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