David Mackrell FCA was named CFO of the Year at the 2024 New Zealand CFO Summit & Awards. This award recognises strategic leadership, financial expertise and innovation along with concern for people and the planet. 

Mackrell joined the integrated media company NZME as CFO in March 2019. In addition to facing the unprecedented challenges of COVID-19, he has successfully navigated its aftermath and the recent economic downturn. 

Strengthening the balance sheet

“NZME’s demerger from APN News & Media in 2016 had left the company with a relatively high debt position so my first task was to strengthen the balance sheet and reduce the leverage,” says Mackrell. “That process was underway, and we were making good progress when the impact of COVID really struck home in 2020. That was a difficult time for us, as it was for most organisations.” 

Media company audiences are strong when there are significant news events, and there was much to report. However, advertising accounts for two-thirds of NZME’s revenue and this suffered a steep decline.

“It left a big hole in our revenue streams,” says Mackrell. “We took a lot of costs out of the business in 2020, partly because of the loss of revenue but more so as part of our strategy to reset the cost base to strengthen the organisation.”

A transition to digital

The strategy also included a transition to digital.

“Technology is changing people’s behaviours in terms of how they consume news and other entertainment,” says Mackrell. “Our strategy focused on how we transitioned our business to respond to this new environment.”

NZME was close to achieving its targets when the economic downturn struck another blow. 

“It was disappointing that the financial results didn’t reflect our hard work,” says Mackrell.

Nevertheless, NZME recorded revenue of NZ$171 million for the six months to 30 June 2024, NZ$5 million more than the same period in 2023 – an achievement CEO Michael Boggs described as “phenomenal”.

People and planet

NZME’s commitment to sustainability centres on social and environmental responsibility. 

“We place a strong emphasis on diversity, equity and inclusion in the workplace and fostering a positive workplace culture,” says Mackrell. 

“And, while our carbon emissions are relatively low, we are still taking active steps to reduce them further. For example, we have transitioned to more sustainable printing practices and collaborate with our suppliers to find more sustainable options.”

A fabulous feeling

Mackrell sees the award as a celebration of his career as well as his time with NZME. His roles have included auditor at EY, deputy CFO at Air New Zealand and CFO at Heartland Bank.

“It’s a fabulous feeling to be recognised by my peers,” he says, “and that my colleagues chose to nominate me.”

2025 New Zealand CFO Summit & Awards

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