CFO THOUGHT LEADER

Just where and how Glenn Hopper came to acquire his finance skillset exposes an organizational dysfunction to which no small number of finance leaders have likely contributed. As a product manager for a small telecommunications firm, Hopper was asked by the vice president of marketing to begin giving presentations at a recurring management meeting regarding the allocation of marketing dollars and their impact on his specific product’s P&L. “I was basically doing shadow FP&A for the marketing team,” explains Hopper, who adds that his presentations caught the eye of the company’s chief operating officer, who subsequently “poached” Hopper and tasked him with producing a similar financial analysis for the company’s operations at large. “The COO was tired of having to battle the CFO for the resources that he needed,” remarks Hopper, who went on to lead a department of 32 employees that was principally tasked with managing a $150 million annual operations budget, including $130 million of SG&A and $20 million of capital. Looking back, Hopper recalls that “the company’s environment was very siloed—the finance team was very protective of their data, so the operations team was unable to plan because they did not have access to it.” According to Hopper, finance’s proprietary approach with the company data quickly began to magnify its cross-functional planning challenges as the company acquired and merged with a string of other firms. “What I learned from having to scrap and battle for the budgetary dollars outside of finance and at the same time still liaison with finance people was the importance of the finance department not just being in this ivory tower but seeking to understand the challenges of other departments,” he notes. Along the way, Hopper became visible throughout the organization to functional heads and C-suite executives, as well as to company investors, one of whom helped Hopper to open his first CFO career chapter when he recruited him to become finance chief for one of his new angel-round companies. –Jack Sweeney

Steve and Jack discuss how pricing strategy has increasingly become top of mind for finance leaders as businesses become more responsive to customer behaviors, and Steve reflects on the virtues of time travel and how by asking finance leaders to reflect on their past experiences we enjoy a front row seat to view those experiences as they happen. Featuring commentary and FP&A insights from Planning Aces: CFO Mike Milotich of Marqeta, CFO Jeff Shepherd of Advance Auto Parts and CFO Mark George of Norfolk Southern.

Looking back at the early years of his finance career, David Bedell recalls being frustrated when a business unit leader remained leery about the merits of a potential deal. “I had done all of the analysis and was convinced that it would make a lot of money for the company, but I just couldn’t figure out how to convince him,” explains Bedell, who spent the balance of his early career years at software developer Intuit, where he advanced from running the gauntlet of FP&A projects to serving in multiple CFO business unit roles. “Finally, I bet my entire bonus for the year on it—I told the leader that if the deal failed, he could keep it, but if it was a win, I would appreciate my bonus being doubled,” explains Bedell, who notes that his confidence in his own analysis of the deal compelled him to break what he refers to as the “glass wall.” Says Bedell: “If we in finance limit ourselves to only making recommendations and choose to keep that wall between us, it’s just not personal enough.” For Bedell, his hefty investment in 13 Intuit career years appears to have been well spent, as the company achieved a number of strategic milestones, including the acquisition of Mint.com and the sale of Quicken. “I was just there at the right time with my hand raised, always being eager—and for people early in their career, it’s about being there at the right time,” comments Bedell. As for the business leader whom Bedell once risked his bonus to win over, the end appears to have justified the means. “He just laughed at me and said, ’If you’re that confident, we’re going to do it,’” remarks Bedell, who adds that while his bonus bet may have been a bit “childish,” it got the job done. “Sometimes it’s not personal enough for finance,” he observes. “You have to push that emotion or excitement forward to the point where you’re part of the business and your soul is on the line—that’s what makes a great finance person.” –Jack Sweeney

When Kabir Ahmed Shakir first arrived inside the CFO office at Tata Communications, the former Microsoft India CFO quickly determined that there was one person above all others who held sway over the company’s maturing transformation plans. “The person who is actually giving pricing to our customers needs to know how much cash we make on Year 1, Year 2, and Year 3,” explains Shakir, whose 2-year CFO tenure has spanned a period in which the company’s free cash flow has grown twentyfold. “We had to bring our ‘cash thinking’ down to the deal profitability level,” reports Shakir, whose choice of words at first makes it sound as though his finance team had become tasked with running an errand. However, Shakir quickly clarifies the magnitude of what he was looking to achieve: “I wanted there to be an undying focus on cash. It’s not the most profitable companies that survive—it’s the liquid ones.” While this is certainly an organizational mind-set that many CFOs eventually reach, not that many do so within a span of time comparable to that of Shakir’s short ascent. For those who succeed in implementing the emphasis, as he appears to have done, leadership style is often the key contributing factor. Shakir, who spent 23 years climbing the finance career ladder at packaged goods giant Unilever, cites the scathing results of a 360-degree review that he once received as an aspiring future leader as the experience that most helped to shape his leadership skills: “It was the worst feedback of my life. Some of my friends even reported that I was a real pain to work with. They said, ‘When we come to you, you always have to show us how much smarter you are than all of the rest of us.’” In truth, a chastened Shakir tell us, he was indeed “nosy” by nature and would at times second-guess the work of others. Even faced with such cutting feedback, though, and as “extremely difficult” Shakir found it to change, nevertheless, change did come. “I have let go. And I now spend my time thinking, not doing, because that is what I’m paid to do,” observes Shakir, who says that Tata’s undying focus on cash took root with the help of many rather than just one. Adds Shakir: “When I first walked into Tata Communications, I told my team that I knew nothing of telecommunications. I said, ‘Help me learn.’” –Jack Sweeney

It was the type of assignment that Mike Milotich had been awaiting for most of his career. An innovative product team at American Express had just launched a promising new offering, and Milotich had been assigned to the group to help “optimize its day-to-day decision making”. “I arrived when it had been live for only maybe 4 to 6 weeks, and all of the traditional metrics indicated that it was a runaway success,” explains Milotich, who adds that the early consensus among team members and even the company at large was, “Wow! It looks like we may really have something here” As it turned out, the assignment provided Milotich with a singular perch from which to study the high-flying opportunity. “My job was to determine what was driving this success and what we were seeing with regard to the behaviors of customers that could be fueling this,” comments Milotich, who notes that such insight could have potentially uncorked a new secret sauce for the company as a whole. However, there would be no recipe for significant new revenue. Observes Milotich: “As we started to dig deeper, we began to understand that we had a problem.” The nagging question that began to haunt the product team was whether its new product was cannibalizing sales from existing customers. “We set up a weekly meeting with the leader who ran the business, at which for an hour each week I would come in with analysis and say, 'Here’s what’s happening,'” recalls Milotich, who points out that at the time, the indications of cannibalization remained somewhat murky because behaviors of early adopters sometimes vary from those of broader customer segments. As time moved forward, the leader and the greater team began to accept the idea that the product was flawed and changes were required. “Then the discussion shifted to ‘How do we maintain many of the new innovative attributes of the product but make certain that it’s both almost as attractive to the customer and at the same time not something that’s going to damage us financially?,’” reports Milotich, who in the weeks ahead would begin working closely with the team’s marketing and sales executives to help them to reposition the product to mitigate the risk of cannibalization. Says Milotich: “In something like a 6- to 9-month time period, we went from a kind of a euphoria to ‘Uh-oh!’ to then designing a solution that could hold on to the best parts of the product.” –Jack Sweeney

Last winter, when China ordered tens of millions of people back into a pandemic lockdown, executives inside the $170 billion automotive aftermarket parts industry took a deep breath. Jeff Shepherd, CFO of aftermarket giant Advance Auto Parts, says that the possibility of another China shutdown had just not been part of Advance’s procurement calculus. Still, parts “in stock” at Advance stores during 2022 have dropped only a few percentage points from their usual inventory level in the “mid-90th” percentile, according to Shepherd, who credits the anticipation of yet another China-related event as further evidence of Advance’s astute procurement practices. “The last time China hosted the Olympics, they shut the power down and they shut the factories down. So, during the Games, you can’t get product out and it’s not being manufactured,” explains Shepherd, who notes that Advance’s procurement team anticipated a China shutdown in February due to the Beijing Olympic Games. “We started doing a lot of buying late last year and very early this year,” comments Shepherd, who reports that not unlike those of its competitors, Advance’s 2021 supply chain troubleshooting efforts were related mostly to bottlenecks at U.S. ports and a confounding shortage of truck drivers. “We’re not out of the woods now—I will tell you that it’s not perfect,” remarks Shepherd, regarding the existing supply chain challenges inside the U.S. However, if Advance’s “in stock” levels stay in line, the company may have a read on future developments in China. Says Shepherd: “I can’t take credit for knowing those things, but we were indeed able to get out in front of the China shutdown, and our ‘in stock’ percentages are now nearly back to their pre-pandemic levels.” –Jack Sweeney

