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Many CFOs are taking on responsibilities beyond traditional financial management: Half of the nearly 600 CFOs who responded to executive search firm Egon Zender's “Super CFO Survey” have taken on ESG and M&A responsibilities in the past two years. CFOs surveyed are also taking on cybersecurity, supply chain and human resources duties, but in smaller numbers. What skills do CFOs need to fulfill their broad range of responsibilities? Arun Dhingra, global head of Egon Zehnder's CFO and audit chair practice, says the ability to think strategically is paramount. A strong grasp of risk management and the ability to confidently and…
So management launched a high-potential development program to cultivate strong, scalable leadership for today and the future, but the results were… lackluster. Why? Here are five reasons to consider. 1. Lack of focus on core features The purpose of an executive development program is to create a meaningful competitive advantage for an organization. To maximize the ROI of creating competitive advantage, organizations need to develop leaders who can excel in the roles that are most critical to the business. The competencies required of corporate leaders remain fairly consistent across industries, geographies, markets, and time periods. Yet, it is not the…
Recent EY and Oxford University research suggests that 85 percent of senior leaders have been involved in two or more significant transformations in the last five years alone. Approximately two-thirds said they had experienced at least one turbulent transformation during this time. That’s a remarkable number. And it takes on an entirely new meaning in today’s incredibly fast-paced market. The EY 2021 Global Board Risk Survey shows that 82 percent of board members and CEO’s say market disruptions have become more frequent and impactful, and companies have begun to transform more frequently to keep pace. Organizations are failing to deliver…
When Wendy Rummler joined Credit Acceptance more than 20 years ago, it was a smaller auto finance company whose customer service employees were required to come into an office in metro Detroit. Rummler never dreamed she'd one day be teaching a master class in how to get remote-only employees to be just as effective as those who were required to be in the office. But now, as the chief people officer of a $2 billion company, Ms. Rummler is doing just that after her decision to allow 2,200 employees to work from home during the pandemic. Other chief people officers…
When Wendy Rummler joined Credit Acceptance more than 20 years ago, it was a smaller auto finance company whose customer service employees were required to come into an office in metro Detroit. Rummler never dreamed she'd one day be teaching a master class in how to get remote-only employees to be just as effective as those who were required to be in the office. But now, as the chief people officer of a $2 billion company, Ms. Rummler is doing just that after her decision to allow 2,200 employees to work from home during the pandemic. Other chief people officers…
On July 19, a glitch during a CrowdStrike software update caused widespread computer outages that affected thousands of businesses around the world and woke up corporate executives to a new cybersecurity danger. Director Columnist Matthew Scott recently spoke with Chris Hetner, former senior cybersecurity counsel at the Securities and Exchange Commission and cyber risk counsel to the National Association of Corporate Directors, to get insight into how corporate boards should respond to ever-evolving cyber risks. Below are edited excerpts from their conversation. How should the global IT outage linked to CrowdStrike software updates and Microsoft operating systems in July, which…
They knew and felt that before they attended the recent Directors' Forum in Dallas, but the directors in attendance were made clear their situation and responsibilities by Leo E. Strine Jr. during one of the forum's sessions. Director magazine and the American Institute of Corporate Directors conference. “Corporations exist forever, they don't get the death penalty, they don't go to prison,” says Strine, a former chief justice of the Delaware Supreme Court and now a corporate lawyer. “Corporations have immunities and privileges that exceed those of humans, so instead they should be good corporate citizens. And what is the concept…
Fractional CFOs provide strategic financial guidance and expertise to companies on a contract basis. Small, growing businesses that have never had a financial officer are often the ones most in need of help. What is it like jumping into an organization where you have no understanding of where your losses are coming from, what your actual operating costs are, or why you always have excess inventory? Eric W Neumann has solved many client problems as a part-time CFO at New Life CFO Services in Dallas. Our writer Katie Kuehner-Hebert asked him to provide examples of two notable client engagements and…
Editor's Note: For many years chief executive officer Columnist Jonathan Burns died He passed away on May 7 at age 75 after a long and courageous battle with cancer. An MIT professor, consultant, and co-founder of Profit Isle, he was a brilliant mind, a thoughtful businessman, and a kind person. We will miss him. This column is one of several he sent us before his death. *** Recently, I was involved in a discussion about a large strategic investment that a company was considering — a potentially game-changing investment that involved the development of a significant new business capability for…
Editor's Note: For many years chief executive officer Columnist Jonathan Burns died He passed away on May 7 at age 75 after a long and courageous battle with cancer. An MIT professor, consultant, and co-founder of Profit Isle, he was a brilliant mind, a thoughtful businessman, and a kind person. We will miss him. This column is one of several he sent us before his death. *** Recently, I was involved in a discussion about a large strategic investment that a company was considering — a potentially game-changing investment that involved the development of a significant new business capability for…