Cfo Thought Leader

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

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 comp

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 co

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 a

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 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 b

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,

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 agend

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 airli

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

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 lik

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 bee

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 acquis

  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 w

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 expo

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 op

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.