From the April 2009 issue of Treasury & Risk magazine

Skillful Revamping

The treasury organization at $3.2 billion Diebold Inc. came up with an unusual way to do more with less and free up time for strategic projects. They did not do it through a big automation project, although some tactical automation occurred. They did not do it because of a corporate reorganization or migration to a new technology infrastructure. The spark was a request from Tim McDannold, newly elevated to the position of treasurer and vice president, for a review of how
the people reporting to him--more than 150 of them--were organized. Diebold's treasury was divided into functional groups: global treasury, risk management, asset management, global facilities, a captive finance company and a North America shared services center for accounts payable, order management and accounts receivable. McDannold wanted to add organization by skill sets.

He knew each treasury group was handling its own strategy and administration. After a month of meetings, McDannold split the whole organization between those with administrative duties and those with strategic duties, to leverage people's strengths and streamline their jobs.

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