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External hiring of CFOs at large publicly traded companies reached the highest level in a decade this year, with 44% of finance chief positions filled by external talent. Many CFOs enter the organization, and sometimes the industry, with a cold attitude. A recent high-profile example is Jim Lee, who worked for PepsiCo for 26 years and was named CFO of Target. While climbing an organization's corporate ladder before becoming a CFO is invaluable, work experience across multiple companies and industries is equally valuable. A finance executive with experience in the latter is Arthur Carrier, finance director at edtech company Ziplines…
The level of shareholder activism in the United States is near an all-time high. In the first quarter of 2024 alone, more than 150 new or incremental positions were created by activist investors. In addition to this, we are likely to see more accumulation by broker-dealers. Dissidents continue to use the threat of proxy fights to encourage mergers and acquisitions that oust CEOs, destabilize companies, and force breakups. At the same time, activist tactics have become more aggressive, less predictable, and riskier all year round. Campaigns are increasingly targeting individual directors, and no board or company is immune in this…
Who drives the strategy?In most companies with board members we surveyed, the head of technology (38%) is responsible for driving the GenAI strategy, but 32% believe everyone in the organization understands the value and potential of GenAI. They say they have a responsibility to clarify certain areas. A significant number of companies (15%) have formed teams focused on driving their GenAI strategy.“As companies continue their AI journey, it is important that boards and executives know how to oversee this technology, its applications, and possible risks,” said the study's partners. says Dottie Schindlinger, executive director of the Diligent Institute.Sonita Lontoh, an…
As Botrista's CFO, my days are focused on growth. Over the past year, we have grown from an ambitious startup to a prominent market leader in data-driven beverage automation. With the recent completion of our Series C funding, we are poised to grow at an even faster rate. This journey has been both a challenge and a distinct career reward, providing valuable insight into the complexities of scaling a business in the competitive food technology industry. Efficient scaling is a special challenge where compromises, trade-offs, and value discovery combat the goal of growth at all costs. Regardless of your role,…
In this episode, Jack McCullough sits down with Simon Edwards, CFO of Conga, to discuss the dynamic role of the CFO in today’s business environment. Edwards shares how he leverages his background in technology and engineering to drive financial strategy and growth at Conga, a leader in revenue lifecycle management. Tune in to discover insights on career development, operational efficiency and the critical relationship between the CEO and CFO in steering company success. — Listen to the podcast here Introduction To Simon Edwards And Conga Everybody, welcome to the show. You can follow us online at RockStarCFOs.com. We have a…
Editor’s note: Longtime Chief Executive columnist Jonathan Byrnes passed away on May 7 at age 75 after a long and valiant fight against cancer. The MIT professor, consultant and cofounder of Profit Isle was a brilliant mind, thoughtful businessperson—and kind man. We will miss him. This is the final column that he submitted to us before his passing. *** In a Chief Executive column, “How to Price and Manage Value-added Services,” I explained how to price and manage lucrative, strategically important value-added services. The article generated a lot of interest. In this column, I describe how to develop compelling, high-payoff value-added services and illustrate…
This session will provide board members with practical strategies for overseeing AI governance. drawing from Athena Alliance AI Governance Handbook; Explore how to build effective oversight, ask tough questions of management, and assess the integrity of your AI efforts. Gain practical insights on balancing innovation and risk management, ensuring ethical AI adoption, and fostering a culture of responsible AI use across your organization.Key discussion topics:Building effective AI surveillanceImportant questions for business owners and how they can prepareSituational awareness and risk intelligenceFostering a culture of responsible AISix Monthly Updates: Emerging trends, best practices, and lessons learned since the handbook was published.…
Myrna Soto has been involved in 11 successful M&A transactions over the last two years—and one unmitigated disaster. She’s a director of CMS Energy, TriNet and Popular, as well as a member of other company boards, where executed transactions all seem to be working out well. But Soto is also on the board of Spirit Airlines, which in January saw its proposed $3.8 billion merger with JetBlue Airways blocked by a federal judge who said it would hurt consumers who depend on Spirit’s lower fares. The amount of time management and the boards of both airlines spent in navigating the…
It's easy to be blinded by the allure of large-scale change, a drastic change that promises to revolutionize an industry overnight. But my experience has taught me that the real game changers often lie in the less obvious, incremental innovations. These small, strategic changes can pave the way for big wins and have ripple effects throughout the organization, impacting everything from operational efficiency to customer satisfaction. Think for a moment about your last big success at your company. Was it the result of a monumental change? Or was it an accumulation of smaller, more manageable improvements that led to big…
Unfortunately, almost all public company boards have limited working hours. The only thing standing between a company's directors and a messy proxy fight is strong financial performance, but the standard for “consistent financial performance” is constantly changing. Company directors should expect that when their company's stock price experiences double-digit declines, activist investors will begin to take notice. Directors should understand that some of these activists are “professional takeover artists” who firmly believe they can achieve better financial performance than their target boards, and they have the resources and experience to make a compelling case that they can do so. Sometimes…