Freudenberg Group and Freudenberg North America constitute a global goliath with 34,000 employees worldwide, and last year Leesa Smith became the organization's most senior woman when she took the helm of its North American regional holding company, which has 15 independently operated business units in industries ranging from automotive, aerospace and medical to chemical, oil and gas. Smith is one of three female members of the Global Executive Team (GET), making her uniquely positioned to influence both the company's finances (her specialty) and its diversity.
Smith has been with Freudenberg for 20 years and is president of Freudenberg North America Limited Partnership, the North American holding company for Freudenberg & Co. in Germany, a family-owned company more than 160 years old. She oversees the finance, treasury, insurance and pension functions in North America. We set standards and oversee key corporate initiatives, Smith says of the work performed by her and her staff.
She is leading a growing organization. This past summer Freudenberg North America Limited Partnership announced it anticipates hiring up to 100 new employees and investing millions in capital expenditures over the next two years in NH alone. Freudenberg operates three companies with seven industrial facilities and 1,300 associates in the Granite State. The company is planning to expand facilities in Londonderry, Bristol and Northfield by 2014. New Hampshire is an important segment of its operations as it is where Freudenberg first set up operations in North America 60 years ago. Over 25 percent of Freudenberg's U.S. workforce and sales are located and generated in New Hampshire, Smith says.
Globally, its parent company is growing as well, with sales expected to increase by 8 percent during the next five years, Smith says. There is a $14 billion market for Freudenberg in North America. We have $1.3 billion of that market, she says of the potential growth for the company in North America.
Smith is overseeing a leadership training program focused on creating more diversity within the company's leadership teams across all 15 business units in North America. I am uniquely positioned to initiate the program and identify and train emerging leaders with a focus on diversity, Smith says of her role as the top female leader. By having more diversity, that will lead to increased innovation. Having people from different ethnic backgrounds and genders brings new perspectives.
How She Got There
Smith was born in Rochester, New York, and moved to NH after marrying NH native Brad Smith, now the retired Franklin fire chief. Smith earned a bachelor's degree in accounting from Plymouth State University and a master's degree in international business administration from the University of NH's Whittemore School of Business. She became a CPA and landed her first job with the State of NH's Legislative Budget Assistance Office. From there, she went to work for a regional CPA firm before joining Freudenberg in 1989.
She rose up the corporate ladder and in 2003 helped to establish the company's first regional Corporate Services Division, headquartered in Manchester. For me, its provided tremendous opportunities for career growth, says Smith, who recently joined the board of directors for Leadership NH.
Smith says it is important to find mentors and be a mentor. It's important as women in leadership positions that we help one another and support each other, Smith says. She advises taking the jobs no one else wants and developing technical skills others do not have. I put my energy into those things I can impact. It's finding effective places to funnel your energy, she says.
Moving Forward
This year, the company started a drive to reach zero manufacturing waste in its North American facilities by pursuing industrial processes that focus on recycled product content, plant recycling, lower water and energy consumption and increased use of sustainable materials over the next decade. When we look at our overall supply chain, we have to be concerned with supply issues-what will be their availability in the future? We're not looking at zero waste as a marketing tool. It's about looking to the future and using the supply chain most effectively, Smith says.
Freudenberg is also analyzing global megatrends-the aging of society, growth of the middle class in emerging markets, and increased energy needs-to see how it can adapt its products and technologies to meet future needs. It's finding those markets where we can take technologies that are core to Freudenberg and use them in markets or applications that have the potential for growth, Smith says, explaining a sizeable chunk of its business is aimed at the automotive industry.
All this work is very rewarding to Smith as it allows her to move out of her main specialty-finance-and expand her experiences and knowledge. I'm always up for a good challenge. It's an opportunity for me to step out of a functional role and have the opportunity to act in a general manager role, Smith says.
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