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Tag: CFO

  • How leaders like Jamie Dimon and Microsoft president Brad Smith are trying to ease employee anxiety about AI | Fortune

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    Good morning. As artificial intelligence reshapes how people work, some business leaders are betting less on replacing employees—and more on helping them adapt to the technology.

    Jamie Dimon, CEO of JPMorgan Chase, the U.S.’s largest bank, has emerged as one of the most vocal executives urging caution about AI’s impact on jobs. Dimon expects to employ fewer workers in the next five years, but he warned that rushing into AI-driven layoffs without safeguards could backfire, potentially triggering “civil unrest,” he said recently while speaking at the World Economic Forum meeting in Davos, Switzerland, Fortune reported.

    Dimon said he would even welcome government bans on replacing large numbers of workers with AI if that were necessary to “save society.” He also insisted that companies must plan for the human consequences of automation. “I have a plan to retrain people, relocate people, income-assist people,” Dimon said of the 300,000-plus employees on his payroll.

    Regarding the AI boom set to take hold in enterprises, there is significant computing power needed to underpin it all. For more on that topic, I recommend a Fortune feature by my colleague Sharon Goldman, “At the edges of the AI data center boom, rural America is up against Silicon Valley billions.”

    Building a future where AI uplifts human talent

    Dimon is not alone in calling for AI strategies that put people at the center. Also in Davos, Microsoft President Brad Smith took on what he described as a defining question for leaders during a Harvard Business Review executive panel session: “Can technology be a platform that enables people to get better?” He framed the future of work as a race between humans and machines. “If we’re just going to say today, ‘the best we are today is the best we’re ever going to be,’ then computers will outpace us,” he said.

    Smith argued that the outcome changes if each advance in AI is used to upgrade human capability rather than replace it. If workers can use smarter machines to get better at their jobs, he suggested, then in many areas “machines will never catch up.” “You talk about leadership,” he added. “Are we not going to use, as employers and as leaders, technology as tools to help our employees get better themselves?”

    Those questions are becoming more urgent as AI moves from experimentation to everyday use. This year, AI is shifting from the pilot and testing phase to enterprise-wide scaling as worker access to AI tools expands, according to Deloitte’s State of AI in the Enterprise 2026 report. Surveyed companies have broadened worker access to AI by around 50% in just one year. While only about one-quarter of respondents said their organizations have moved 40% or more of their AI experiments into production so far, more than half expect to reach that level in the next three to six months.

    Yet the report also highlights a gap that connects directly to the concerns raised in Davos. Insufficient worker skills are cited as the biggest barrier to integrating AI into the business, even as fewer than half of companies are making significant changes to their talent strategies. For leaders like Dimon and Smith, the message is clear: the real test of AI leadership may be less about how quickly companies adopt new tools and more about how effectively they help their people keep up.

    Sheryl Estrada
    sheryl.estrada@fortune.com

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    Bénédicte de Bonnechose was appointed CFO of the Michelin Group, effective June 1. She will succeed Yves Chapot. A member of the Michelin Executive Committee since Jan. 1, 2021, Bonnechose currently supervises the Urban and Long-Distance Transportation Business lines, as well as the European region. She joined the Michelin Group in April 2019 as deputy group CFO. 

    Dan Karpel was appointed interim CFO of Caleres (NYSE: CAL), a portfolio of consumer-driven footwear brands, effective immediately. Karpel also serves as the company’s SVP and chief accounting officer. He succeeds Jack Calandra, who is leaving Caleres at the end of the month to pursue other opportunities. His departure is not related to any disagreement with the company. The company started an external search for a permanent successor.

    Big Deal

    Organizational AI adoption has not changed meaningfully from the previous quarter, according to a new Gallup report. In Q4 2025, 38% of U.S. employees said their organization has integrated AI technology to improve productivity, efficiency and quality, while 41% said their organization has not implemented AI tools and 21% said they don’t know. These results are similar to Q3 figures. 

    Gallup reports that employees in technology, finance and higher education show the highest levels of AI use, especially compared with employees in retail, manufacturing and health care.

    However, the report also finds that employees who already use AI at work did so slightly more often in the fourth quarter of 2025 than in the prior quarter, continuing a gradual increase since 2023. The share of employees who use AI daily has grown from 10% to 12%, and frequent use—defined as engaging with AI at work at least a few times a week—has edged up three points to 26%.

    Courtesy of Gallup

    Going deeper

    “Minnesota-based CEOs, including Fortune 500 bosses, call for ‘immediate de-escalation of tensions’ after fatal shooting” is a Fortune article by Jason Ma.

    In an open letter Sunday from the Minnesota Chamber of Commerce, more than 60 CEOs said the business community has been working behind the scenes with officials for several weeks. 

    “With yesterday’s tragic news, we are calling for an immediate de-escalation of tensions and for state, local and federal officials to work together to find real solutions,” CEOs state in the letter. 

