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Regent hire Recruitment Recent Job Listings
Benefits
Pulled from the full job description- Annual leave
- Employee discount
- Company pension
- Cycle to work scheme
- Car scheme
Full job description
Head of Finance (Professional Services & Colleges) (Job Number: 26000586) Finance Grade 9: - Salary in the region of £67,468 per annum *Appointment may be made above this range for exceptional candidates with significant relevant experience Open-Ended/Permanent - Full Time Contracted Hours per Week: 35 Working Arrangements: Hybrid Closing Date: 06-May-2026, 5:59:00 PM Disclosure and Barring Service Requirement: Not Applicable.The University
At Durham University we are proud of our people. A globally outstanding centre of educational excellence, a collegiate community of extraordinary people, a unique and historic setting – Durham is a university like no other. We believe that inspiring our people to do outstanding things at Durham enables Durham people to do outstanding things professionally and personally. Across the University we have a huge variety of roles and career opportunities, which together make us a large and successful community, which is a key hub of activity within our region and nationally. We would be thrilled if you would consider joining our thriving University. Further information about the University can be found here. Find out more about the benefits of working at the University and what it is like to live and work in the Durham area on our Why Join Us? - Information Page.The Role and the Department
Reporting to the Assistant Director (Financial Planning & Reporting), this senior leadership role is responsible for overseeing and continuously improving key elements of the University’s Financial Planning & Reporting (FP&R) function as they impact on the Professional Services & Colleges across Durham University: The post holder will provide strategic financial leadership and direction across the following core areas:- Forecasting and Financial Modelling - Leading the development and continuous enhancement of high‑quality financial forecasts, medium‑ and long‑term modelling, and scenario analysis to support strategic and operational decision‑making.
- Financial Planning & Analysis (FP&A) - Delivering robust financial planning, insight, and analysis to support budget setting, performance monitoring, risk management, and long‑term financial sustainability.
- Finance Business Partnering Leadership - Providing oversight and leadership of the Professional Services and Colleges Finance Business Partnering function, ensuring the provision of high‑quality strategic financial support, effective challenge, and strong relationships with senior stakeholders.
- Technical Accounting Oversight & Strategic Support - Ensuring appropriate technical accounting oversight and interpretation, alongside strategic financial advice that supports informed decision‑making and compliance with relevant accounting and regulatory requirements.
Working at Durham
A competitive salary is only one part of the many fantastic benefits you will receive if you join the University:- You’ll receive 30 days annual leave per year in addition to 8 public holidays and 4 customary days per year – a total of 42 days per year. The University closes between Christmas and New Year.
- We offer a generous pension scheme, and as a new member of staff you will be automatically enrolled into the University Superannuation Scheme (USS).
- No matter how you travel to work, we have you covered. We have ample parking across campus, a cycle to work scheme which helps you to buy a bike and discount with local bus and train companies. You can also take advantage of our cost-effective and environmentally friendly Tusker Car Benefit Scheme, allowing you to lease a brand-new electric or hybrid vehicle with savings on tax and National Insurance.
- We have a genuine commitment to developing our colleagues professionally and personally. There is a comprehensive range of development courses, apprenticeships and access to qualifications and routes to develop your career in the University. All staff have dedicated annual time to concentrate on their personal development opportunities.
- We provide wide-ranging health and wellbeing support including discounted membership for our state-of-the-art sport and gym facilities and access to a 24-7 Employee Assistance Programme.
- Our on-site nursery is rated Outstanding by Ofsted, and you can access holiday camps for children aged 5-16.
- Our family-friendly policies, including maternity and adoption leave, are among the most generous in the higher education sector (and likely above and beyond many employers).
- We offer all staff the opportunity to take part in volunteering activities to make a difference in the local community.
- You can access exclusive discounts via our benefits portal including money off at supermarkets, high street retailers, IT products such as Apple, eating out and days out at various attractions.
- Various salary sacrifice schemes are also available to help you take advantage of tax savings on benefits.
- If you are moving to Durham, you may be eligible for help with removal costs, and we have a dedicated team who can help you with the practicalities such as house hunting and schools. If you need a visa, we cover most visa costs and offer an interest-free loan scheme to pay for dependant visas.
