gamble and the integration
effort was a great learning experience.
But rather than move to P&G’s
Cincinnati headquarters, during 1987
I joined the original Singer Sewing
Machine Company which had just been
spun off by Singer, the defense contractor.
There I enjoyed helping Martin O’Connell
create a new tax department responsible
for federal, state and international
tax planning and compliance. Singer
was acquired and moved as well, so in
1989 I joined a leveraged buy-out group
that eventually became known as Amphenol
Corporation. There I worked as Manager
of International Tax for David Hartford
who supported the completion of my law
degree at Quinnipiac College, and taught
me a thing or two about transaction
planning and making the tax department
into a profit center. Ultimately, it
was Bill Ludgate and Tom Pearson who
gave me my first opportunity to create
and run my own tax department when they
hired me in 1995 to join the team that
moved R.J. Reynolds International to
Geneva, Switzerland where I became Vice
President of Tax. As if this job and
assimilating to life in Geneva were
not challenging enough, during 1999
Japan Tobacco acquired RJRI and I set
about integrating the two companies.
The influence of the Japanese culture
on RJRI was very interesting; but in
2000, Richemont offered me the Head
of Tax role in Geneva with a huge restructuring
mandate that I couldn’t refuse.
KJ- What have you enjoyed most about
being a tax professional?
AM- First and foremost,
being a tax professional is very exciting
and entrepreneurial because it requires
knowledge of many disciplines and provides
experiences well beyond the scope of
tax. During my career I have been privileged
to have great mentors, work with kind,
intelligent and extremely professional
people, many of whom are long time friends.
In this profession, keeping up with
changing laws and trends ensures that
you never stop learning and experimenting.
Interesting and challenging opportunities
can be found either within the company
you work or amongst your professional
peers in organizations like the Tax
Executive Institute. My work has often
required that I travel to far flung
places where I observed interesting
cultures and enjoyed working with a
variety of local professionals. I have
also experienced the personal fulfillment
of mentoring entrants into the tax profession
and following their careers and successes.
My passion for the profession comes
from the thrill I get when developing
and implementing tax benefited transactions.
Having all the technical skills is not
enough, entrepreneurial and political
skills are also required because tax
planning can not occur in a vacuum,
it must be linked substantively with
the operations and culture of the company.
There is a wonderful feeling of accomplishment
when you achieve a successful synergy
of operational objectives, tax benefits
and implementation. But even when you
manage to achieve the proverbial “win-win”,
companies often change course and you
must be prepared to evolve or sometimes,
chart an entirely new course. But that
only ensures that the fun never ends.
Also, I was well advised to join TEI
early in my career. The organization
has provided an incredible source of
educational opportunities and most importantly,
long lasting personal and professional
friendships. Then, in 1997 I had the
opportunity to give something back to
TEI when Lisa Peshcke-Koedt called upon
me and several other tax professionals
to establish a TEI branch in Europe.
Our European Chapter was chartered in
1999, and I served as Chapter President
for two years of rapid growth. Afterward,
I remained on the Board to actively
promote the recruitment of local nationals
and increase diversity in the Chapter.
Recently, when TEI chartered its new
Asian Chapter, I was proud to be called
upon to serve the TEI Board as Vice
President - Region IX (international).
KJ- What factors will be most influential
in determining what you will do next?
AM- I am passionate
about tax planning and advocacy so I
will undoubtedly continue to follow
a course that includes these skills.
Being a corporate tax professional is
still an extremely attractive vocation
that I have enjoyed immensely for over
25 years of my life. Thus, I will seriously
consider the corporate tax professional
opportunities that come to my attention
in Europe and the USA, looking for the
right mix of company dynamics and management
chemistry. On the other hand, many of
my peers have contemplated applying
their skills in consulting and a number
of them have been successful. I believe
it is feasible to leverage my experience
to help other tax departments focus
their ideas and resources so they can
accomplish their objectives more efficiently.
Yes, public accounting and law firms
can be engaged to do the same, but their
compartmentalization and liability concerns
requires large numbers of specialists
to support their client’s planning
activity. My broad tax planning and
project implementation experience, combined
with my network of tax specialists and
government contacts in many jurisdictions
could be of great assistance to tax
departments in the early stages of their
project or transaction planning; thus,
greatly improving their effectiveness
and reducing their costs. Alternatively,
when small and mid-sized companies begin
contemplating the acquisition of internal
tax resources, my experience creating
tax departments can assist the development
of their tax department. Fortunately,
I have like minded tax colleagues in
the USA, Europe and Asia with the same
aspirations that I could team up with.
