Caroline Sherry, CFO and Executive Director of Hostelworld

Tell us a bit about your role as CFO of Hostelworld and the journey you took to get there?

I joined Hostelworld Group plc in 2019, initially as Group Financial Controller. I was then appointed CFO and board member in Q4 2020. My role encompasses everything from day-to-day finance operations, tax and compliance work to FP&A, investor relations and half-yearly results announcements. I chair our ESG SteerCo, working with our cross-functional team to define and execute our sustainability and DE&I strategies. My journey has perhaps not been atypical. I’ve been sector-agnostic throughout my career; I’ve focused primarily on the company, what it stood for and how I could grow and learn from my experiences there. Before working at Hostelworld, I worked in the Performance Nutrition division of Glanbia plc in several FP&A roles. Before Glanbia, I worked at Ulster Bank. I was initially on a one-month secondment from PwC but ended up joining the Ulster Bank finance team on a permanent basis. So, I have PwC to thank for helping me get my first industry role!

The last few years have been tough on many industries, particularly travel. What got you through?

COVID-19 was a black swan moment for so many businesses. We were a close-knit team to begin with, but especially so during COVID-19 when we really relied on each other. Being a small company, one of the advantages is the speed of decision-making. We were able to react fast and I believe that being nimble played to our advantage when it came to execution. During the pandemic, as well as raising debt and equity financing, we completely overhauled our legacy tech stack and migrated to the cloud. We redesigned the platform search order and launched new social products in our app. My team was fantastic; they showed me such support and loyalty through a very challenging time.

How was your experience at PwC? And did you take any lasting lessons from your time here?

I have many happy memories from my time at PwC. Professionally, many of the skills I use today were developed during my tenure at the firm. From the assistant manager level onwards, in Asset Management we were given our own portfolio of clients. This was a huge learning curve. Though it was challenging at the time, I learned a lot! The biggest learnings were communication and stakeholder management. Being clear with people about scope, process, deliverables and timelines, as well as listening and being open, means you—and others—will get the best outcome. Personally, the friendships I made in PwC have endured; some of my closest friends are those I met in my intake. We’ve been there for each other through some great and difficult times.

Reflecting on your career journey to date, what makes you most proud?

Managing Hostelworld through the pandemic. There was no playbook for this unique challenge. As someone newly appointed to the CFO role, I felt the enormity of the challenge. I felt a huge responsibility towards our employees, customers and the hostel owners whose businesses, like ours, had effectively been shut down overnight. The hardest part was not being able to predict, with any accuracy, the depth and duration of the pandemic. It stalled our business for almost two years—but the team was fantastic. I was so proud to work with such a great team that was focused on the horizon and what the business would be like when we emerged.

Hostelworld is built around social connection when travelling. How important is networking and connection to you?

I’ve become more comfortable with networking as my career has progressed. My time at PwC helped me build a strong network that I can use for advice, both formally and informally. You cannot underestimate the power of our network—this was particularly true during the pandemic when I had to pick up the phone and ask for help and support. It works both ways, and I hope I give similar support to people in my network when they need it.

Any words of advice that you can offer to others?

I think the last couple of years have shown us that we are so much more capable than we think we are or give ourselves credit for. If you are debating with yourself whether you can or cannot do something, in all likelihood you can. Back yourself. Your management style is yours. You don’t have to emulate someone else’s to make the role your own. Everyone’s path is different; how they got there and what they bring is unique. Lastly, enjoy the good times and savour the positives; your team needs to see you do that (something I struggle with!).

What's next for you?

I recently joined the Balance 4 Better Business Review Group—a cause I feel very passionate about—promoting gender equality and balance in the workplace at board and senior leadership level. It’s still all too common that women are under-represented at the most senior levels. I am one of four female CFOs of Irish publicly listed companies, a low-single-digit level of representation, an alarming statistic. I recently started mentoring as part of my work with the 30% Club, so I’m looking forward to developing those relationships with my mentees. And I’m looking forward to seeing the business grow and evolve; we’re launching some great features and thinking about other demographics. After that, who knows what’s next!