CFO THOUGHT LEADER

Back in 2008, when Jim Cox was controller for investment management software company Advent Software, he was invited by that firm's founder and CEO, Stephanie DiMarco, to accompany her to an investor meeting. “I just sat there smiling and hoped that nobody would ask me a question,” comments Cox, recalling one of a number of experiences that he credits with helping him to step beyond his accounting career roots. The meeting’s biggest take-away, Cox tells us, was about repetition. He explains: “Guess what? All 20 investors asked six of the same questions and two questions that were unique to them.” Looking back, Cox believes that DiMarco was providing him with an opportunity to not only develop a rapport with investors but also polish his communication skills. “When Stephanie brought me along, I think she was like, ‘Let’s try this out,'" continues Cox, who stepped into Advent’s CFO office in 2009, only 3 years after joining the company.    Cox had been recruited to Advent by a VP of finance who had formerly been a client of Cox’s when he was an accountant at Pricewaterhouse.    “Be good to your clients,” advises Cox, who credits yet another client executive with encouraging PwC to relocate him to New Zealand for a 2-year stint. Asked about his early career’s lengthy tenures at PwC (10 years) and Advent (9), Cox reports that he doesn’t think that he missed out by not changing jobs more frequently. “You can stay at the same company, but it’s about doing different things,” he comments. Today, having served in multiple CFO roles, Cox likes to measure his stint as Advent's CFO differently since its was publicly held: “I like to say that I was a public company CFO for 22 quarters—because when you’re a public CFO, you live one quarter at a time.” –Jack Sweeney

In 2011, after Chris Halpin had rejoined his colleagues back at Providence Equity Partners’ New York offices at the completion of a 3-year stint in Hong Kong, he found himself being confronted by something he had rarely experienced before: boredom.“I had this kind of existential angst—that I didn’t want to die and have my obituary say that I had worked 40 years at Providence Equity,” recalls Halpin, who notes that it was at this point that he began to think about different operating roles in business and the possibility of landing a CFO position.Still, Halpin tells us that he reviewed and pretty much rejected the different introductions and job opportunities that quickly surfaced: “I was like, ‘No, I really don’t want to do this’—and then I almost joined another private equity firm, but that would have been just changing politics for politics.”Then, October 2012, Halpin added to his calendar an entry that seemed to all but eclipse previous possibilities and instantly loomed large on his autumn agenda: “Coffee with Roger Goodell.”Goodell, the much-revered National Football League commissioner, no doubt usually prefers to honor the prescribed time limits of his appointments, but, as it turned out, his 30-minute coffee talk with Halpin ended up going on for more than hour before Goodell ended it with an offer to introduce Halpin to a number of his lead deputies.      “Roger makes no promises, that’s for sure,” remarks Halpin, who adds that prominent Providence alum and former Comcast CFO Michael Angelakis helped him snag the initial meeting with Goodell.In June 2013, Halpin accepted a position with the NFL that kicked off an 8-year career inside the league’s business operations. Along the way, he served in a succession of strategy-oriented roles before being named executive vice president and chief strategy and growth officer in 2018.Looking back, Halpin tells us that he originally pitched Goodell for a bigger initial role with the league.  “Roger told me, ‘No, that’s the wrong way to come into the NFL—I’ll bring you in and have you get grounding, and then we’ll move you around to give you different experiences,” reports Halpin, who points out that his decision at the time was not an easy one, in part due to his prospective NFL compensation being a drastic reduction from his Providence pay.“In April or May of 2013, I came to the conclusion that if I didn’t do this, I was going to regret it—so I decided to make the jump,” comments Halpin, whose 8-year tenure with the NFL ended in January 2022 when he was named CFO of IAC, the media holding company headed by media executive and dealmaker Barry Diller.Today, having landed in a more traditional finance leadership role, Halpin says that his years with the NFL will always likely trigger conversations that allow him to continue to reflect on past decisions. It seems that career decisions have seldom been easy for Halpin—even when they’ve involved the opening of a door at the NFL.   Says Halpin: “This was not some sort of courageous jump into the breach without any reservations.” –Jack Sweeney

When Ben Chrnelich tells us that the banking sector’s recent unrest is the third period of disruption that he’s “cycled through” during his finance career, we can’t help but wonder about the other two.Of course, they are hardly a secret. As did that of many of his CFO peers, Chrnelich’s early career appears to have weathered no shortage of economic hijinks, thanks to the dotcom bubble (2002) and Wall Street’s subprime mortgage crisis (2008).“The opportunity to be sort of at the epicenter of these events really allowed me to form my risk assessment as a CFO and be able to better assess where we are on any given business cycle,” comments Chrnelich, who was working for Lehman Brothers when the investment house collapsed in 2008.Unlike many of his Lehman colleagues, Chrnelich was able to find a silver lining in Wall Street’s economic turmoil—in his case, this took the form of employment as CFO of a technology business created by NYSE to serve Wall Street clients.Known as NYSE Technologies, the business was established to target revenue opportunities for a number of software technologies that NYSE had developed in-house, as well as a number that had been acquired by NYSE.“For me, it was an opportunity to transition into a CFO role with a company that had lots of capital already invested and the support of NYSE,” recalls Chrnelich, who served as CFO of the company for roughly 6 years.In February of 2020, Chrnelich was named CFO of Symphony, which offers secure messaging and other collaboration tools for bankers and those who work with them. Three years and a number of acquisitions later, Symphony has powered up its AI strategy as it pursues its goal of providing more actionable insights to portfolio managers.   Reports Chrnelich: “We know specifically what they need, and we’re getting more face time and consideration by buyers than ever before.” –Jack Sweeney

