CFO THOUGHT LEADER – Détails, épisodes et analyse

In this bonus episode of CFO Thought Leader, host Jack Sweeney shares insightful stories from three finance leaders, focusing on their early beginnings and how those experiences shaped their careers. Scott Healy reflects on the influence of his father, an Air Force colonel, and his deaf brother, both of whom instilled a strong work ethic and a spirit of perseverance. Tracy Curley discusses her non-traditional path, balancing business experience with academic pursuits while navigating the challenges of being a military spouse. Lastly, Svai Sanford recounts his journey from being a Laotian refugee with a third-grade education to becoming a CFO, thanks to the support of his foster family. Each story highlights the significance of resilience, family influence, and the transformative power of education and opportunity.

In this episode of Planning Aces, Jack Sweeney and Brett Knowles discuss the evolving role of FP&A professionals, emphasizing the importance of relationship-building and strategic collaboration within organizations. As summer ends and fall approaches, Brett predicts a surge in business activity, particularly as companies rush to meet year-end objectives. The conversation highlights the decline in travel post-COVID, with more business being conducted via web meetings, though these are often less effective than in-person interactions. Brett underscores the need for FP&A teams to prepare thoroughly for meetings and to foster diverse thinking to achieve better outcomes. The episode also explores the challenges of integrating acquisitions, the significance of continuous improvement, and the evolving responsibilities of FP&A leaders. Ultimately, the discussion centers on the importance of strategic relationships, effective communication, and adaptive leadership in navigating today’s complex business environment.

The year 1986 was a pivotal one for Larry White’s career in the U.S. Coast Guard. After entering the Coast Guard Academy in 1976 and graduating in 1980, White subsequently advanced through a series of intriguing roles including commanding an 82-foot patrol boat before deciding to pursue an MBA. The Coast Guard agreed to underwrite this move, enhancing his resume and eventually making him an attractive candidate for high-profile roles in Fortune 100 companies. Still, White had no intention of leaving the Coast Guard.

Going forward, a decision by White to specialize in finance, rather than following the traditional rotation between operational and financial roles, was initially met with skepticism inside the military. Early in his career, it was suggested that his focus on finance could limit his promotion prospects. However, White's commitment to his specialty, combined with his strategic use of professional certifications and active involvement in organizations like the Institute of Management Accountants (IMA), proved this view to be incorrect.

As the first active-duty military officer to serve as the global chairman of the IMA, White distinguished himself in his field. He also contributed to the International Public Sector Accounting Standards Board while serving as a captain in the Coast Guard, highlighting his expertise in public sector financial management.

Following his retirement from the USCG, White’s career continued to flourish. The very next day, he signed agreements with Deloitte and the Resource Consumption Accounting Institute, where he served as executive director for 14 years. His post-retirement work focused on improving cost management practices and advocating for better education for management accountants, reflecting his dedication to enhancing financial practices.

White’s ongoing involvement with organizations such as COSO (Committee of Sponsoring Organizations of the Treadway Commission), where he works on internal controls and enterprise risk management, underscores his commitment to advancing the field. He also helped to establish the Profitability Analytics Center of Excellence, which now engages a broad audience as it aims to advance internal decision support practices.

White’s career is a testament to how specialization, supported by continuous education and professional development, can lead to impactful leadership and meaningful contributions within both the public and private sectors. His journey reflects the lessons learned from his Coast Guard service and his dedication to fostering change and innovation in financial management.

CFO Zhi Li's Career Background: Zhi Li's professional life begin at Bell Canada, where he was involved in operational finance within the Wireless Division. The division, Zhi tells us served as the growth engine for the company at the time. During his time at Bell Canada he worked on a subscription business model, dealing with wireless units and the basics of a subscription business, which later proved helpful in his work within the SaaS space.

Li entered the investment banking realm during the economic downturn, then pivoted to tech; highlights operational finance experience at Bell Canada and investment banking tenure at Credit Suisse's tech group in New York.

Transition to CFO Role: Discusses the pivotal moments in transitioning from banking to tech in Seattle, eventually landing the CFO role at Customer.io.

Customer.io Overview: A startup providing customer communication platform services to various businesses, emphasizing personalized engagement and scalability.

Role and Responsibilities as CFO: Focuses on strategic initiatives, fundraising, M&A, financial operations, and providing guidance across departments to drive growth and operational efficiency.

• Insights from Planning Aces:
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• CFO Lauren StClair talks about leveraging AI for faster analysis, transparency in reporting, and the challenge of maintaining clean, adaptable data.
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• CFO Doug Lindroth emphasizes the shift from closed data structures to open-book management, enabling deeper discussions on profitability and investments.
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• CFO Charly Kevers underscores AI's impact on manual tasks, reshaping organizational charts to prioritize higher-level thinking.
• AI's Role in FP&A and Security Concerns:
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• Discussion on AI's learning mechanisms, potential security risks, and the importance of Microsoft's approach with co-pilot in maintaining security.
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• Insights on how AI-driven tools adapt and evolve based on user interactions, driving advancements in decision-making processes.

It was back in 2016 when Lauren St. Clair realized that it was time to raise her hand.