It was nightly business conversations at his parents’ dinner table that first led Prashanth Mahendra-Rajah to consider alternatives to business when it came to building a career. “As most small business owners do, my parents worked all the time—and as with most small businesses, things could at times be financially challenging,” explains Mahendra-Rajah, who vividly recalls business rent increases, outstanding receivables, and the dynamics behind supply and demand that pervaded his parents’ dinner conversations. Nevertheless, it was this same scrutiny of supply-and-demand dynamics that Mahendra-Rajah credits with helping him to “come full circle” and ultimately led him to business school. At the time, Mahendra-Rajah was working full-time as a senior process engineer for chemical giant FMC Corp., a career-building stint that afforded him the real-world insights required to enrich a master’s thesis that he needed in order to complete a chemical engineering degree from Johns Hopkins. “It was my first job out of college, and the plant manager’s M.O. was to always beat me up and demand more cost reductions and better process yields,” recalls Mahendra-Rajah, who notes that his immersion into the business side of manufacturing quickly escalated when FMC received a large order for a synthetic that the company no longer manufactured. “I was given the task of refurbishing an old factory and getting it up and running in a matter of weeks,” remembers Mahendra-Rajah, who adds that the production of the once-discontinued synthetic led the plant manager’s mind-set to suddenly pivot. “He was pushing me to spend as fast as I could. I was told not to negotiate with suppliers, and if I needed overtime for the maintenance workers, to ‘go for it’—schedule was paramount, cost was secondary,” explains the career finance leader, who credits the experience with helping him to open a door that he had once shut. Says Mahendra-Rajah: “It kind of brought me back to the table with Mom and Dad and made me realize how so much of our world is really driven by supply and demand and how finance is the oil in the gears." –Jack Sweeney

A brief summary of this episode

Even after serving in multiple CFO roles and spending 10 years on Wall Street, Manish Sarin still marvels at the plus-size experience that he acquired in the mid-1990s when he worked for Price Waterhouse as a financial advisor in its Nairobi office in Kenya, East Africa. At the time, Sarin recalls, an abundance of available funding from the World Bank and IMF was enticing growing numbers of state-owned business in the region to privatize their operations as a prelude to jump-starting their capital market strategies. “These were businesses like steel mills, aluminum plants, car dealerships, and commercial banks—for me, it was just an amazing introduction to how businesses work, what makes them successful or not successful, and how to actually evaluate businesses from a capitalistic perspective,” explains Sarin, who reports that he was the most junior member of the East African privatization practice, a team of 10 people within PW’s 100-employee Nairobi office. Says Sarin: “Our clients were really the World Bank and IMF—we would go and work at state-owned businesses at their request and then prepare and present our analysis to both the World Bank and the national government.” Twenty years later, as Sarin prepared to open his first CFO chapter, some of those presentations undoubtedly came to mind as he began to formulate his own vision for the role and the broader business contexts that Wall Street now expects 21st-century finance leaders to deliver. Along the way, Sarin tells us, he has learned that a broader perspective is being demanded not only by outside stakeholders. “A few years ago, a head of sales told me, ‘You have great ideas, Manish, but you need to provide greater context and better explain why you are doing the things that you are doing,’” remarks Sarin, who says that he took the advice to heart and has found that adding more context has accelerated his relationship-building with different parts of the organization. “If a CFO approaches the role from the perspective of occupying a finance swim lane, I think that this is a very narrow view of the role—it has to be much broader, and you have to be thinking, ‘the entire company and what is happening in every department are part of my concern,’” explains Sarin. - Jack Sweeney

When Mark George first joined Otis Elevator’s accounting team back in the late 1980s, he found fixed asset accounting to be different from what he expected. Says George: ”We had to run around the company and put barcodes on any new piece of furniture that the company had purchased.” What’s more, George tells us, he roamed the corridors as a deputy in the accounts payable department, “punching A/P vouchers” and acquiring any necessary signatures. “I was always thinking, ‘How do I get away from doing this?,’” comments George, who notes that as a 20-something-year-old he sometimes felt like a “fish out of water” at Otis, which back then—as it is now—was part of the larger conglomerate patchwork that is United Technologies Corp. “I understood accounting to a certain degree, but I was definitely not an accountant,” recalls George. Less than enamored with the Otis accounting career ladder and potentially facing years of manual work, George began to speak up as he roamed the office and suggest changes to certain policies and processes that could eliminate the work that he personally disliked. He also began championing the adoption of new technologies that could automate manual tasks, despite the fact that such automation would more than likely put at risk his own position “with puncher in hand.” “If at some point if they fired me, I was young enough and naïve enough to think that I would just go and get another job, as if that would be just that easy,” explains George, who adds that over time, his suggestions found wider support—and as more tasks became automated, he found himself in greater demand, not less. “I would solve a problem, and they would give me more problems to solve,” remembers George, who observes that he began to view his early years at Otis in a new light after returning to the United States from a stint as CFO of Otis’s South Asia operations. “I had moved around the company quite a bit by then, and I considered why I had already reached a certain level while others who had joined Otis at the same time had languished,” notes George, who credits his aversion to manual work with having opened the door to more opportunities in process improvement, beginning with a job in Otis’s treasury department and then leading to stints in financial planning and corporate development. “Eventually, due to some M&A work and my treasury background, I got some exposure to some international M&A roles overseas, and our regional headquarters then asked me to take a permanent role,” says George, whose stint as Otis’s South Asia’s finance chief became the first of several CFO tenures within UT—including a term as CFO of Otis itself. –Jack Sweeney

Looking back on her career as a corporate finance executive, Angela Pierce says that the call of leadership arrived at a moment of unvarnished frustration. Sixteen years ago, when the management of Level 3 Communications was expressing a keen interest in acquiring Pierce’s then-company, Broadwing Corporation, it was not the first time that Pierce found herself sitting across from Level 3 corporate development executives. In fact, as Broadwing’s vice president of finance, Pierce had been involved in two earlier engagements when Level 3 executives had expressed similar sentiments—only to have nothing come out of the exercises in M&A due diligence. For Pierce, the third engagement necessitated a more direct approach—one that signaled to Level 3 that Broadwing management was confident that further negotiation was not necessary. “At some point, you have acquired the required competence from your past experiences, so I said to the executive, ‘Look, I don’t want to do this again, so here’s the deal,’” recalls Pierce, who adds that she shortly received a term sheet for a $1.4 billion deal that would be signed only a few days later. While Pierce says that she was just expressing a sentiment shared by Broadwing’s wider management, her grasp of the deal’s fundamentals and confidence in her own ability to deliver the message abruptly quelled any angst concerning her future leadership roles. “At that moment,” she observes, “I realized that I wanted to be the one to make the call.” –Jack Sweeney

Among the career milestones that CFOs prefer to highlight for us during our discussions, there’s little question that examples of driving business growth are an ongoing favorite. However, for Jason Keen, who built his finance career inside midsize construction firms, management’s growth goals have always needed to be mindful of a company’s organizational culture. Inside the construction realm, where multigenerational, family-owned businesses survive and thrive, growth goals are often tempered by enduring organizational cultures that are apt to cast a cautious eye upon those who choose to champion change. As just such a champion, Jason Keen has had few milestones for driving growth that have resembled the double-digit feats commonly recounted to us by CFOs from other sectors. Instead, Keen tells us of the unique challenges that finance leaders sometimes face within multigenerational firms. “Part of what I do is to get a foundation in place—which is what I have done three times now—and then structure the company to be ready for growth,” he reports. “This means putting the right type of team in place and preparing them for this smart growth so that both the top line and the bottom line grow together.” It’s an approach that most recently led Keen to step into the CFO office at Mills & Nebraska, a family-owned business specializing in the manufacture and installation of doors. Says Keen: “We want to be ready for growth in a smart way.” –Jack Sweeney

Steve and Jack discuss how growing concerns about a possible economic recession are helping fuel CFO aspirations for creating a more agile finance function, and Steve reflects on how different career experiences and backgrounds influence how CFOs lead and make business decisions. Featuring commentary and FP&A insights from Planning Aces: CFO David Barnes of Trimble, CFO Komal Misra of Starry, Inc. and CFO Jason Keen of Mills Nebraska.