Paolo Poma is uncertain how many times he met with bankers and investors during the first 6 months of 2009.The steady string of phone calls and conference rooms that once demanded the management of Ducati Motors Holding’s rapt attention, Poma tells us, have now blurred into a single, heart-pumping conversation.“I had to go in front of them and calculate for how long we were going be able to service the debt and comply with covenants without breaking any rules—despite the plummeting markets,” explains Poma, who had joined Ducati 2 years earlier as finance director.  An Italian motorcycle manufacturer, the firm had been acquired by a private equity investor in 2008 as part of a leveraged buyout on the eve of the banking sector’s 2008 financial crisis.Reports Poma: “The debt had been negotiated before Lehman’s collapse and now had to be serviced during this very challenging time.”On one side of the table, Ducati’s investors were expressing their eagerness to keep things moving forward, while on the other, their bankers were continuing to urge caution.  “At first, the banks were worried about getting their money back, but then it became kind of a strange situation in which they saw Ducati’s KPIs improving despite the circumstances, so they became no longer in such a hurry to get their money back,” recalls Poma, who was named deputy CFO later in 2009 upon the resignation of Ducati’s CFO, who was Poma’s then-boss. Poma would serve two years in the deputy capacity before being named Ducati CFO in 2011.In 2015, when Volkswagen’s Audi division announced that it was buying Ducati, Poma was asked to serve as CFO of Volkswagen Group Italia, an indication that he had made a positive impression on Ducati’s new owner.  For Poma, no matter what the next career chapter may be, the lessons from 2009 will always linger.He comments: “Many times, I thought, ‘Why not quit?!’—but after looking back, I would now tell myself, ‘Stay where you are! You are in a place where you are really going to grow a lot.’” –Jack Sweeney

After Galit Yaakobovitz relocated from Israel to the United States back in the mid-2000s, there was little question that the move had given her career a boost.Still, it was the next relocation—the one that would move her and her husband from New Jersey to California—that ultimately allowed her to place both feet on a finance career path.Back in 2006, Yaakobovitz was a technology implementation consultant living in Israel when she was hired by M-Systems to oversee the implementation of an ERP system for its finance function around the world. However, within 12 months, M-Systems was sold to its flash memory rival SanDisk—which left Yaakobovitz to wonder whether she would have a future at the newly merged firm.In short order, the management of SanDisk eased her concerns by offering her a spot on the global implementation team for the company’s finance organization, an appointment that required her to relocate to SanDisk’s New Jersey offices.“At the time, different geographies had their own requirements, so it was very challenging to design a system that would serve everyone globally,” recalls Yaakobovitz, who within 2 years was recruited by SanDisk’s chief accounting officer to spearhead a new revenue recognition systems project at the firm’s Milpitas, California, headquarters. Upon completion of the systems project, Yaakobovitz received an invitation to join the finance team, which meant severing ties with her technology implementation roots. What’s more, she was moved to the FP&A team rather than the accounting department, where she had spent most of her systems implementation days.“This was a huge leap for me as far as understanding the business through data analysis and other aspects went,” observes Yaakobovitz, who—after 7 years with SanDisk—next sought to slow things down for a year or two as her young family grew by joining an M&A consultancy promising more manageable hours.Nevertheless, when a recruiter called her roughly a year later and briefed the FP&A executive not about an IT implementation role but about a senior finance position at an early-stage biotech company, Yaakobovitz was all ears. –Jack Sweeney 