Durham University is committed to equality, diversity and inclusion
Our collective aim is to create an open and inclusive environment where everyone can reach their full potential and we believe our staff should reflect the diversity of the global community in which we work. As a University equality, diversity, and inclusion (EDI) are a key part of the University’s Strategy and a central part of everything we do. We also live by our values and our Staff Code of Conduct. At Durham we actively work towards providing an environment where our staff and students can study, work and live in a community which is supportive and inclusive. We welcome and encourage applications from members of groups who are under-represented in our work force including people with disabilities, women and black, Asian and minority ethnic communities. If you have taken time out of your career, and you feel it relevant, let us know about it in your application. If you are a candidate with a disability, we are committed to ensuring fair treatment throughout the recruitment process. We will make adjustments to support the interview process wherever it is reasonable to do so and, where successful, reasonable adjustments will be made to support people within their role. What you need to demonstrate when you apply/Person Specification When you apply it is important that you let us know what skills/experience you have from a similar role and/or what skills/experience you have which would make you right for this role. Further information about the role and responsibilities is at the end of this job description. Where a criteria has an asterisk* next to it, it may be given additional weighting when your application is considered. Your application should cover the following criteria:Essential Criteria
Qualifications/Experience 1. Qualified accountant (ACA/ACCA/CIMA or equivalent), with extensive post-qualification experience in financial modelling, forecasting and business partnering within a complex environment. 2. Proven experience operating in a strategic business partnering role, influencing senior stakeholders with demonstrable experience of developing innovative solutions and contributing to strategic planning. 3. Professional practitioner with specialist knowledge and expertise to influence service delivery, events and activities within the organisation. 4. Experience of partnering and providing high quality specialist financial advice, insights and guidance across a range of resource related issues and particularly in providing critically evaluated recommendations on longer-term initiatives 5. Experience of participating in internal or external networks to share and discuss good practice, develop strong and productive working relationships and positively influence the University’s reputation. 6. A commercial outlook, capable of providing sound advice, support and critically challenge business decisions. 7. Experience of implementing policies and procedures and supporting service improvements with evidence of leading a continuous improvement programme with demonstrable success in improving efficiency and automation in financial processes, reporting or systems. 8. Track record of cross-functional management and development experience and/or an enhanced management qualification applied across a large service team or teams.Skills/Abilities/Knowledge
9. Excellent spoken, written communication and presentation skills with the ability to clearly articulate complex and specialist financial issues to a variety of stakeholders including University Executive via a series of communication methods determined by the nature of the material being communicated and the audience receiving it. 10. Advanced digital competency (Microsoft 365, ERP finance systems, reporting tools, analytics) with demonstrable experience of how digital skills have brought efficiency improvements and detailed insights to stakeholders. 11. Committed to continuing professional development to maintain professional recognition. 12. Extensive knowledge and experience of ensuring compliance with regulatory and organisational policy and guidelines. 13. Ability to contribute to planning at operational and strategic levels along with the ability to critically analyse, interpret and present data appropriately at senior management level. 14. Ability to solve problems and demonstrate analytical skills, to decide on and plan appropriate solutions and drive improvements. 15. Experience of building strong business relationships with internal stakeholders, including the development and embedding of strong business partnering arrangements to become an expert adviser on operational and strategic matters.Desirable Criteria
1. Experience within the Higher Education or public/not-for-profit sector. 2. Knowledge of FRS102 and HE SORP. 3. Experience working with Oracle Fusion or similar ERP systems. 4. Experience supporting large-scale change or transformation projects. How to apply To progress to the assessment stage, candidates must evidence each of the essential criteria required for the role in the person specification above. It will be at the discretion of the recruiting panel as to whether they will also consider any desirable criteria, but we would urge candidates to provide evidence for all criteria. Please don’t forget to check if there is any weighted criteria (see above). While some criteria will be considered at the shortlisting stage, other criteria may be considered later in the assessment process, such as questions at interview.Submitting your application
We prefer to receive applications online. We will update you about your application at various points throughout the selection process, via automated emails from our e-recruitment system. Please check your spam/junk folder periodically to make sure you have not missed any of our updates. What you need to submit- A CV: and
- A supporting statement which outlines how you meet all of the criteria within the Person Specification.
Typical Role Requirements
Strategic Financial Leadership
- Lead the organisation’s strategic finance agenda, ensuring financial plans directly align with corporate strategy, transformation priorities, and long‑term sustainability.