Generally, when legendary CEO Roger Enrico wasn’t happy, just about every PepsiCo executive from junior grades on up knew about it. So it was that when David Barnes was told he would be presenting to Enrico on a subject known to inflame the CEO’s ire, he knew that his presentation—one way or the other—would be career-defining. “Enrico was known to be very impatient with those who would present a bunch of facts but offer no insights,” remembers Barnes, whose tryst with destiny surfaced via the guidance of none other than Indra Nooyi, PepsiCo’s future CEO, who Barnes tells us was his “great mentor and sponsor” during his Pepsi years. “Pepsi had hired a big consulting firm and they had dumped a lot of data on us, but they couldn’t find any insights, so Indra asked me to work with the consultants and actually get the insights out of the data,” continues Barnes, who had been hired in the mid-1990s to be part of a strategy group within PepsiCo that had been tasked with integrating strategy and finance across the company. As it turned out, Barnes’s presentation succeeded in delivering a number of new insights related to the profitability (or lack thereof) of PepsiCo’s restaurant business in China. “We had a small, money-losing business in China at a time when the Asian economies at large were experiencing deep recessions, so the questions being asked were ‘Do we give up?’ and ‘Do we double down?,’” recalls Barnes, who would soon open a new career chapter in China—an indication that perhaps his presentation had gone well. “They wanted a known quantity in China—someone with the company’s corporate interests at heart—so I became responsible for finance as well as our development activities around new stores for KFC and Pizza Hut,” explains Barnes, who would subsequently use data to better expose an opportunity for new stores inside China’s smaller tertiary markets rather than in big cities. “We figured out that there was a better way to do capital resource allocation just for these markets,” comments Barnes, who recalls the business leader who ultimately made the call when it came to opening new stores as saying: “Let’s get at it!” –Jack Sweeney

Among the many strategic changes that finance leader Danielle Murcray has helped to put in motion during her multi-chapter CFO career, perhaps none better reveals her mantle as a strategic leader than the move by cybersecurity firm AttackIQ to adopt a 100 percent–remote U.S. workforce. With the arrival of the pandemic, Murcray—like many of her CFO peers—became laser-focused on the company’s finance liquidity and operational efficiencies. At the same time, though, she felt compelled to communicate the health and well-being of the company more broadly. “I really sought to promote stability across the organization and looked to instill trust with employees and investors,” comments Murcray, who credits the same aspects of her leadership outreach with helping AttackIQ to leverage the advantages of a remote workforce. “I spend quite a bit of my time making certain that we are overcommunicating and collaborating in different ways so that people feel that we are together even though we are not physically together anymore,” explains Murcray, who moved to Montana from California back in late 2020 after the company announced that its U.S. operations would be moving to a remote model. It subsequently closed its Santa Clara headquarters and San Diego offices. “From the results of our own surveys, we realized that most employees did not want to go back to the office anymore, so we could see that being 100 percent–remote would be a huge competitive advantage,” reports Murcray, who adds that since the decision, more than a dozen AttackIQ employees have relocated out of the state of California. Says Murcray: “I think that leading through the pandemic is now become something of a defining moment in my career. –Jack Sweeney

When Komal Misra, a software engineer turned asset manager, decided that it was time once again to make a career change, she found herself staring at a computer screen filled with stocks from various portfolios that were being traded based not on business fundamentals but larger macro-driven trends. “It got me to thinking: Here I had invested so much time in understanding these businesses and why they were good or great investments, but none of it mattered in that place in time when things were just selling up,” recalls Komal, who adds that she began thinking about her career as if it were a company stock that over time would be propelled or impeded due to macro-driven trends. According to Misra, “I started with a top-down approach to consider what my options were within business—in just the same way that I would’ve analyzed any stock investment. This led me to the conclusion that in the long run, if I wanted another 10- or 15-year career, I really should be thinking about transitioning to something that had a lot more staying power than what I was doing at that time. “ For Misra, who had spent the previous 15 years as a tech sector portfolio manager, the move to corporate finance was not triggered by ambitions to someday be a CFO. Instead, she tells us, she knew that management teams were seeking to add senior finance executives who could help to propel traditional finance teams into the realm of strategic finance. Misra would join technology services company Cognizant as a vice president of finance and eventually oversee the company’s corporate development. “Cognizant is where I learned the inner workings of a large, mega-cap company from a finance team point of view,” comments Misra, who a few years later would enter the CFO office at Internet service provider Starry, Inc. Looking back, Misra says that it was not so much the CFO role as the opportunities that the role has afforded her that led her into the C-suite. Says Misra: “I was very willing to take on risks in life and see where things led me and not be afraid to fail, because from my point of view, whether I became a CFO or not didn’t matter—what mattered was that I was doing something interesting.” –Jack Sweeney

A dozen years ago, if you had told Ryan Gwillim that within the next decade he would be named CFO of the Brunswick Corporation, he may have laughed. At the time, he was an associate with law firm Baker & McKenzie who was spending his days traveling the globe to advise legal clients as an M&A transaction guru. However, over the next decade, Gwillim and Brunswick would together find a common groove as each embarked on a journey of transformation. For Brunswick—a 155-year-old conglomerate—the evolutionary arc would trigger a flurry of historic M&A activity that included the sale of its marquee bowling center business (2014) while at the same time advancing its steady stroke into marine products. For Gwillim, the transformation chapter would put an end to his vagabond existence while landing the seasoned M&A attorney inside Brunswick’s corporate counsel office in 2012. It would be little more than 5 years later, after a steady progression of internal M&A projects, that Gwillim would be asked by Brunswick’s CFO to step into the role of vice president of investor relations. “From September 2017 to about the summer of 2019 was one of the most volatile times in Brunswick’s history, and here I was, along with the management team, becoming the face of storytelling for the investment community,” explains Gwillim, who characterizes the period as one when Brunswick once-and-for-all “closed the books on its conglomerate viewpoint.” Determined to focus investor attention on the company’s promising future in marine technology products, Brunswick accelerated efforts to jettison businesses procured during its conglomerate years, such as a struggling fitness operation that had been undermining investor confidence in the company. Along the way, Gwillim would become a primary driver of the Brunswick transformation as he helped to manage investor expectations as well as the financial levers that would allow the company to find its footing while opening its post-conglomerate chapter. As it turned out, the beginning of Brunswick’s post-conglomerate life coincided with the completion of the seasoned-M&A-attorney-turned-IR-executive’s own transformation chapter. Appointed as Brunswick’s vice president of finance and treasurer in 2019, Gwillim would be named Brunswick CFO only a year later. “We are completely different from what we were 10 or 15 years ago,” reports Gwillim, sharing a thought that one could argue applies to the CFO as well as to the company. –Jack Sweeney

Among the many acquisitions with which Marc Levine became involved during his 25 years at Hewlett-Packard Co., it may surprise few of his former colleagues that he counts HP’s purchase of Compaq Computer as one of the tech giant’s most unusual marriages. However, Levine doesn’t single out HP’s purchase of Compaq due to the lively behind-the-scenes drama that accompanied it after Walter Hewlett, son of one of the HP founders, loudly voiced his opposition to the deal or the two books that a subsequent proxy battle helped to fatten. Instead, Levine tells us that from his perspective, the unusual aspect of the Compaq acquisition had more to do with the integration of certain pieces of the business. “On my particular team, I was the only person from HP, which was unlike in any of the other HP integrations I had previously been involved with, where there had always been more HP people,” explains Levine, who recalls spending many a night in Houston, Texas, hotel rooms beside Compaq’s headquarters. Looking back, Levine suspects that the lack of HP representation on his team had to do with his group’s focus on the integration of Compaq’s sales team and field organization. Having in the past worked closely with the HP sales team (including a stint as a sales leader in HP’s Southeast Asia operations), Levine was perhaps better prepared than many of his HP peers to join the integration effort. Says Levine: “I think that past experience brought me a little more credibility when I walked into the room, and I could understand better some of the things that the Compaq people were dealing with.” Still, while HP was widely known as an engineering organization rich with technical talent, Compaq was known for having a dynamic sales organization—a standout attribute that may have led the acquiring company to give Compaq greater influence than in other deals when it came to integrating sales talent. Adds Levine: “It was the biggest and probably the first acquisition that I became involved with at HP. There was a lot of controversy at the time as to whether it was the right move for HP, but the integration was really about making certain that we could bring together the best of both companies.” –Jack Sweeney

It was not long after Chris Greiner became CFO of IBM’s fast-growing Analytics Division that the gravitational pull that IBM had maintained on Greiner’s finance career-building began to give way. While his new divisional CFO title more than validated his 7-year career investment with the company, Greiner—like many divisional finance chiefs—discovered the next rung of the company’s finance career ladder becoming increasingly obscured from view. Meanwhile, his divisional CFO role afforded him a wider view into IBM’s business development as he sat across the table from different owners of middle-market companies. “What I saw was companies that were 200 to 400 employees in size, with hundreds of millions of dollars in revenue, that were being successful at disrupting markets, and I knew then that I wanted to be on the other side of the table one day,” recalls Greiner, who notes that the experience of dealing with business leaders intent on disrupting the market led him to his revise his career-building agenda. Says Greiner: “I knew that for me to get the experiences I wanted to get, I needed to take a leap.” One of those experiences, Greiner reports, had to do with talent development in midsize firms versus that at large enterprise companies like IBM. “At IBM, you can’t empty the tank when it comes to talent because there is always another person looking to step in to fill a role when someone leaves,” observes Greiner, who points out that talent development in midsize companies is not always as robust. “That muscle for developing talent within an organization needs to be worked on,” comments Greiner, who found that his menu of responsibilities inside midsize firms also became more fluid. Adds Greiner: “Another eye-opener for me—post-IBM —was how I needed to invest a disproportionate amount of time on the organization itself.” –Jack Sweeney