One key takeaway from Gainsight CFO Alka Tandan’s career journey is the importance of being open to new opportunities and pivoting when necessary.Tandan started in investment banking, transitioned to media, and then vectored again to the SaaS industry.Looking back on the first move of her career, Tandan says that she “came to a decision” and quickly became focused on the best way to execute it. “Investment banking gave me incredible exposure to a range of business models and industries, but after 5 years, I realized that I really wanted to be on a company’s journey, so business school became the tool that I used to transition to industry,” Tandan reports.To better highlight her industry career-building years, Tandan discusses with us the 4.5 years that she spent with IGN Entertainment, an Internet media company that at the time was operating as a division of News Corp. “I came in as they were separating IGN’s finance organization from News Corp., which required us to build the finance function from the ground up,” recalls Tandan, who adds that in the years that followed, IGN’s finance team became involved in six different M&A transactions.Other career chapters that Tandan highlights for us include her experience as interim CFO (2021–2022) for Gainsight, the SaaS software developer that pioneered the customer experience realm known as “customer success.” Tandan tells us that her year as interim CFO allowed her to “test out the role” before assuming the position.There’s little doubt that fortunate timing contributed to what became Tandan’s ultimate door-opener for the CFO office. Having first joined Gainsight in May 2019 as vice president of finance, Tandan had already logged 18 months with Gainsight when Vista Equity Partners acquired the firm for $1.5 billion in November 2020. Tandan would assume her interim CFO role only 3 months later.Overall, CFO Tandan’s story is a reminder that career paths are rarely linear and that being adaptable and open to new experiences can lead to unexpected opportunities.Asked how Gainsight’s finance team has worked to better educate the organization when it comes to achieving more profitable growth in the current economic environment, Tandan responds: “Luckily, since we were already with Vista, we were on the right path, so I wouldn’t say that there has been any huge shift for us in terms of educating the organization.” –Jack Sweeney

In this Planning Aces episode, host Jack Sweeney and guest host Ben Murray discuss the collaborative organizational effort behind generating business intelligence (BI) and the different places BI resources may reside within a business, with reference to an episode featuring Gary Zyla, CFO of AssetMark. The hosts also discuss the role of finance in enabling sales, the challenges faced by sales teams, and the importance of financial discipline and visibility in a company’s financials, regardless of market conditions. The episode features insights from other finance leaders, including Teodora Gouneva, CFO of Next Insurance, and Wailun Chan, CFO of Grafana Labs.

Robert Mitchell had been sizing up new venture opportunities for PayPal for roughly 3 years when the door to an operations role swung open.Impressed by his financial modeling know-how, Mitchell tells us, PayPal’s credit bosses “handpicked” him to create a framework for launching and monitoring new credit offerings.For Mitchell, there was no turning back.“They just told me that I was a smart guy and that I could figure things out,” recalls Mitchell, who adds that the fact that the new position was in Brussels didn’t even give him pause.From the start, Mitchell viewed the position as a critical career rung that would allow him to climb above his financial modeling stints.“I was the guy who could whiteboard an idea or financial model, present it, size it, and do anything that you wanted to it,” continues Mitchell, who observes that prior to the Brussels post he had mostly been an “individual contributor” and not someone who empowered teams.“The role really taught me how to think through processes end-to-end and how to launch a program while working with and leading different operational teams,” explains Mitchell, who credits his previous experience with having helped to put in motion a critical career pivot.  “When I came back, I was able to serve in a controllership role that would have typically gone to someone with more of a traditional auditing background,” comments Mitchell, who notes that he had “raised his hand” and begun speaking with PayPal’s chief accounting officer about potential positions before arriving back in the States.Moreover, Mitchell tells us that it was roughly at about this time that he began to think about different experience gaps on his CFO resume and the types of roles that could help him to fill them.Says Mitchell: “I had some work ahead of me, but the path was now visible.” –Jack Sweeney

Finance leader Betsy Ward wants you to know that she doesn’t have an itchy trigger finger—but she does have an inner trigger and knows when it’s been set off.There’s no doubt that few professional colleagues would ever think to associate the time-tested gunslinger trope with the exponentially mild-mannered Ward, who has led insurance giant MassMutual through a string of strategic transactions since her arrival in its CFO office in 2016.Still, as Ward seeks to help us to better understand the unique mix of skills that distinguishes her from her CFO peers, her words alert us to a confidence that comes from experience not found on a more traditional corporate finance resume.  “I have a trigger that lets me know when I need to look into something and ask myself ‘Do we keep that? Do I need to manage it? Do I need to sell?,’” explains Ward, who spent 10 years in asset management before joining MassMutual in 2007 as chief risk officer.“I’ve always looked at outcomes—baseline outcomes, which in finance we typically call ‘the plan’—but I’ve always considered scenarios, too,” comments Ward, whose list of recent transactions includes the acquisition of Great American Life Insurance Company (now MassMutual Ascend) and the combination of OppenheimerFunds with Invesco in 2019.Ward’s team uses a variety of metrics to bring different scenarios into sharper focus.    “We asked ourselves what it would take to make our retirement business not only perform well but also be more scalable, and here’s where our productivity metrics really came into play,” recalls Ward, highlighting MassMutual’s headline-grabbing decision to sell its retirement business to Empower in 2020.According to MassMutual’s CFO, finance provides her organization not so much with advice as with a “thesis” for guiding business decision-making.   Says Ward: “I think that what my background brings to the financial side is this scenario type of analysis, as well as the notion of having a thesis for businesses, for assets, and for products.” –Jack Sweeney

A brief summary of this episode