- Act as the senior accountable finance lead for Professional Services & Colleges, providing strategic advice, challenge and decision-making support to the Chief Operating Officer, other PS UEC Leads and senior leadership team.
- Support executive‑level decision‑making through clear, evidence‑based financial analysis and insight.
Budgets / Forecasts / Financial Information
- Lead the annual budget, quarterly forecast and five-year financial planning processes for the PS & Colleges, including assumption setting, review and approval of financial narratives.
- Ensure budgets and forecasts are robust, realistic and strategically aligned, reflecting agreed priorities, risk appetite and funding constraints.
- Provide clear visibility of financial performance, risks, opportunities, and variances to PS & Colleges leadership, enabling strong financial control and accountability.
- Ensure all non-financial budget holders within the departments receive appropriate financial management training.
Business Partnering
- Deliver a proactive, customer-focused business partnering service that supports both strategic and operational decision-making.
- Provide expert advice on complex financial matters, including other income streams, contribution analysis, cost recovery, cashflow and balance sheet impacts.
- Lead interpretation and communication of key financial indicators relevant to each department’s activities, providing clear and actionable insight.
Business Cases & Commercial Activity
- Support delivery of the University’s medium and long term Financial Plan within PS & Colleges.
- Lead and support the financial development of business cases for new programmes and initiatives, capital investment, and commercial opportunities, ensuring alignment with strategic and commercial objectives.
- Lead and support scenario planning and financial modelling to evaluate strategic choices, risks and benefits realisation.
- Lead cross-functional working-groups, ensuring initiatives are delivered through high quality analysis, modelling and reporting.
- Support the Commercial Director in the development and delivery of PS & Colleges based commercial activity.
Collaboration, Improvement & Deputising
- Maintain a strong presence within PS & Colleges while working closely with central Finance colleagues, including regular engagement at Boldon House.
- Lead service improvement initiatives within the FP&R team to enhance efficiency, consistency and service quality.
- Deputise for the Assistant Director (Financial Planning & Reporting) as required.
- Undertake any other duties commensurate with the seniority and responsibilities of the role.
Service Delivery/Development
- Contribute to equality, diversity and inclusion and the University’s values.
- Oversee and manage professional and regulatory standards and policies relating to activities carried out by the Finance Service.
- Use your leadership and management expertise to implement any significant changes optimally, in collaboration with other senior managers and specialists.
- Lead on the development of new areas of work or activities including scoping, planning and implementing any changes to achieve the outcomes expected by senior colleagues.
- Look for innovative ways to continually improve the services provided to your stakeholders.
- Develop and implement new or improved policies, processes and standards.
- Use your professional knowledge and experience as a senior finance professional to resolve problems, shape processes and activities, develop systems and to provide subject matter expertise and advice with regards to those areas under the role remit.
- Support quality and regulatory audits to ensure that systems and processes are operating in an optimal and compliant way.
- Meet the professional development needs of your stakeholders by ensuring that a programme of training and learning activities is designed and delivered by the Finance Service.
- Provide specialist insight that enables data driven decisions to be made about the Finance Service.
Planning and Organisation
- Use your expertise to help develop strategic plans and business plans that cover a wide range of operational activities.
- Define what needs to be achieved so that other colleagues can scope, plan and implement large scale/University wide within any financial constraints provided.
- Ensure your services are performing at the optimal level by setting clear standards and introducing measurable performance indicators.
- Use your leadership expertise to help project teams understand what needs to be achieved, solve any problems that are encountered and keep implementation plans on track.
- Allocate and monitor designated budgets, expenditure and resources.
Leadership and Team Development
- Set operational and strategic objectives and use your leadership and management skills, to develop the people in your team(s) and ensure high standards of performance.
- Help shape the skills and expertise needed to deliver a professional service by recruiting, inducting and training team members and structuring your team in a way that will best meet operational and strategic priorities.
- Ensure that your team can deliver the required services by delegating responsibilities to appropriate team members and considering succession plans.
- Carry out regular performance reviews with colleagues to provide feedback on objectives and identify any development needs.
- Handle most HR issues and support the welfare and wellbeing of your team, taking advice on more complex issues to specialist services or senior managers.
Communication/Liaison
- Lead internal and external meetings and committees to influence University policy, standards and governance.