When Al Farrell tells us that finance leaders must never lose sight of the value of a business asset, as well as acquire a strong understanding of how to optimize the returns on it, we sense his frustration. This is not because he’s relating a situation in which management failed both to properly value an asset (which, Farrell tells us, was worth nearly $650 million) and to optimize the asset’s returns (which ended up being increased by 12 percent). Instead, Farrell’s angst was due to the fact that management’s asset utilization improvement feat was achieved on the eve of COVID-19’s arrival in the U.S., and the asset that was so adroitly leveraged to pump up returns was none other than a fleet of rental cars some 35,000 vehicles strong. Certainly, few industries were hit harder by COVID’s arrival than car rentals, and as car rental businesses go, few suffered a more direct hit than Advantage Rent A Car, where Farrell occupied the CFO office from 2016 to early 2022. “The car rental business is like the airlines because it requires a great deal of capital investment—but unlike with the airlines, you don’t have a firm reservation and people generally don’t prepay,” explains Farrell, who notes that in early 2020, after the U.S. announced a travel ban in response to COVID, Advantage’s reservation snag was in full view. “That’s when 96 percent of our reservations went up in smoke,” recalls Farrell, who reports that prior to the travel ban, Advantage’s growing utilization rates had begun to increase the prospects for selling the company. Says Farrell: “Unfortunately, we didn’t come out with the outcome that we wanted, but had COVID not hit, I think that we would have had the very successful sale of a business that was significantly more productive and lucrative than it was when we started out.” –Jack Sweeney

Back in April of 2020, as the consequences of COVID’s arrival in the U.S. sent financial markets reeling, Paychex CFO Efrain Rivera had the temptation “to say nothing.” As the company’s quarterly earnings call with analysts quickly approached, Rivera explains, a number of executive team members had gathered in conference to debate the idea of halting any future guidance in light of things being just so uncertain. “The problem was that we did have data!,” explains Rivera, referring to Paychex’s unique lines of sight into the payroll practices of thousands of middle-market businesses. The subsequent earnings call was unusual for its length (2 hours) as well as the general nature of the discussion, recalls Rivera. “Half of the analyst questions were really about the general economy and what we were seeing because they knew that we had unique insights into employees,” remarks Rivera, who notes that the prior debate ended with those lobbying for “more guidance” scoring the win. Rivera adds that the prevailing point of view became, “We need to say what we know, and we need to say, ‘This is the limit of what we know.’” Weeks later, when Paychex found it necessary to revise some of the guidance that it had provided on the Spring 2020 call, there was no double-guessing of the earlier debate’s outcome. Says Rivera: “To this day, we still get credit for having said what we said and shared what we shared at a moment when people were very concerned about saying anything.” –Jack Sweeney

Steve and Jack talk about the volatile business environment and what it means for business planning professionals. Featuring commentary and FP&A insights from Planning Aces: CFO Will Johnson of Iterable, CFO Adam Ante of Paycor, CFO Ryan Van Hatten of Prophix and CFO Steve Vintz of Tenable.

When Mike Catelani seeks to identify the objectives and career milestones that have helped to advance him into the ranks of Bay Area biotech CFOs, he mentions that although he had a deep interest in biology during his high school years, upon entering college he decided to swap out a biology curriculum for an accounting one. More than a decade later, Catelani decided to make a career “lane change” to accept a CFO role for a manufacturer of instruments and tools used in drug discovery. While the company, whose stock was traded on the ASX (Australian Securities Exchange), was not directly involved in drug discovery, Catelani believed that the CFO stint would put him one step closer to opportunities inside the biotech realm. Still, he can’t help but marvel at the randomness of the circumstances that ultimately opened the biotech door. “It was complete dumb luck: A recruiter was looking for a CFO who had Australian Securities Exchange experience for a biotech firm in the Bay Area, and—not surprisingly—mine was like the only name that popped up,” explains Catelani, who was named CFO of Benitec, an Australian public company that at the time specialized in drug development for hepatitis C and HIV. Seventeen years and multiple biotech chapters later, Catelani looks back on his original door of entry as “a bit of a turnaround.” “It had roughly 6 weeks of cash when I came on board and at the time was involved in a number of patent infringement lawsuits,” reports Catelani, who lists cash management as every biotech CFO’s mission-critical skillset tool. –Jack Sweeney

Perhaps few CFO career paths better reveal the advantages a founder-led firm may offer career-minded executives than that of Prophix CFO Ryan Van Hatten. Back in 2016—when the firm’s previous CFO exited the company—Prophix’s founder and CEO, the late Paul Barber, asked Van Hatten, an 11-year company veteran, to step into the CFO office until a CFO hire could be made. Recalls Van Hatten: “I knew all of the people on the finance team, and they knew me, and we respected each other, so it was like, ‘Calm the troops, assess where we’re at, and while this may take a few months, you can then go home to operations.’” However, Van Hatten never did return to operations, and his ascension into the CFO role was finally set after Barber sold the software company to Canadian private equity firm HG Capital in early 2021. Comments Van Hatten: “I was suddenly thrust into a different world. It was very different from having Paul and a bunch of friendly managers asking the questions.” Still, few CFOs likely would have been better prepared to answer sticky operational questions than Van Hatten, who had spent the balance of his 16-plus years at the software company zigzagging across the organization as Barber and COO Alok Ajmera (now CEO) summoned him to take on new and different roles. Reports Van Hatten: “I had been around the company a long time. I knew the people, and if I had fallen flat on my face, they would have been there to help me and pick me up.” Asked what advantages a founder-led firm might offer to aspiring CFOs and what exactly sets apart the company that Paul Barber founded, Van Hatten says that this comes down to learning and relationships: “It’s having the openness to learn from each other.” –Jack Sweeney

Brett & Jack discuss how growing numbers of businesses are facing an employee retention crisis as they battle escalating workforce attrition and struggle to fill job vacancies. As the crisis grows in certain industries, more finance leaders are sounding the alarm on escalating business risk and dedicating more time to solving the current talent equation. Featuring the commentary and insights of workplace champions CFO Efrain Rivera of Paychex, CFO Anisha Sood of First Choice Health, CFO Will Johnson of Iterable, and CFO Adriana Carpenter of Emburse.

Had the opportunity to work in the treasury department at American Express arrived 6 months earlier, there’s a chance that John Herman may never have landed in a CFO office. “Treasury was an area that I was fascinated by,” remembers Herman, who—after having spent a decade at American Express—was given a “package” in 2009 when the financial crisis mercilessly bore down on the card services giant. However, in April of 2010, Herman punted the Amex treasury opportunity in order to accept an FP&A position at Yodle, an online marketing company that was generating roughly $50 million in annual revenue. “I decided that I wanted to work in an organization where I could make an impact, and I felt that it was time to take a risk in my career,” recalls Herman, who would report directly to Yodle’s CFO and for the next several months be “a department of one.” “There was this opportunity to build out my team and take on new roles and learn really quickly,” recounts Herman. Along the way, Yodle would make multiple acquisitions and grow to more than $200 million in annual sales before being acquired by Web.com in early 2016. Herman had steadily advanced upward and eventually into the CFO office, where he ultimately led the due diligence and oversaw the sale process for the Web.com sale. “It ultimately came down to the fact that it was the right time to sell,” comments Herman, who within 6 months of the Yodle sale closing garnered his second CFO appointment at early-stage SaaS developer Movable Ink. Six years later, Movable Ink has surpassed the $100 million mark in annual recurring revenue and was recently valued at $1.3 billion—joining a select class of marketing technology brands. Asked whether he had ever contemplated becoming a CFO during the first half of his career, Herman replies, “I definitely didn’t grow up saying, ‘Someday, I want to be a CFO’—it’s really been a journeyman’s trip to where I have now arrived.” –Jack Sweeney

