Financial Affairs Announces Organizational Re-Alignment to Enhance Operational Excellence

McMaster University’s Financial Affairs department is pleased to announce an organizational re-alignment aimed at advancing operational excellence and supporting the university’s strategic priorities. These updates, which take effect on February 3, 2025, are designed to better position the department to address the financial challenges facing the higher education sector, establish clear succession plans, and build on the team’s remarkable strengths and accomplishments.

The updated structure introduces several key changes that enhance collaboration, strategic focus, and innovation across Financial Affairs. The changes are as follows:

• Steven Moore’s role will change to Treasurer and Chief Investment Officer to better reflect his expanded scope of responsibilities to support our growing emphasis on investments and new revenue streams. The role will also enable and support the entire university when proposing large strategic investments.

• A new role, Director, Business Development and Financial Analysis, will be created under Steven’s leadership to support his new responsibilities and the university’s efforts to grow revenue.

• Lou Mitton, Controller, will take on responsibility for the Accounts Receivable and Accounts Payable teams that were previously overseen by the Treasurer, aligning functions normally held under the Controllership role.

• To support Lou and the additional responsibilities now under her role, we have also created the new role of Associate Controller, reporting directly to Lou, that will lead the Budgeting Services & Accounting and Financial reporting teams to continue to support strategic financial management across the university.

• Additionally, the Financial Systems Support team, led by Stacey Farkas, which previously reported to the Controller, will now report directly to the Associate Vice-President and Chief Financial Officer (CFO), Omer Ahmed, to better align and enhance our focus on systems and innovation.

• The Strategic Procurement team, led by Angelo DiLettera, which previously reported to the Controller, will also directly report to the Associate Vice-President and CFO to reflect the growing emphasis on cost containment

Overall, one net new full-time equivalent is being created, which is being funded through savings and other cost recovery mechanisms within Financial Affairs, there is no increase in the allocation to Financial Affairs.

“I want to thank Lou, Steven, and the entire leadership team for their understanding and support throughout this transition,” said the Associate Vice-President and CFO, Omer Ahmed. “These updates position us for even greater success as we work to advance McMaster’s goals, strengthen Financial Affairs, and adapt to the evolving needs of the university.”

Saher Fazilat, Vice-President (Operations and Finance), agrees this change benefits McMaster.

“As we navigate a rapidly changing environment, these updates strengthen our Financial Affairs team’s ability to collaborate across the university, address financial challenges with innovation, and identify opportunities that ensure McMaster’s long-term financial success and continued financial stability.”