- Build and lead an influential network of internal and external contacts to increase your knowledge and skills, swap information with peers and use that information to improve and develop the Finance Service and its interactions with stakeholders.
- Identify opportunities to build relationships with external organisations to support the delivery of strategic level objectives.
- Research new approaches being taken by internal and external stakeholders such as the Office for Students, Research Councils and other funding bodies so that you can take these insights into account when developing processes for stakeholders and impacting on the Finance Service.
- Explore options to promote and increase engagement in internal and external events and activities being delivered by the Finance Service.
- Design and deliver a programme of professional development activities to your stakeholders to support their development and information needs.
- Any other reasonable duties.
Job Features
| Job Category | Executive / Head of Finance (Senior Leadership) |
At Durham University we are proud of our people. A globally outstanding centre of educational excellence, a collegiate community of extraordinary people, a unique and historic setting Durham is a univ...
Job Description:
Please note that this role will close at 00:01 on Monday 4 May, and therefore we advise getting your application in by no later than midnight on Sunday 3 May. We may close this vacancy early if we receive a high volume of applications. We therefore encourage candidates to submit their applications as soon as possible.About Ofcom
As the UK’s communications regulator, we’re delivering vital work that helps keep the UK connected and shapes the future of how we’ll stay connected with each other. Our work covers everything from phones and broadband, through to TV, radio, the postal service, and wireless devices. We’re also taking on the challenge of making the online world a safer place. And we need people of all backgrounds, skill sets, and experiences to help us achieve our goal of making communications work for everyone.About the Team
This role sits within the Strategic Finance & Funding (SF&F) team which is responsible for financial planning, budgeting, forecasting and funding within Ofcom; working alongside the Group Directors and their teams to deliver these. SF&F is a multi-disciplinary team that provides the organisation with the necessary support and expertise to plan and forecast both project and programme delivery, secure funding and review the subsequent performance of these. The team focuses on expenditure, income and financial controls; resource allocation and output delivery; business partnering and business case development.Purpose of the Role
Reporting to a Finance Business Partner, the Senior Finance Analyst will work closely with the management team of an assigned business Group(s) and be responsible for conducting a range of activities including budgeting, forecasting, modelling, analysis, reporting and business case appraisal. The role will monitor actual outcomes and variances against Budget and Forecasts. This role also provides first line support/cover for the Finance Business Partner. This role is a 12-month fixed term position.Your key responsibilities
- Working with the Finance Business Partner to provide value-added support, guidance, financial review and challenge to an assigned Group(s)
- Act as the financial point of contact for the assigned Group(s)
- Close month end management accounts in line with required governance frameworks and timelines
- Assurance of financial accuracy and completeness
- Develop, support, challenge and review business cases
- Work closely with the Finance Business Partner to prepare monthly Group Reporting packs by providing financial analysis and commentaries
- Meet with cost centre managers to review and manage their budgets
- Drive performance awareness across the assigned Group(s) through structured reporting, undertaking monthly analysis of financial results to include a review of variances, root-cause analysis and impact assessment
- Working with senior management within each Group(s) and in conjunction with the Finance Business Partner, develop annual budgets, quarterly forecasts and longer-term strategic financial plans (three-year time horizon) in line with overall timelines and requirements
- Working with the Finance Business Partner in support, provide oversight and management of the Group(s) portfolio of work
- Provide cover for team members within the Strategic Finance & Funding team as required
- Support the Finance Business Partner in regard to their responsibility for overseeing Group level risks
- Completion of ad-hoc projects and analytical reviews as required
- Collaborate with colleagues across the wider Finance team to ensure delivery of financial goals and accurate reporting
The skills, knowledge and experience you will need for success
- Demonstrable management accounting experience in a financial control/planning environment
- Forming Relationships: Ability to challenge the business to achieve results through building effective working relationships with colleagues across the organisation
- Channelling Influence: Demonstrable ability to influence stakeholders across levels
- Building Solutions: Ability to provide evidence-based solutions, appreciating the bigger picture without losing sight of the detail
- Articulating Ideas: Ability to communicate financial information clearly, both verbally and in writing, including to non-financial audiences