When Adam Ante first arrived at Paycor in 2017, the seasoned finance executive was tasked with prodding Paycor management to begin monitoring daily performance metrics. “At first, it was about building the relationship with the executive team so that they understood how important it was to understand how the company was performing on a daily basis,” explains Ante, who equates his task with shortening the distance between management and the company’s data. “At the time, we were just piling a set of numbers and metrics into Excel spreadsheets daily and distributing them,” continues Ante, who upon his arrival was given the title of vice president of analytics. “We didn’t know where all of the data was, and we didn’t know always what it meant,” reports Ante, who notes that sometimes one manager might be sharing certain data that contradicted numbers being disseminated by another. For Paycor, the solution was to adopt a new data management framework, a process that began with first clarifying what the company wanted to know about its performance and then identifying which metrics would best reveal this information. According to Ante, “You begin by asking, ‘What should this metric really show?’ And then you say, ‘Okay, now, where does this data come from? How do we access this data?’’” Back in 2017, Ante recalls, most of Paycor’s data resided within a single SQL server. “At every turn, this meant that somebody had to go in and figure out how to write SQL queries and pull the needed data together,” remembers Ante, who adds that the company subsequently upgraded its data infrastructure. “The most important thing is the ability to bring the data together into a place where people can access it and measure it and put the right level of governance around it,” comments Ante, who observes that as more managers have gained confidence in the data and grown to better understand the information being provided, they’ve also grown accustomed to monitoring the metrics daily. Says Ante: “It can take a long time—it’s a cultural shift.” –Jack Sweeney

It was in the late 1990s when public accountant, savvy networker and future CFO April Downing decided that it was time to leave Dallas. “I had cultivated my network there really early—there was a group of friends from PwC whom I regularly attended a book club with, and later we would all go on to different tech firms,” remembers Downing. However, unlike those of some of her tech-minded PwC colleagues, Downing’s future plans did not include Dallas or Silicon Valley. “It used to be that I had to say Austin, Texas—but everyone knows where Austin is now,” comments Downing, who accepted an assistant controller role at Motive Communications, an Austin tech firm—only to lose it upon her return from maternity leave. “I thought that my life was going to be as an accountant, but they said: ‘You can be the finance person,’” recalls Downing, who credits the early job pivot with opening the door to a succession of senior finance roles that included the position of acting CFO. In many ways, Downing’s Motive chapter exposes the historic connection between Austin’s high tech pioneers and its wide-body tech hub future, for it was at Motive that Downing first crossed paths with notable Austin investor and former Dell CFO Tom Meredith, who for a time served as chairman of Motive’s audit committee. It was also at Motive where she first connected with Kip McClanahan, whose firm Silverton Partners is credited with having helped to lead the next wave of Austin technology investment. Years later, McClanahan would help to recruit Downing to fill the CFO role at WP Engine. Comments Downing: “One of things that I’ve been trying to do lately is to foster connections with some of the people who are new to Austin in order to share our heritage that says, ‘We’re all here to do better together!’” –Jack Sweeney

Back in early 2014, the management of Paydiant, a 4-year-old mobile payments start-up, believed that it was still several years away from engaging with acquisition-minded bankers. Nevertheless, when PayPal came calling, the Paydiant team decided that they were worth a listen. “Even though it was still an early stage for us to be in to be thinking about exiting the business, it was just a super interesting opportunity,” remembers Melinda Smith, whose CFO resume today lists the 2015 sale of Paydiant to PayPal as her third early-stage exit. “If you had asked me when we first got acquired whether I was likely to stay inside a big, publicly traded firm like PayPal for long, I would have said ‘No,’” continues Smith, whose postmerger career with PayPal lasted more than 5 years and opened doors for Smith in surprising ways. “What we determined was that our team, with all of its early-stage experience, could be really helpful in-house,” remarks Smith, who notes that at the time PayPal had only recently begun operating as a public company. It was felt that “noise from the Street” could become a distraction for PayPal’s smaller businesses like Paydiant, she adds, as well as for their mobile payment unit Venmo, which had joined the family in 2013 as part of PayPal’s acquisition of Braintree. “We ended combining the teams, and I got the opportunity to be CFO of Venmo,” comments Smith, who would serve as Venmo’s finance chief for the next 3 years. –Jack Sweeney

Steve and Jack discuss how successful financial planning teams are always looking to "get in deeper" and bring new insights to the surface. Featuring commentary and FP&A insights from Planning Aces: CFO Adriana Carpenter of Emburse, CFO Kent Kelley of Unanet and CFO Brandon Maultasch of Moloco.

Having grown accustomed to charting the careers of our finance leader guests from their early professional days up through their entry into the CFO office, we did not change course for Elaine Sun, an accomplished investment banker turned finance leader who last month stepped into her third successive finance chief position at Mammoth Biosciences of Brisbane, California. For Sun, the third time is undoubtedly the charm, for it would be difficult to imagine a more compelling start-up for a CFO of any pedigree to have joined than Mammoth, the celebrated unicorn cofounded by Jennifer Doudna, the University of California professor who shared the 2020 Nobel Prize in Chemistry for pioneering work on CRISPR-Cas9, a method of editing DNA. No matter what the tenor of Mammoth’s future achievements may be, the intersection of Sun’s professional life with Doudna’s will likely come to dominate Sun’s professional narrative as the finance leader summons her past finance experience to build and scale a financial function capable of helping Mammoth to fully realize the commercial application of Doudna’s work. Perhaps it should come as no surprise, then, when Sun floats a recommendation for The Code Breaker, the book written by Walter Isaacson that charts the path to Doudna’s scientific breakthrough. Still, her reference reminds us that another exciting chapter is currently being written—the one where science and finance meet. –Jack Sweeney Elaine Sun: Mammoth Biosciences is based in the Bay Area—Brisbane, California. We were cofounded by Jennifer Doudna, Nobel laureate for her fundamental work in CRISPR gene editing. The other cofounders were Trevor Martin, Janice Chen, and Lucas Harrington. It is a very exciting company. I could not be more thrilled to be partnering with them and coming on board as COO and CFO of the company. Anyone who’s followed the biotech industry knows that there have been these different technologies that have enabled new therapies. CRISPR gene editing is this next frontier. As someone who’s been in the life sciences industry for a long time and seen technology wax and wane, I think that this is very exciting in enabling therapeutics as well as, potentially, curative therapies. On the diagnostic side, our vision is to leverage this CRISPR enzyme to be able to develop next-generation diagnostics with the accuracy of molecular diagnostics but in the palm of your hand at the point of care or even ultimately in the home. This is an area that has captured the imagination of investors, and there’s been a lot of interest in this space. The early folks that have been advancing the field in CRISPR have been focused on CRISPR-Cas9. These tools or systems have certain applications that are ex vivo, or outside of the body. We believe that our ultra-small CRISPR systems could better enable in vivo therapies. We’re also leveraging them for our diagnostic applications. There is the potential to leverage CRISPR technology even in areas outside of diagnostics and therapeutics. The company has talked about potential locations for industrial or biomanufacturing or ag biotech applications. One of the things that got me so excited about Mammoth was this commitment to advancing the field, to continuing to discover new CRISPR systems beyond CRISPR-Cas9. The intellectual property position that we have is extremely strong, and we have this multidimensionality to our business model, potentially with diagnostics, therapeutics, and more.

Back in 2001, as the dotcom bubble imploded and the U.S. economy took a downward spiral, Anisha Sood, a recently hired consultant for Accenture, felt fortunate. “There were rounds of layoffs happening and Accenture was trying to manage it well, but I got lucky because I was in healthcare,” explains Sood, who reports that other practice areas such as technology and media were not so fortunate. Seven years later, just as Sood had finished logging her first 48 hours as an investment banker with Credit Suisse, Lehman Brothers collapsed—but once more, Sood felt fortunate. “Here again, I could credit healthcare as being the stabilizing factor, although there were no deals happening, no IPOs or M&A, for about 12 months after I started,” recalls Sood, who in the years that followed would lead a variety of health sector transactions for the bank before moving back to hometown Seattle to begin a multichapter career as a venture investor in healthcare. “When I left Seattle in the ’90s, it was kind of a small town known for its alternative rock, and now I returned to find this bustling world of startups and spinoffs and large players that had made a reinvestment in healthcare and seeded this entrepreneurial biocommunity,” observes Sood, whose venture investing career chapter—unlike those that preceded it—appears to have opened unaccompanied by the peril of economic collapse. There were other differences as well, for it was during Sood’s venture investing days that she first began to acquire the escalating desire to build things that over time fueled her ambitions to become a CFO. Along the way, Sood says, she came to realize that most often it was finance that was first to expose whether or not a company was going to be successful. As she likes to put it: “Finance is the canary in the coal mine.” According to Sood, the welfare of the bond between venture investors, boards, and entrepreneurial founders often depends on a single deliverable that is usually framed by more or less the same query: “Can you provide us with a unit economic model that shows us how profitable or sustainable your clients will be over time as you start to grow?” It was just such a deliverable that later tripped up the management team of one of Sood’s portfolio companies. “We realized over time that the company was not tracking toward its numbers—the incremental margin, the incremental sustainability, just wasn’t materializing, and it became clear that there was a flaw in the strategy and underlying business model for the company,” remembers Sood, who adds that the company was ultimately sold for far less than what had previously been projected by venture investors. For Sood, the experience reveals why finance must always be the canary—and sound off with tough questions that are sometimes difficult to ask. Says Sood: “How much do we need to pay attention to these numbers? When must we start to call it? If we let things play out, it may lead to an exit that no one wants to see.” –Jack Sweeney

Brett & Jack discuss why a 4-year degree isn’t quite the job requirement it used to be and how finance leaders are reworking their company’s talent equation. Featuring the commentary and insights of workplace champions CFO Brandon Maultasch of Moloco, CFO Steve Vintz of Tenable and CFO Kent Kelley of Unanet.

