Mark Stirton’s success in the world of finance was born out of a crucible of challenges during his adolescence. He is a visionary business leader with a strategic mindset whose journey is a testament to his resilience and determination to succeed in life − and he has done just that.
As former Group CFO of Mr Price Group, Mark will be heading to New Zealand to take the reigns as Group CFO of The Warehouse Group, boasting a turnover of $3 billion.
If you want some inspiration for 2024, here it is.
At the age of 14, Mark and his family were thrust overnight from a life of relative privilege into a different socio-economic stratum of Durban. His father, who was in the liquor and retail industry, lost his entire business through poor commercial decisions (which, he says, could have been avoided with the right fiscal knowledge) – and their lives changed dramatically. They went from living in a big five-bedroom house in a wealthy suburb, with three cars and annual holidays, to a humble two-bedroom apartment in a very different socio-economic suburb. It affected Mark deeply, but it also ignited a fire inside of him.
‘I realised that to help prevent a similar event happening to my family one day, I needed to become a master of money. I asked the school counsellor what vocation I needed to pursue to realise my dreams and he suggested that I become a chartered accountant −which I did, despite being convinced I wanted to be an architect as I had a passion for design and art.’
To this day, Mark has never lost his passion for design, finding that architecture and finance are unlikely but excellent bedfellows.
‘I have incorporated my love for design into how I approach business in this maxim: that good form (design) precipitates good function (operations) which creates good flow (momentum) which results in good fiscal (value creation) outcomes. If one starts with function before spending the time designing the right form, like a badly architected building you will always have compromised activities which leads to friction, a hidden tax on the organisation.’
A journey forged in determination
Mark’s qualifying journey as a CA(SA) was marked by determination and an unwavering focus on his goals. Hindered by financial constraints, he pursued his undergraduate and postgraduate degrees through Unisa. ‘Due to my parent’s financial situation, on leaving school, I had to remain in Durban and not commence my desired plan of tertiary education at UCT or Stellenbosch with my friends.’
This unconventional route, while initially driven by circumstances, proved to be a blessing in disguise, shielding him from distractions and instilling a sense of resilience early in his career.
‘I chose to study my undergrad and postgrad degrees through Unisa at a specialty college started by the dean of the accounting faculty at UKZN. This, in hindsight, was a blessing as it prevented distractions as I had no margin for failure.’
The environment reinforced a mindset of unwavering commitment to his goals. This foundation laid the groundwork for a successful career in finance.
Nurturing versatility through unexpected turns
The early stages of Mark’s career were also marked by unexpected turns, highlighting his ability to navigate challenges with adaptability and resilience.
Offered articles at Andersons and PwC, he chose the former, only to find the firm dissolving three months into his article contract due to its involvement in the Enron scandal. ‘PwC kindly made a space for me to join their intake at short notice, which I am extremely grateful to this day to them for doing so.’
This early setback however came as a blessing in disguise, with PwC providing a rare blend of experience in corporate audit and entrepreneurial advisory, which offered unique insights into the complexities of both large corporations and nimble, founder-led businesses.
‘Early on in my articles, I knew I wanted to be on the client side, close to the customer and hopefully, one day leading at the highest level,’ he remembers. This foresight laid the groundwork for a career trajectory driven by a passion for retail and a desire to make a tangible impact on businesses.
CA(SA): a badge of endurance and strategic insight
‘The CA qualification stands as a badge to the world that you have endured arduous training, sleep deprivation, and teamwork that few get through,’ says Mark. This designation, he believes, serves as a sieve, separating those with unwavering resolve from the rest. ‘The CA path teaches you a new language that requires no words. Numbers are always telling a story, speaking to you about what has happened, what is happening, and they give you a glimpse into what may happen.’
Numbers, he contends, reveal narratives about the past, present and future, and interpreting them requires a blend of analytical acumen and strategic foresight.
‘I didn’t have an easy path along my journey to becoming a CA(SA). Looking back, however, I can see how these obstacles forged in me a grit and a resilience that has allowed me to develop an overcomer mindset. When the going gets tough, the tough get going.’
Lessons from a near decade at Mr Price
’Mr Price is proud of its culture and is its differentiator in my view. Culture is not what you say, it’s what people feel; it’s an intangible quality that is so infectious it creates corporate buy-in which is priceless. The Mr Price founders did an excellent body of work in this regard, and it is still paying dividends to this day.’
Mark’s tenure at Mr Price, spanning nearly a decade, was a crucible for leadership lessons. His insights on organisational culture emphasise its intangible yet potent nature, shaping the ethos of a workplace.
A culture on fire, he posits, is unstoppable. A healthy culture unlocks discretionary energy, which creates a multiplier effect in the business that generates amazing momentum. Best of all, business also starts to become fun. As a leader, never let your people get fearful.
‘As a leader, you must communicate more often than you think. The mission leaks; reinforce it constantly to ensure you keep the main thing the main thing.’
Communication, according to Mark, is the lifeblood of leadership. The mission, he asserts, should be communicated frequently to ensure it remains at the forefront of the organisational ethos.
This constant reinforcement becomes the guiding light for navigating challenges and capturing opportunities.
‘Don’t get complacent − success in business is often a poor teacher; hubris is always crouching at the door, wanting to get into hearts and minds and that opens the door to the competition to exploit.’ Staying vigilant and humble, Mark contends, is essential to ward off the potential threats posed by competition and evolving market dynamics.