Thus, the opportunity to launch a successful
consulting business continues to be
an attractive alternative.
Kathleen
Jennings (KJ)
Editor, The Tax Intelligence Report
Kathleen@etsearch.com
AM- Anthony Maggiore
If you would like to contact the interviewee
Anthony Maggiore directly, you may do
so at: amaggiore@bluewin.ch
or if you would like to contact the
interviewer Katleen Jennings directly,
you may do so at kitty@etsearch.com
|
|
VERBAL
INTELLIGENCE |
Word of the day
: Word
of the day: DOCITY
The ability to learn quickly.
|
| The
Tax Intelligence Report is published by
ET Search, Inc. We are an internationally
recognized search firm that specializes
in the placement of tax professionals with
multinational corporations, law firms and
public accounting firms. For more than 25
years, our organization has been retained
by U.S. multi-nationals to locate tax professionals
in most major cities around the world. For
more information on our global tax recruitment
firm, you may email us at ets@etsearch.com
or visit our website at http://www.etsearch.com. |
|
 |
|
|
| QUICK LINKS |
|
Sign in here to continue to receive The Tax Intelligence Report!
|
|
|
|
Career
Milestones |
The
Romans were the first people to use
milestones; several of their tall
and elegant stone columns still remain
in their original positions in Britain,
the oldest dating from the reign of
Hadrian (AD 117-138). These milestones
were actually cylindrical in shape
and stood up to six feet high and
eighteen inches in diameter. They
bear the name of the Emperor, the
year it was erected and a mileage
figure, which is the name of the place
from which it was measured. All major
Roman roads were equipped with milestones
situated at intervals of one Roman
mile (one Roman mile equaled one thousand
paces). Today, a milestone is considered
a significant event or stage in ones
life which involves the “development
and progress of a person”. Our
feature article discusses the career
milestones of Anthony Maggiore.
The hallmark of a successful career
is one in which the person is professionally
challenged and personally fulfilled!
William Faulkner stated “Always
dream and aim higher than you know
you can do! Don’t bother just
to be better than your contemporaries
or predecessors. Try to be better
than yourself!” No one could
have said it better than him! In my
opinion, there is no way you can be
better than yourself unless you absolutely
love what you are doing with your
career. Do you feel like you are currently
challenged with your tax career? Do
you want to grow into new areas of
tax or would you like to have a deeper
understanding of your current tax
specialization? Perhaps, your goal
is to move into more of a management
role or take on the challenges of
a larger organization. Perhaps, you
have acquired a vast amount of knowledge
throughout the years and would like
to consult a variety of organizations.
Whatever it is, if you are enjoying
your tax career and you have a passion
for it, you are going to be very successful
at it! There is much reward for you
when you merely try to be better than
yourself!
What have you accomplished in your
tax career that makes you feel personally
fulfilled? It is important that you
think about what you are doing and
what drives you to be where you are
each day! Are your professional goals
and needs being met? Take a moment
to think about what is important to
you, chart your personal milestones
on paper and take the time to measure
them and their significance in your
tax career. Like the Romans, put a
date on these milestones and measure
their importance in your life’s
time. Evaluate the intervals at which
these events occurred during your
life. Now you can put them together
like a trail of a map which will assist
you in tracking the next goal or career
milestone. This is a very enlightening
mental exercise but also very important
because you will have a better idea
of where you can possibly go if you
understand where you have been with
your career.
In case you have not been thinking
about this lately, you should start
thinking about what you are doing
with this wonderful life you have
been graced with! Are you thoroughly
enjoying your tax career or do you
feel that there is more for you to
experience in your professional tax
career? If you think you are missing
something, it is best to be aware
of it now and take this time to evaluate
it and to make an adjustment in your
career and your life! Perhaps, you
may need to make this your next Career
Milestone! Let us listen to Faulkner
again, "Always dream and aim higher
than you know you can do!"”
Kitty Jennings President
ET Search Inc 1250 Prospect Suite
101 La Jolla, CA 92037 kitty@etsearch
.com
We invite you to view the following
link to our current tax career assignments
and forward this to any friends who
may have an interest in learning more
about them.
Current Search Assignments
|
|
