CFO THOUGHT LEADER 722: Establishing the CEO-CFO Nucleus | Joe Euteneuer, CFO- Emeritus, Mattel, Sprint, Qwest, Comcast
Lovers of tortilla chips will swear that the only true ones are made with corn (and never wheat) and that when it comes to sourcing them, the highest-yielding kernel of corn comes from West Texas.
Or so explains Joe Euteneuer, who exited an auditor position with Price Waterhouse in the mid-1980s to join a snack-making entrepreneur in a quest to lower the cost of tortilla production—a coveted advantage in what was quickly becoming a highly competitive market.
“I flew to West Texas and bought corn crops from those farmers so that I could get the best deal that we could and get the best return on my—on our—invested dollars,” explains Euteneuer, a seasoned finance leader who has to date occupied the CFO office at more than a half dozen companies, including hefty brands such as Mattel, Sprint, Sirius XM Radio and Comcast.
Still, it’s Euteneuer’s trip to West Texas that comes to mind when he’s asked what experiences best prepared him for a finance leadership role.
Reflecting on his encounters with the Texas farmers, Euteneuer observes, “It was the type of experience that you don’t typically get in an accounting department.”
The company’s small size, Euteneuer says, gave him the opportunity to take on more responsibility, which quickly allowed him to step into a chief operating officer role.
“It was like doing a practical MBA, inasmuch as we were building a company from scratch,” recalls Euteneuer, who adds that during his COO tenure, the company’s customer base began to spread across the western United States, which required the company to add greater capacity to its Phoenix and Minneapolis hubs.
Says Euteneuer: “I learned how to get chips and salsa onto every store shelf west of the Mississippi.” - Jack Sweeney
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