Will Johnson can still hear the question that momentarily muted a management dinner and prodded the gathering’s executive diners to thoughtfully dispatch an answer. “’If you weren’t in your current role, which one—held by a peer at this table—would you assume?,’” recalls Johnson, echoing the inquisitor’s words. “There were some really surprising answers,” he continues, noting that the head of sales expressed a desire to lead HR. Still, no answer was perhaps more surprising to Johnson than his own. “I actually did cite the CFO role,” comments Johnson, who even now—after having subsequently held three consecutive CFO positions—seems to be a bit surprised at his willingness to supply such an answer that evening. At the time, Johnson was a senior corporate development executive—albeit with future CFO aspirations but until that night they had been left unspoken, at least in gatherings. Johnson reports that there was a period in his career when he found it difficult to admit to himself and others that the CFO role was becoming accessible to him. “Shame on me! I still had in my head an antiquated notion of what it took to become a CFO,” remarks Johnson, who credits a CFO mentor who entered the office from the more traditional CPA route with having dissuaded him of the notion that he too needed to be a CPA. “The role’s orientation itself had really shifted to where you were spending as much time looking out the windshield as you were in the rearview mirror,” observes Johnson, who mentions that he’s speaking specifically of venture-backed and high-growth firms. If Johnson left the dinner with any doubts about having voiced his answer that evening, they likely vanished 6 months later when the company’s CEO, accompanied by a board member, approached him to be the company’s next CFO. –Jack Sweeney

As we seek to highlight the milestones that mark the path to the CFO office, one of our favorite queries is to ask finance leaders to recall from their career-building years the first time they presented to their company’s board. For Adriana Carpenter, memories of that board gathering will forever call to mind ASC 606, the mazelike revenue standard that only a few years ago upended the placid temperament of many an accounting organization. “Make no mistake—this was really my first time, and I was delivering bad news,” recalls Adriana, who perhaps not unlike many of her CFO peers received her first “invitation” to address the board regarding a sticky issue, rather than to highlight the anatomy of a strategic win. “A majority of our revenue came from on-premises software subscriptions, and 606 dramatically changed the timing of revenue for these types of subscriptions,” continues Carpenter, who for 8 years served as chief accounting officer for Ping Identity, a developer of identity security software. For Ping, the timing issue meant that the company would be required to take a big cash hit on the eve of realizing its goal of selling shares to the public. “606 distorted our revenue and EBITDA numbers, which really forced us to figure out how to explain to investors what was really happening in the business,” comments Carpenter, who entered the boardroom that day with a portfolio of accounting experience that any board worth its salt would have savored. Carpenter had arrived at Ping 5 years earlier, just as the company had begun the tricky journey from being a perpetual revenue model to evolving into the subscription revenue mode. “Within that first year at Ping, I led the complete overhaul of our quote to cash process, which included everything from revamping how we were selling our software to helping to implement additional software modules to enable the business to scale,” remarks Carpenter, whose tenure as Ping’s CAO involved navigating not only the differences between revenue models but also the differences between owners as Ping went from VC to private equity ownership. Then came 606’s timing issue and Carpenter’s invitation from the board. While milestones along the path to the CFO office frequently vary as far as time and place go, Carpenter’s arrival inside the CFO office at Emburse within 3 years of having received Ping’s boardroom invitation makes us think that perhaps timing is indeed everything. –Jack Sweeney

Reflecting on a finance career that has spanned nine different countries and three decades, Chris Roling says that he may have received his most valuable career lesson at a plant in Pennsylvania’s Amish Country. As a newly minted MBA, Roling was hired by Armstrong Industries in the late 1980s to augment the finance executive ranks of its growing European operations. However, prior to dispatching its new hires abroad, the giant building materials manufacturer based in Lancaster, Pennsylvania, made certain that its executives got a generous helping of local operations. “It was reverse culture shock,” comments Roling, who served as controller of an Armstrong plant in Marietta, Pennsylvania, for 24 months before garnering a European assignment. Growing up, Roling—the son of a navy doctor—had had an aptitude for learning foreign languages, a talent that had led him to set his sights on a career in international business. Now, the Marietta plant was all that stood in the way of the young executive being able to realize his ambitions. “I thought that this was beneath me—I thought that I was a hot-shot MBA,” explains Roling, who says that the role involved leading a team of about eight accountants ranging in age from 18 to 58. “I was Immediately humbled. They taught me how to do the job, how to manage, and they taught me how to be a leader,” recalls Roling, who credits this experience with providing him with “many dividends” after his career took him overseas. Still, Roling says, his greatest lessons at the Marietta plant came from a “crusty, old” plant manager, who insisted that Roling regularly visit the plant floor. “It got to the point where I would see the plant manager coming in my direction and I would escape out the office’s back door in order to get down to the plant floor,” reports Roling. “What he reinforced was that the product was the heart of everything—and how that product was made and the issues that related to quality and productivity were things that I had never learned in grad school,” remarks Roling, who says that he later realized that the plant manager had also provided him with an important lesson related to finance and business partnership. Years later, while working abroad, Rolling says, it was his turn to be persistent as he sought out business partners in different parts of the organization who could provide “dedicated, knowledgeable, on-the-spot insight” and, on occasion, perhaps, an invitation to visit the plant floor. –Jack Sweeney

We have spent many hours in discussion with finance leaders about the intersection of finance and sales as we try to better understand the professional collaboration required to achieve successful outcomes in these domains. Still, few of our talks have pushed us to ponder the human elements and relationships that point to such success more than that with finance leader Kent Kelley. From the very start of our discussion, we quickly typecast Kelley and brashly concluded that here was a mild-mannered voice of reason that had sat across the table from some of the software industry’s most energetic sales titans. To be clear: Kelley—a 15-year Oracle veteran whose finance career had spanned operations, sales, and marketing—had never been a bookkeeper, and his consistent willingness to assume career risks along the way set him apart even more from his more traditional finance peers. It was just such a risk attached to a challenging new role that finally led Kelley to move outside of Oracle’s wide-body finance function altogether to join the management team of one of Oracle’s standalone business units dedicated to industry applications. “I moved out of my office overlooking the Oracle pond to a smaller office in San Francisco—I’m sure that some of my friends in finance thought that I was crazy, but I was stepping out of my comfort zone and really challenging myself,” explains Kelley, whose move to the business unit also led to a fateful collaboration with an executive by the name of John Andrus. Andrus, a passionate and seasoned sales leader who had been given global responsibility for the business unit, made it clear that his plans involved broadening Kelley’s responsibilities. “This was someone who had enough faith in me to say, ‘Hey, this organization is growing, and I need to focus on growing the rest of the world, so I need you to be my guy in North America,” comments Kelley. This would not be the last time that Andrus included Kelley in his future plans. A number of years into his new role, Andrus was recruited to be CEO of a company known as PowerPlan, and he asked Kelley to join the firm as CFO. After a “thorough” interviewing process with the company’s board, Kelley was named CFO in 2011. “We doubled the size of the company within our initial tenure,” says Kelley, whose CFO career took a dramatic turn when Andrus was diagnosed with stage four brain cancer and then shortly thereafter passed away. “I was suddenly leading the company,” recalls Kelley, who was named interim CEO of PowerPlan in late 2014. “Having to interact with the other executives at a level on which I had never interacted before led me to understand their respective challenges in a way that I had never experienced.” Kelley would continue as interim CEO until the sale of the company to private equity firm Thoma Bravo in 2015, at which time he reassumed his CFO position. Reflecting on his dynamic collaborator, Kelley remarks: “John was an experienced leader and a great mentor as well as friend to me.” While Kelley does not recall for us the first time that he sat down across a table from John Andrus, we can assume that the dynamics of the gathering would have been much the same as those at any other meeting between Oracle finance and sales professionals, representing a confluence of both mild-mannered and passionate voices resounding together in pursuit of a successful outcome. –Jack Sweeney