- Experience of reporting and analysis from financial systems, including reporting best-practice
- Designing and producing reports with accuracy in a variety of output formats e.g. PowerPoint, Excel and Word
- Experience of independently building and maintaining complex financial models in Excel
- Executing Plans: Ability to prioritise workload and effectively manage expectations across multiple internal stakeholders
- Ability to work to tight timescales with minimal supervision
Qualifications
- A qualified accountant and member of a recognised professional body, either CCAB, CIMA, ACCA or equivalent is preferred, but not essential
- In the absence of a finance qualification, significant relevant experience obtained through a multi-year career in a financial control/planning environment is required
Inclusivity Statement
Ofcom has a clear mission: to make communications work for everyone. To be able to deliver on this, we want our organisation to reflect the diversity of background, experience, upbringing and thought that exists across the UK. We aim to recruit from the widest pool of candidates possible – no matter your social background, age, ethnicity, sexual orientation, gender, or disability. We also warmly welcome applicants who are returning to the workforce after a break – for whatever reason. If you have taken time away and are ready to rejoin, we look forward to reviewing your application. Where positions are listed as full-time, we remain open to reduced hours, part-time arrangements, job shares, and other flexible working options. From day one, we champion flexible work arrangements to accommodate individual needs. You can read more about our Rewards, Benefits and Well-being on our careers page. Our recruitment processes prioritise accessibility and inclusivity. If you need adjustments, information in an alternative format, or prefer to apply in a different way, please contact us at [email protected] or call 0330 912 1378. As a Disability Confident Leader, we offer interviews to disabled applicants who meet essential criteria for advertised roles. Learn more about this scheme here. https://careers.ofcom.org.uk/careers/how-we-hire/Job Features
| Job Category | Senior Associate |
Closing Date: 04/05/2026 Group: Corporate Group Management Level: Senior Associate Job Type: Fixed Term (Fixed Term) […]
Essential Responsibilities
1. Campaign Strategy, Navigation and Commercial Decision Support- Understand campaign needs, competitive landscape and customer dynamics within EURAF to proactively highlight pressure points and identify trade-offs.
- Support Sales Directors/Senior Sales Directors (SD/SSD) in developing robust strategy balancing customer needs with internal metrics (margin, cash, risk).
- Collaborate with Sales Directors for flawless execution and adept negotiation of key campaigns.
- Develop deal structures/products to win competitive campaigns and create customer solutions to address unique customer needs while meeting business objectives of cash flow and margins at appropriate risk levels.
- Lead the deal underwriting and financial modelling process for new engines and services offerings in EURAF.
- Partner with technical, product line, legal, operations and sales teams to validate assumptions and scenarios, identify risk/rewards, lead deal approval discussions, ensure these are captured in contract terms and conditions, and strategize on commercial negotiations.
- Work closely with OPE and Product Line to understand and validate underlying technical modelling. Provide necessary analytics to assess risk and better understand non-standard deal structures.
- Strive to win campaigns by developing appropriate deal structures/products that meet unique customer needs along with business objectives in terms of cash and margin.
- Structure payment plans, credit terms, securities and economic trades according to macro, customer and contract risk, supporting both risk mitigation and accretive economics for the EURAF portfolio.
- Understand contract terms and conditions (T&Cs) to effectively develop risk management strategies.
- Proactively highlight non-standard modelling for protection through appropriate contractual terms, securities and economic trades.
- Conduct contract flow-downs and debriefs of campaigns to help develop a strong risk management process and continuously improve standard work.
- Support the organization to deliver on Sales & Marketing targets with focus on accuracy, timeliness and connectivity with other functions.
- Help accrete and restructure the portfolio by supporting P&L and Sales with actions on margins, portfolio mix and improved cash/NPV.
- Maintain, report and review portfolio exposure and ensure connectivity between processes (Static, CARC, customer exposure, etc.).
- Partner with the EURAF MRO team as the primary Finance Manager focal, providing decision support on bids, contracts, capacity investments and portfolio actions related to MRO activities in the region.
- Ensure MRO deal structures and pricing are aligned with accretive economics, cash generation and risk appetite for the EURAF portfolio.
- Link closely with Controllership and relevant functions to establish the right processes and controls for EURAF MRO deals, including revenue recognition, cost tracking, provisions and exposure monitoring.
- Develop, document and continuously improve standard work, policies and processes for EURAF MRO finance, in line with FLIGHT DECK, simplification and digitization initiatives.
