Ken Bowles

Tell us a little about your own career journey in Smurfit, now Smurfit Westrock

It’s been quite traditional, really. I started off in the treasury function, then worked overseas before returning to Ireland. I led our compliance team when the Sarbanes-Oxley Act came into effect in 2004, then moved into the head of tax role. I’ve been CFO and on the board since 2016. There’s been a lot of hard work, and I’ve also had a fair share of luck along the way.

Smurfit is one of the few Irish companies that’s truly a household name. How has the company evolved over the years?

The company has grown massively since I joined in 1994, but it remains fundamentally Irish at heart. We’ve been involved in a number of large mergers, the most recent being with Westrock to create Smurfit Westrock—a global packaging leader with 100,000 employees across 40 countries and $34 billion in annual revenues.

What are the biggest challenges facing you as CFO today?

The macroeconomic environment. There’s a lot of volatility out there—from the war in Ukraine to the lingering impacts of the pandemic. Businesses perform best with some degree of certainty, and forecasting is especially tough in these conditions. For us, being in a consumer-driven industry, changes in sentiment and demand have a direct impact.

How do you balance short-term volatility with long-term investment decisions?

It’s a careful balancing act. We invest around $2.5 billion every year—these are decisions with 50- to 60-year horizons. A new paper mill boiler, for example, will be around long after I’m gone. It’s about not letting short-term pressures delay long-term opportunities.

What’s your view on the evolving role of the CFO?

The role has shifted from being the person who always says no, to that of a business enabler. The CFO today is deeply involved in long-term planning, talent, communications, and sustainability. It’s not just about finance and IT anymore. I now spend a lot of time on HR matters, team development, and investor relations.

How are finance and sustainability linked in your role?

They’re very connected. Investors want to know more than just the numbers—they want to hear the sustainability story too. Smurfit Westrock is a circular business. We recycle, reuse, and regenerate. I spend a lot of time telling that story externally because it matters to investors and stakeholders.

How important is communication to governance?

Hugely important. Good governance starts with open and honest communication. Failures in governance often come from people obfuscating or not being transparent. If you get communication right, governance tends to follow. Openness builds trust. That transparency also appeals to younger generations who value purpose and impact—key factors in talent attraction today.

What does a healthy relationship between the board and executive management look like?

It should be collaborative. Boards don’t just provide oversight—they have a lot of experience and can be excellent advisors. When I started as CFO, I leaned heavily on our board for guidance. I still do. There’s always someone around the table who’s seen a similar challenge before.

What role does the board play in shaping strategy?

A central one. I work in lockstep with our CEO on strategy, but we bring different perspectives. The board often asks: “Can we afford it?”, “Will we be safe afterwards?” I’m the person who steps back, checks that it all stacks up, and ensures the balance sheet can support it.

You’ve been an IoD member since 2016. What has the experience been like?

Very positive. I joined as soon as I became a board member. It’s a fantastic way to build a network. The member community is generous and supportive. We’re all facing similar challenges, and the IoD provides a valuable space to discuss them.

Have you found IoD events beneficial?

Absolutely. They allow you to step outside your day-to-day role and engage with broader issues—governance, regulation, leadership. The events are well-organised and relevant.

Any advice you would share with other directors or aspiring board members?

The best advice I ever received was to find someone to talk to. As you move up, it can get lonely. Having a mentor or peer outside the organisation to share issues with is essential—don’t be afraid to reach out.

Finally, what excites you most about the future of Smurfit Westrock?

We’re just a year into the merger, and the journey ahead is exciting. Ours is a truly sustainable business. Most of our raw material is recycled waste, and we plant more trees than we harvest. Paper and fibre-based packaging can—and should—replace less sustainable alternatives. It’s exciting to be part of something that’s not only growing but helping to solve global challenges.