‘Empirical innovation is essential to evolve and stay ahead. We as accountants tend to strangle mess but be mindful as often magic is found in it.’ Mark’s advocacy for empirical innovation is a call to embrace experimentation and exploration. Rather than stifling chaos, he encourages leaders to recognise the potential for magic within messiness, fostering an environment where innovation can flourish. ‘Your people are always watching you as a leader – be visible, be above reproach – do what you say and say what you do.’
Leadership, for Mark, is a privileged duty. Being visible, embodying integrity, and aligning actions with words are imperative for earning the trust and respect of one’s team.
A leader’s authenticity sets the tone for the organisational culture. ‘Never discount “packing the truck” – a term I use to describe the investment you need to make as a leader to understand before being understood.’
He underscores the importance of investing time and effort as a leader to understand the intricacies of the organisation. This deep understanding, he believes, is foundational to effective leadership.
Navigating change and challenges
Mark’s approach to navigating change and challenges involves a deliberate technique. ‘I zoom out from the challenge; then slowly zoom in.’ Zooming out allows him to gain perspective, analysing the broader context, before gradually zooming in to address specific issues. Often the problem is not where it seems.
This measured approach enables him to right-size problems and understand the underlying conditions contributing to challenges: ‘I believe change is important to experience the fullness of potential in people and things, so I tend to run towards change, not away.’
Running towards change, he contends, is essential for unlocking the latent possibilities within people, processes and systems.
‘What kills change in an organisation in my experience is not fear primarily, it’s time.’ Leaders must therefore, according to Mark, assess and eliminate activities that hinder the organisation’s ability to adapt, creating the necessary space for meaningful and thoughtful change. ‘Gaps are created by a poor thinking allocation, in my view, which leads to poor change outcomes. I like the saying: Measure twice, cut once.’
He further highlights the importance of thoughtful strategy formulation. One needs to ‘ventilate the strategy room’ by suspending one’s biases. Strategy is all about selecting objectives that shift the organisation towards its vision and align with its purpose. At the heart of all strategy is change, so change management is fundamental to success and fruitful resource allocation.
The commercially strategic futurist
Describing himself as a ‘commercially strategic futurist’, Mark articulates the need for a dual perspective. ‘You must be commercially sober to your current realities but possess a creative imagination that can perceive and conceive realistic possible futures.’ This balanced approach, he believes, is pivotal for guiding organisations through uncertain times and into their next growth horizon. And this dynamic equilibrium allows organisations to navigate the present while preparing for the uncertainties of tomorrow, ensuring both performance and transformation coexist.
People, process and technology
‘Legacy organisations today are at major risk,’ says Mark. ‘Many are not evolving their business execution frameworks and tools quickly enough to offset against the wave of new competitors with leaner, digital native business models.’
The advent of digital native business models poses a significant challenge to established entities, necessitating a rapid evolution in execution frameworks and tools. ‘With modern technologies like AI, robotic process automation and process mining, transaction tasks like data capturing for instance can be revolutionised, freeing people up to do more value creation work. The big question is, are we preparing our people for this shift in skill?’
Mark envisions the augmentation of modern technologies with our workforce as transformative for businesses. Automating mundane tasks liberates human resources to engage in more knowledge-intensive work, fostering a shift toward strategic and value-driven activities. He further underscores the dangers of organisational dependency on individuals. It’s often the lower-level ranks in the organisation that pose a greater risk to organisational continuity. They are the linchpins, compensating for process and system imperfections management is not even aware exist.
‘Continuity risk is also vastly reduced with organisations not held ransom to individuals who have become the system and the process,’ says Mark.
By leveraging technology to streamline processes, businesses can bootstrap enterprise risks and mitigate those associated with key person dependencies.
The future awaits
Mark and his family will be moving to New Zealand in the next few months for his next career endeavour as group chief financial officer for the Warehouse Group, which boasts a turnover of over $3 billion.
‘I’m really looking forward to it. I believe testing yourself in an international market as a professional is fantastic exposure.’
The challenge of contributing to the Warehouse Group’s retail vision fuels his anticipation for this next chapter. ’The Warehouse Group has some great retail minds from across the world who are passionate about the future of retail and delivering on their noble purpose of making Kiwi lives better,’ Mark explains. This aligns with his own passion for pursuing meaningful impact and purpose-driven objectives. ‘I would like to be, in time, a recognised business voice in New Zealand with the ambition to lead from the apex of the organisation eventually.’
His aspirations for the next five years are ambitious. His desire to be a leading business voice in New Zealand reflects a commitment to driving strategic and impactful change within the organisation.
Advice for young and aspiring CAs(SA)
Mark’s insights on leadership, change navigation, and the intersection of people, processes, and technology offer valuable lessons for aspiring professionals and seasoned leaders alike.
- Don’t stop learning and don’t limit yourself to what you know; stretch yourself – get uncomfortable. Take opportunities given to you and network a lot to improve your emotional and social quotient – you will need it if you aspire to lead. Don’t avoid mess; let it run a while – it’s where your greatest lessons and unlikely opportunities will come from.
- Business is an organism – as a young accountant treat every business as if you were a doctor doing a health check on a patient – every organ is different but vital, working in collaboration. Organisations do ‘catch colds’, so you need to have prepared for this to understand what the symptoms are telling you in advance, not when the patient is sick – often the cause is not where the effect is.