- Champion the use of FLIGHT DECK principles, standard work and visual management across EURAF Commercial Finance activities, connecting campaign underwriting, risk reviews, cash actions and portfolio monitoring to drive SQDI outcomes.
- Partner and lead with the Regional Risk Leader EURAF SQDI and PSR efforts in the regional deal team, ensuring that safety, quality, delivery and inventory considerations are fully integrated into deal structures, risk assessments and approval processes.
- Use SQDI and PSR insights to identify systemic issues, improve standard work, and inform portfolio actions (for example restructurings, tariff actions, selectivity).
- Anchor SQDI (Safety, Quality, Delivery, Inventory) in daily Commercial Finance routines, linking SQDI metrics to deal TAT, cash/CFOA, portfolio actions and controllership processes.
- Work with Risk, Sales, Product Line, OPE and Controllership to ensure PSR and SQDI learnings translate into improved approval workflows, standard deal frameworks and clear transfer functions for extensions/adds.
- Plan, execute and support global risk and commercial finance initiatives/projects, collaborating across the global team to share, learn and support each other.
- Support cross-functional projects on LEAN process improvement and commercial knowledge management.
- Identify simplification and digitization opportunities in internal reporting, portfolio monitoring and campaign analytics; drive implementation of tools and dashboards that improve Commercial Finance productivity and SQDI visibility.
- Provide cross-functional financial leadership and strategic insight to help meet operational goals, acting as a key partner to Sales, Product Line, OPE, Legal, Risk, Treasury and Controllership.
- Provide advice and guidance to functional management or business functions on approaches, projects and programs affecting business organization and ways of working.
- Contribute to a world-class culture and team, including talent and career reviews, showcasing talents, identifying cross-functional opportunities, and supporting learning opportunities and stretch projects.
- Role-model GE Aerospace behaviors: Act with Humility, Lead with Transparency, Deliver with Focus, and support Glint actions, Kaizen and customer-facing meetings.
- Leadership, Stakeholder Management and Culture
- Lead cash collection execution and AR performance for the EURAF portfolio, with specific ownership for past dues and improved cash predictability.
- Continuously improve standard work, operating rhythms, and escalation paths to drive consistent visibility, accountability, and timely collection execution.
- Continue leading a forward-looking cash forecasting approach and early-warning mechanisms (payment behavior trends, dispute drivers), translating insights into proactive customer action plans.
- Partner closely with Sales Directors/Senior Sales Directors and customers to align on payment plans, resolve disputes/deductions, and negotiate recovery actions while protecting ongoing commercial relationships.
- Lead regular AR operating reviews, tracking KPIs (past dues aging, dispute aging, cash collected vs plan, forecast accuracy) and ensuring documented follow-ups to closure.
Flexible Working
GE supports and encourages flexible working arrangements, where possible, and recognises the benefits to employees of having a positive work-life balance.Total Reward
At GE Aerospace we understand the importance of Total Reward. Our flexible benefits plan, called FlexChoice, gives you freedom, choice and flexibility in the way you receive your benefits, as well as giving you the opportunity to make savings where possible. As a new joiner to GE we are pleased to be able to offer you the following as default in your benefit fund, which you then can tailor to meet your individual needs;- Non-contributory Pension
- Performance related bonus
- Car allowance or company car option
- Life Assurance
- Group income protection
- Private medical cover
- Holiday Hourly equivalent of 26 days + public holidays, with flexible option to buy or sell
Security Clearance
Baseline Personnel Security Standard (BPSS) clearance is required and must be maintained for this role. Please note that in the event that BPSS clearance cannot be obtained, you may not be eligible for the role and/or any offer of employment may be withdrawn on grounds of national security. Please see the link below for further details regarding the requirements for BPSS clearance: BPSSRight to Work
Applications from job seekers who require sponsorship to work in the UK are welcome and will be considered alongside all other applications. However, under the applicable UK immigration rules as may be in place from time to time, it may be that candidates who do not currently have the right to work in the UK may not be appointed to a post if a suitably qualified, experienced and skilled candidate who does not require sponsorship is available to take up the post. For further information please visit the UK Visas and Immigration website.Additional Information
Relocation Assistance Provided: NoJob Features
| Job Category | Senior Manager / Leadership |
In this role you will support the EURAF Commercial organization to drive profitable growth and sustainable cash generation while ensuring the financial risks undertaken are commensurate with the expec...
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