Back in 2014, when Sarah Blanchard became committed to landing her first CFO position, she kept a key criterion in mind: Her future company had to be mission-driven. “I ended up in digital health before anyone really knew what digital health was,” explains Blanchard, who received her first CFO appointment from Omada Health, an early-stage health tech firm whose flagship product at the time was a diabetes prevention offering. “When you talk about a mission that can have a huge impact on the world and a huge impact on humanity and our economy, this was something that I felt lucky to be a part of,” comments Blanchard, who admits to having had limited experience prior to Omada when it came to raising capital and being face-to-face with investors. “I had two choices: I could raise money from life sciences investors or I could raise money from tech investors, and they both tend to be creatures of habit—they like to see patterns,” observes Blanchard, who still seems to savor the dual challenge of opening the minds of two distinct groups of investors. Notes Blanchard: “I would spend lots of my time in trying to help life sciences investors understand how and why we could scale a healthcare company so quickly and at the same time help technology investors understand why ARR was not a metric for us, even though we were selling into enterprises.” Meanwhile, Blanchard’s tenure at Omada endowed her with a degree of extra vigilance when it comes to company pricing models. “Omada had an outcomes-based pricing model—which was really novel at the time—meaning that we didn’t really make any revenue if we weren’t driving outcomes,” explains Blanchard, who adds that the model was flawed due in part to the firm’s assumption that the number of lessons completed by participants was a worthy “milestone” and indicator of positive outcomes. “We were focusing on driving people to complete lessons, but lesson completion, while it’s correlated with weight loss, it is not weight loss, and it is not a reduction in the risk of getting diabetes, which is what we were all about,” recalls Blanchard, whose efforts to repair the model ultimately involved tasking the company’s data scientists with a mission to better expose the connection between participant weight loss and outcomes. Says Blanchard: “After we switched over to a percent-weight-loss-per-month model, we began getting paid for real outcomes.” –Jack Sweeney

Among the many SaaS CFOs with whom we have spoken, few have listed their finance leader priorities for us as simply and concisely as did Jonathan Sides, CFO of Fleetio, a Birmingham, Alabama, software company that helps companies to track and manage their fleet operations. “My personal defect is always wanting to take on more—without realizing that I should actually be giving away my LEGOs and finding people who can do things better and faster than I can,” explains Sides, who labels his first CFO priority as “Always be hiring.” According to Sides, between 60% and 80% of Fleetio’s workforce lived in the Birmingham area prior to the pandemic—but now the percentage of local employees has dropped to less than 50% as the company has actively recruited more remote workers. Next, he advises CFOs to work closely with the company’s investors to help them to understand the challenges that a company may be facing. “The only way that they can help you is if they have the unvarnished truth,” comments Sides, who notes that investors will typically have three responses: “They’ll say, ‘Don’t worry, this is normal’ or ‘Don’t worry, we know how to fix this’ or ‘Good luck, we know that you know how to fix this.’” The third and last priority that Sides lists is “Achieving work/life balance”—an area, Fleetio’s CFO tells us, with which he has long struggled and that in the past has led him to take some inspired action. Back in 2014, prior to joining Fleetio and having just completed a 14-year tour of duty as CFO of another Birmingham SaaS firm, Sides scheduled a “gap year” for which he and his wife bought “one-way air tickets” to kick off 12 months of travel during which they lived in 12 different countries. Still, all roads eventually led back to Birmingham and, of course, the SaaS model. –Jack Sweeney

Brett & Jack discuss how finance leaders of high growth firm’s are becoming increasingly focused on the ebb and flow of their firm’s talent pipelines. Featuring the commentary and insights of workplace champions CFO Gina Mastantuono of ServiceNow, CFO Josh Siegel of CyberArk and CFO Sarah Spoja of Tipalti.

Emily Villatte’s finance career first got rolling along dusty country roads in the Australian bush. With a dual-track master’s degree in engineering and finance, she had been hired by British multinational JLT Group to provide risk management and insurance services to a cluster of accounts residing in Australia’s outback. Along the way, Villatte says, she was frequently greeted by the question, “What the heck brings you here?” It’s a greeting that Villatte is just as apt to hear today as she was back then. However, this time the road has taken Villatte into the world of podcasting, where today she is the CFO of Acast, a Swedish-founded company that provides hosting services for both podcast creators and advertisers. “Experience is what you get when you do something that you haven’t done before,” reports Villatte, who within 2 years of her arrival in Acast’s CFO office took the company public on the NASDAQ Stockholm exchange. According to Villatte, the finance team was more than ready. “We had taken the prep work as far as we could, so when the board made the decision to do an IPO, we had about 14 to 16 weeks to execute,” recalls Villatte, who characterizes Acast’s IPO as a milestone not only for the company but also for podcasting as a medium. “My job was to make certain that we had the options all set for an IPO and would be ready if the board decided to go down that road,” comments Villatte, who no doubt viewed that route forward as not very different from others that she been down before. –Jack Sweeney

Looking back on his first CFO role, Steve Vintz recalls waking up one morning and thinking that he might not have a job. The night before, Vintz had told his company’s CEO that he was having second thoughts about a deck of slides highlighting the virtues of a proposed acquisition. “It just hit me: This is a deal we can’t do—this is not our deal,” recalls Vintz, recollecting the moment of insight that he experienced and the subsequent butterflies set free. The company’s board was expecting to meet later in the week, and the “board deck” was the anticipated precursor to a presentation that Vintz and his CEO were preparing to give about a promising acquisition target. Vintz continues: “Good news travels fast and bad news travels faster, but I caught this a little late in the process. I wish I had felt this way earlier on, but it was a reality. CFOs must have conviction, and conviction is all about doing the right thing.” The courage of Vintz’s convictions were quickly put to the test when he told his CEO about his reservations concerning the deal—an acquisition that had already received strong support and enthusiasm from the firm’s management team. “The conversation did not go well. The next day, I called our CMO and asked if I should even come back into the office,” comments Vintz, who adds that the CMO encouraged him to return and speak further with the CEO, who appeared to have begun to digest some of what he had heard the night before. Days later, when the company’s board members gathered, the CFO was once more in the hot seat. Says Vintz: “The board wanted to understand why we were having second thoughts, and as we talked, it became clear to the CEO and management team why that was not the time to do this deal.” In the end, the company’s board ultimately praised the management team for bringing forth its concerns, and a few of its members even repeated the business maxim about how sometimes the best deals are the ones that you don’t do. Reflecting on his moment of insight, Vintz observes: “I could have very easily sent out the board deck and told myself, ‘I don’t want to look bad, and maybe it will be okay’—but as CFO, you have to listen to your inner self.” –Jack Sweeney

Steve and Jack discuss how finance professionals must give more thought to how they communicate “the news” inside their organizations in order to avoid being cast by other functional teams as “the bearer of bad news.” Featuring commentary and FP&A insights from Planning Aces: CFO Russ Porter, CFO, IMA, CFO Nipun Soni of BillionToOne and CFO Gina Mastanuono of ServiceNow.

Hilary Maxson’s path to the CFO office of French multinational and energy automation behemoth Schneider Electric began at a kitchen table in upstate New York. Or at least that’s what comes to mind for us when she tells us about her “purpose-driven” parents, including a father who is a professor of agronomy at Cornell University. “We didn’t live internationally, but my parents are very tied to what can be achieved internationally and I think that this is how I got that mind-set,” reports Maxson, as we search for answers that might better expose how within a span of 12 years she pursued and realized gainful career experiences in places as far-flung as Douala, Cameroon (3 years), the Philippines (3), Hong Kong (2), and Paris (4). Says Maxson: “I really believe that doing good business is the key to changing the world, and by ‘good’ business I mean that you can still make profits, still do right by your employees, and still do right by your country—this is how we can bring about change.” Turn back the clock to 2003, and even as Maxson was exiting a 4-year banking career in New York City to get an MBA from Cornell— a familiar gateway for ambitious bankers—she was already looking past Wall Street. Comments Maxson: “One of the reasons I wanted to change was that I also wanted to build things—not just in the U.S., but internationally.” Sometimes building things necessitated some banking diplomacy. For instance, while living in Cameroon as CFO (Africa) for electric power giant AES Corporation, Maxson became charged with leading negotiations to help AES restructure €300 million in debt between AES, eight multilateral lenders, and the Cameroon government. She would eventually join Schneider Electric in Hong Kong before transferring to SE’s Paris headquarters, where she assumed the role of group CFO in May of 2020. Maxson’s CFO tenure now falls during a transformational chapter for Schneider, as the company has made no secret of its plans to double down on its commitment to sustainability initiatives and ESG (Environmental, Social, and Governance) principles. “ESG is not just something companies do—it is a real value driver in terms of both mitigating risk and reporting actuals, so you really want to embed your ESG thinking into your financial planning,” explains Maxson, who—despite her years abroad—appears to not have ventured very far from the kitchen table. –Jack Sweeney

