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New Redwood Bank Chief Financial Officer (subject to regulatory approval) Sergio Cruz is embracing “the opportunity to continue to shape the future” of the Bank after rising through the ranks over the past seven years.
Sergio said: “We have established a great foundation to grow… and I am ready to lead the finance team in the next stage of growth. We are at a pivotal moment in the Bank’s history and I have a vital role to play in supporting our CEO to help Redwood move forward.
“It is a fantastic opportunity to continue to help shape the future of Redwood. We have already achieved so much since we started in 2017, reaching profitability within five years and receiving a number of awards for products and innovation. There is still so much more we want to deliver for our customers, colleagues, brokers and shareholders.”
Sergio joined Redwood in 2018 as Head of Risk, before moving to Director of Risk, Chief Treasury and Strategy Officer and Director of Treasury and ALM before becoming Deputy CFO. He had previously worked at PwC, OSB and Amicus Finance.
“We have such an incredible culture here in supporting colleagues in their development and I have witnessed that firsthand, as have other members of the team. I am looking forward to being able to help others in the same way. I am proud to chair our internal Culture Club and am keen to motivate colleagues and support the leadership team in getting the best out of everyone as we enter a new era.
“I have been here almost since the beginning of Redwood and have been a part of our incredible journey in helping the Bank grow. When I look ahead, there will be more challenges, as there are in any business, and that’s what keeps it interesting.”
He thanked Ashraf Piranie, the outgoing CFO, for helping make the transition from Deputy CFO to CFO (designate) straightforward. “There’s a fear of missing out when you’re handing over a role to someone else and I have to credit Ash for being so unique in the way he has handled the transition. He trusts fully both myself and the team and. He fought the FOMO and allowed things to naturally progress. The way he has done this and allowed us to carry on during the transition period without his day-to-day influence is something I can’t praise enough.”
Ashraf, who left the Bank at the end of March, had immediately spotted the potential in his successor from the first time he met him, when he himself took on the CFO role a couple of years ago, and is looking forward to what Sergio can bring to the role.
He said: “From day one when I met Sergio, I thought very highly of him, the way he thinks, the way he can see the big picture, and his biggest advantage – apart from his in-depth understanding of finance and treasury – is his involvement in the day-to-day decision-making.
“He’s got real skills in terms of negotiating and working closely with other teams and being able to articulate his viewpoint. It’s always about the business, the customer, and the wider picture.
“It is very rewarding for me and for the Bank to see an internal candidate progress to CFO level in line with our succession plans.”
As Ashraf moves into an exciting new career in new Non-Executive Director roles at other financial institutions, he reflected on his time with Redwood. “I knew [CEO and Co-founder] Gary Wilkinson before I joined and he has created a great culture within the Bank. It’s all about getting the job done and how you help each other. He cares about people and that has never changed.
“I believe the Bank is in a strong place – we continue to be a profitable bank and we have recovered all the costs associated in setting up the Bank in record time. We have a good relationship with our regulators and a strong leadership team in place.”