Online marketplace giant eBay had just completed a deal to acquire the Spanish online ticket platform Ticketbis, and St. Clair, a 9-year eBay veteran, was itching to get overseas.

eBay had entered the online ticket business in 2007 with its acquisition of StubHub, and the addition of Ticketbis now promised to fatten StubHub’s international revenues, a development that St. Clair realized would likely require eBay’s finance function to beef up its leadership overseas.

“People knew that I wanted to live overseas, and it was just good timing with regard to me leaving the group to which I had been assigned,” explains St. Clair, who arrived in Bilbao, Spain, in early 2017 eager to open a career chapter as CFO of StubHub International.  

Of course, St. Clair had already spent some time overseas as a student and a finance adjunct on various international FP&A assignments. However, an overseas appointment was different, and in fact the opportunity for such a coveted stint called to mind for her some valuable advice that she had once received from one her early mentors.

St. Clair recalls: “He told me, ‘Build your reputation and take time to build a connection to the corporate office, so that when you raise your hand to go abroad, you’ll be top-of-mind there.’” –Jack Sweeney 

When Peter Benevides joined Olo back in 2015, the provider of restaurant technology's CFO office was vacant—as it would remain for the next 4 years, until he ultimately got the position thanks to a nod from the firm's CEO and perhaps a sprinkling of magic dust from Olo board members and investors.

Of course, things may have gone very differently for Benevides, as they so frequently do for many senior finance hires who, like Benevides, join fast-growing firms while knowing full well that there are no guarantees when it comes to C-suite appointments.

Thus, when given the opportunity to have Benevides reflect on his career, we thought it perhaps appropriate on our part to query Olo’s finance leader regarding what he feels that he got right along the way—especially with regard to any attributes or actions that may have made a difference in the career trajectory that for him has led to Olo.

According to Benevides, his success comes down to not having been afraid to ask others for help—a trait that he was to find increasingly beneficial as the company’s 2021 IPO drew ever closer.

It was during these months and years of career investment, Benevides tells us, that he found his attention focused by a number of critical undertakings, including making the transition from supporting a regional accounting firm to being part of a Big Four accounting house.

Besides being able to benefit from the fact that publicly traded firms offer a larger menu of services, the transition put in motion a Big Four “reference check” that afforded Benevides the opportunity to contact clients of the different firms.

Such was the nature of a phone call that he placed to one of the Big Four references.

“What was meant to be a 20-minute reference call turned out to be an hour-and-a-half-long chat,” recalls Benevides, who tells us that the reference happened to be the recently retired CFO of a publicly traded company.       

“Once I got off the phone, I said to our president and COO at the time, 'Gee, it would be amazing to have this person as an advisor to the company as we prepare to go through this IPO process,'” reports Benevides, who adds that the former C-suite executive became one of Olo’s invaluable IPO prep advisors. –Jack Sweeney

The Goldman Sachs “anti-raid” team was between conference calls with an embattled client company when word came that a senior member of the target company’s management team had unexpectedly died.

Looking back, Tom Fennimore says that the next few months of his early career years at Goldman then became a transition point—or period of accelerated learning.

“It was a very sad situation—they were in the process of being raided,” explains Fennimore, who lists the anti-raid transaction as one of two times when Goldman ultimately offered Fennimore an opportunity to “step up.”

The second example came after the resignation of a managing director responsible for the bank’s automotive sector.

“I got a battlefield promotion when they said, ‘Hey, we want you to do this, and—depending how you do—we may not replace you,” recalls Fennimore, who notes that while he savored the opportunity and enjoyed success in the role, certain parts of it had little to do with his skillset.

“I have a little bit of a baby face,” points out Fennimore, who also comments that members of management teams within the automotive sector were known to value seniority and often had lengthy tenures of multiple decades themselves.

Perhaps not surprisingly, Fennimore remembers one bit of related post–board meeting feedback with a little bite: “’Hey, look, you did a great job,’ they told me,” he reports. “‘The board loved you, but they did have one comment: This guy’s too young. They would feel a little more comfortable with somebody with a little more gray hair in the room.’”

As for the embattled client company that had unexpectedly lost a key member of management, Fennimore’s youthful appearance turned out to not be enough to deter an invitation for him to fill the company’s sudden management void by relocating to Toronto for a number of months.

“The person who passed away was in the middle of the transaction, so it reflected in a good way on me that the client had enough faith in me to have me go up there to live and help them to get things done,” explains Fennimore, who more than 20 years later is not yet sporting any gray hair.

In conclusion, he adds: “It’s great to be given a lot of responsibility at a young age, but there will be some unique challenges. You try not to take things personally and to just move on.” –Jack Sweeney

CFO Rodrigo Brumana’s career journey began with a position as a computer programmer in Brazil. He would move in his early career years to the United States, where he got his start in investment banking. Soon thereafter, he moved to Fairchild Semiconductor, where he advanced into an investor relations role. Next, Brumana delved into the realm of predictive analytics at eBay, a stint that opened the door to a succession of opportunities inside the world of e-commerce marketplaces.

The episode features Mark Lampe, CFO of Monte Vista Farming Co., discussing the significance of understanding labor and its impact on business success.

CFO Lampe discusses the significance of labor and the challenges faced in managing a workforce of over 140 individuals engaged in almond production, emphasizing the importance of a cohesive and hardworking team in a challenging industry.