When Vanessa Kanu is asked to provide some professional advice to her younger self she responds quickly and without hesitation: “Be more patient.” It’s advice Kanu says she summons even today as she passes the 18th month mark of her CFO tour of duty with technology services company Telus International. “I’m perpetually impatient and I drive myself bananas,” says Kanu, who stepped into her first CFO role at Mitel Networks Corporation, after a steady 15-year climb inside the company she first joined as a financial reporting manager. “As the company grew, it gave me an opportunity to learn and stretch myself through various roles. Whether it was external reporting, complex technical accounting, FP&A, or M&A and other planning functions, all these things combined kept me with the organization,” says Kanu, whose career climb at Mitel spanned a period during which the company grew from $400 million to $1.3 billion. “I had a great mentor at Mitel, who was the previous CFO Steve Spooner,” comments Kanu, who would join Mitel’s reporting team shortly after Spooner was appointed CFO and would ultimately succeed him as Mitel’s finance chief. Along the way, Mitel management would execute an IPO and multiple strategic acquisitions before transitioning back to a private company. “My thinking was as long as I'm learning and growing, there was no need to leave and that’s what culminated in a 16-year (career) tenure at that organization,” says Kanu, whose CFO appointment by Telus in 2020 upended her 18-month CFO tenure at Mitel – a chapter shortened perhaps by the same appetite for learning and stretching she has always relied on to propel herself forward. - Jack Sweeney

Last October, shortly after being named CFO of machine learning start-up MOLOCO, Brandon Maultasch decided to forgo yet another welcome coffee to instead engage with a wide flock of MOLOCO employees on the virtues of discounted cash analysis. “The last thing you want a new people leader talking to the entire company about!,” confesses Maultasch, before launching a stirring defense of the fall discussion that he refers to as a “teach-in.” “We have 65 data scientists and machine learning engineers at the company. If they can build the things that they build, they are smart enough to understand finance, which isn’t all that complicated,” remarks Maultasch, whose approach is notable as much for what it does focus on as for what it doesn’t. By exploring a framework for discounted cash analysis, Maultasch rejected the more traditional point of engagement for incoming CFOs: the company’s future IPO. “The IPO is an important milestone, but it’s not the destination,” notes Maultasch. “The destination is building a generationally important company that adds value in the long run. I wanted to make people understand that the durability of cash flows is what drives long-term value creation.” Once armed with a deeper understanding of discounted cash flows, Maultasch says, employees at large can bring forth more of the insights, processes, and technical solutions that are needed to move the levers of value creation. “I want to line align our conversations around durability and long-term margins. These are the levers that move our revenue, move our profitability, and move our position in the value chain,” he adds. According to Maultasch, an added benefit from “teach-in” discussions is that they sometimes expose what the finance team has gotten wrong. “Some of the things that we thought were inputs turn out to be outputs,” he observes, “so it’s this process of discussion, argument, and learning that aligns everyone toward building a great company.” –Jack Sweeney

It was 2018, and shortly after payables start-up Tipalti had raised its Series C funding round, Sara Spoja recalls, she sat down with Tipalti CEO and cofounder Chen Amit. Having spent the previous 8 years as a senior operating executive for private equity firm KKR Capstone, Spoja was known for asking C-suite management tough questions, and she was no less probing when it came time to reviewing Tipalti’s Series C model. “I tore that thing apart and asked questions about every assumption,” comments Spoja, who recollects a 4-hour-long meeting with Amit, who encouraged her to grill him on every aspect of the business. During the meeting, Spoja no doubt turned over as many rocks as any of Tipalti’s Series C investors had, but Amit wasn’t looking for an investment from KKR. Indeed, he wanted an investment from Spoja—but not in dollars. Tipalti had achieved the requisite number of start-up milestones that normally precipitate the hiring of a chief financial officer, and it turned out that Spoja had quickly advanced as the tech firm’s leading candidate. “I had hit a patch at KKR where I wasn’t as excited as I might have been about what my next role was going to be,” remembers Spoja, whose seat on KKR’s operating executive talent bench had in the past propelled her into a rotating variety of portfolio company operational roles—each with an expiration date. “I decided that it was time to go and take my first real job at a company,” reports Spoja, who would join Tipalti as CFO in August of 2018. –Jack Sweeney

To those well familiar with the career milestones that typically mark the path to the CFO office, Lou Arcudi’s resume at first may appear to be upside down. Or at least it could be said that the same operational projects and roles that frequently populate the tops of the resumes of aspiring CFOs are instead found at the bottom of Arcudi’s. To put it another way: Arcudi acquired his operations experience early. Arcudi spent his college summers working at a General Motors chemical plant in Framingham, Mass., where he was encouraged to apply to a training program offered by the General Motors Institute of Technology (now Kettering University). The school accepted Arcudi’s application, and after 6 months of training, the young recruit was offered a position at one GM’s many plants. “It was kind of like the military, where you usually get to choose your posting and specialty, so I picked the Framingham plant and manufacturing accounting and inventory control as my discipline,” recalls Arcudi, whose GM experience soon helped to advance him into a divisional controllership role at chemical company Millipore. At the time, Arcudi was responsible for consolidating the financials for two chemical plants within the United States and two others in Japan and Ireland. “The role helped me to understand what really happens out in the field—it wasn’t about keeping a balance sheet but about being P&L-driven, and it became foundational for my career,” observes Arcudi, as he flags the origins of an operations mind-set that would help to propel him upward and accompany him as he served in a subsequent succession of CFO roles. –Jack Sweeney

If you were to casually meet CyberArk CFO Josh Siegel for the first time at San Francisco International Airport (SFO), you might quickly assume that he has spent the balance of his career-building years in nearby Silicon Valley. Certainly, on paper his resume lists the requisite number of finance job titles and entrepreneurial milestones that you might expect the bio of an accomplished Silicon Valley CFO to itemize. Later, as you reflect on the mild-mannered “Cyber CFO” whom you briefly encountered, you make one last entry in your mental manifest: CFO Siegel was queuing up for a flight to Tel Aviv. In the end, it’s this entry that’s most telling. Or at least it’s the mental note that perhaps exposes the most about Siegel’s present as well as his past. The fact is that Siegel first began frequenting Tel Aviv departure and arrival gates back in the mid-1990s, when he felt compelled to divert his finance career-building into a more entrepreneurial lane. However, instead of zigging to Silicon Valley, Siegel purposely zagged to Israel—a move that he executed while brandishing a resume with modest accounting feats but deep treasury experience. “When I first got to Israel in the mid-1990s, they were really Old School, and the fact that I was not an accountant meant that I would never be hired as a controller,” comments Siegel, who prior to moving to Israel had held the position of director of capital markets at Sallie Mae, the erstwhile government-sponsored lending enterprise. As Siegel acquired different finance experiences and titles over time, he says, Israel-based businesses and the country’s widening entrepreneurial corridor recast their notions of finance leadership. “Today, the ideas around what makes a strategic finance executive in Israel have really changed,” reports Siegel, echoing a view widely shared among his Silicon Valley peers. Still, more than departure gates may today expose a difference in Siegel’s finance leadership upbringing. As he says, “A goal that I have shared with our CEO is answering the question of how to scale up this company with profitable growth—and that’s just not the standard modus operandi of a lot of Silicon Valley companies.” –Jack Sweeney

Back in early 2020, Gina Mastantuono had only recently stepped into the CFO role at ServiceNow when the subject of intangible assets surfaced during a company board meeting. For months, growing numbers of the company’s investors had been signaling their advocacy for the company to amplify its collective conscientiousness when it came to social and environmental concerns. Traditionally, the company had relied on its marketing and communications teams to project its corporate mind-set when it came to such issues, but a number of events during the previous 12 months had led investors and board members—as well as company CEO Bill McDermott—to conclude that a more codified approach had now become necessary. “This was a pretty significant change for both me and the organization,” explains Mastantuono, who notes that her list of priorities for her first 12 months as CFO suddenly began to shift in real time as the magnitude of adopting ESG (Environmental, Social, and Governance) principles became increasingly evident. “It enabled me to make necessary changes not only within finance but also across the enterprise and externally,” comments Mastantuono, who relates that the impact that she could have as a leader became clear to her when the company’s vice president of treasury pitched to her the idea of ServiceNow forming a racial equity fund to help underserved communities. Recalls Mastantuono: “I was really able to drive this throughout the organization, and now we have put a $100 million fund that was fully funded into the communities that need it most.” However, what’s perhaps more revealing when it comes to Mastantuono’s finance leadership has been the addition of an outward-facing pitch that she regularly makes to ServiceNow customers—and particularly to those attracted to similar ESG-oriented opportunities. “Our products can help our customers in their ESG journeys in a way that those of many other companies just can’t. We have the ability to differentiate from a product perspective and from an ecosystem,” says Mastantuono, who seldom ignores an opening to amplify ESG’s growing influence. “It is just this incredible opportunity that has allowed us to really punch quite a bit above our weight class,” adds Mastantuono, who leaves us wondering whether she’s speaking on behalf of the company or for CFOs at large. –Jack Sweeney