    Overheard

    “Retailers did not ask to be put into the middle of America’s political and legal fight over immigration. But they are being drafted nonetheless, and need to scream these facts loudly from the mountaintops to de-escalate a worsening situation.”

    —Jeffrey Sonnenfeld, professor and founder of the Yale Chief Executive Leadership Institute, and Steven Tian, a research director at the institute, and a former analyst for Rockefeller Capital Management, write in a Fortune opinion piece.

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    Sheryl Estrada

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  • Why Jollibee is turning to a U.S. IPO to fuel global growth | Fortune

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    Good morning. Chickenjoy—its crispy, juicy fried chicken—and Jolly Spaghetti are signature menu items at Jollibee, a Filipino fast-food chain that is building a growing fan base in the U.S. Now, the company is setting its sights on Wall Street. 

    The Philippines-based Jollibee Foods Corporation (JFC), the restaurant’s parent company, disclosed earlier this month that it plans to spin off its international operations and pursue a U.S. initial public offering for that business. The contemplated spin-off and listing are targeted for late 2027, leaving “quite a bit of time ahead of us for the work to be done,” Jollibee Global CFO Richard Shin said during a Jan. 14 media roundtable.

    JFC, which includes restaurant brands such as Smashburger and The Coffee Bean & Tea Leaf, is currently traded as a single group on the Philippine Stock Exchange and operates in 33 countries. Over the past 15 quarters, JFC’s international network has posted a 26.7% compound annual growth rate, outpacing the group’s overall 15.1% rate of expansion. The separation reflects increasingly distinct strategic profiles for the domestic and international businesses, Shin said.

    In March 2025, Jollibee launched its first U.S. franchising program. After opening its first North American location in 1998 in Daly City, California, the brand has since expanded to more than 100 locations across the U.S. and Canada as of early 2026.

    Why go the route of a U.S. IPO? “I think there’s a fact that we can all agree on: the U.S. capital markets have deep investor-based experience in valuing global consumer and restaurant growth companies,” Shin said on the call.

    Many such companies are still growing into their potential yet are often rewarded with higher multiples and valuations, he said. While that outcome is not guaranteed for JFC, a U.S. listing offers greater capital depth, liquidity, and broader analyst coverage, with any final decision subject to valuation and required approvals, he added.

    The IPO market in the U.S. is heating up again, Fortune’s Jeff John Roberts writes in a new feature article. “While 2026 will almost certainly not match the banner year of 1999, which saw 476 companies go public, investors should have far more choices than they did four years ago, when just 38 firms held an IPO,” he writes.

    Shin also framed the separation of JFC in terms of simplifying how investors assess the corporation, noting the group includes businesses at different stages of their life cycles, with varying returns and opportunities. Distinct domestic and international entities, he suggested, could offer investors clearer, more targeted investment options as the strategic profiles of the two segments continue to diverge.

    Reasons for pursuing the separation include improved transparency, discipline in capital allocation, execution against the growth strategy, and the ability to attract an investor base aligned with the risk–return profile of each business rather than being judged solely on short-term financial metrics, he said.

    “The transaction is aligned with the Jollibee Group’s long-term value creation strategy,” Shin said.

    With its eyes on Wall Street, Jollibee is betting that global taste and investor appetite will be on its side.

    Sheryl Estrada
    sheryl.estrada@fortune.com

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    Helen Cai was appointed senior executive vice president and CFO of Barrick Mining Corporation (NYSE: B), effective March 1, following the departure of long-serving finance chief Graham Shuttleworth, who will be leaving the company after its year-end results. Cai has served on Barrick’s board since November 2021 and brings more than 20 years of experience in equity research, corporate finance, capital markets, and M&A at firms across the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation.

    Meredith Peck was named CFO of Zekelman Industries, the largest independent steel pipe and tube manufacturer in North America. Peck succeeds Mike Graham, who will retire on May 15 following a planned transition period. She brings more than 20 years of financial leadership experience to Zekelman Industries and most recently served as CFO for COTSWORKS, Inc., after earlier roles as the company’s controller and then vice president of finance and administration. Earlier in her career, Peck held senior leadership roles at KeyBank and began her career in public accounting at PwC, and she is also a former U.S. Coast Guard officer.

    Big Deal

    In a blog post on Sunday, OpenAI CFO Sarah Friar provided an update on the tech giant, including its revenue. In 2023, revenue reached $2 billion in annual recurring revenue; it rose to $6 billion in 2024 and jumped to more than $20 billion in 2025.​

    This revenue growth closely tracked an expansion in computing capacity. OpenAI’s computing capacity rose from 0.2 gigawatts (GW) in 2023 to 0.6 GW in 2024 and about 1.9 GW in 2025.​

    Friar writes: “Compute is the scarcest resource in AI. Three years ago, we relied on a single compute provider. Today, we are working with providers across a diversified ecosystem. That shift gives us resilience and, critically, compute certainty.”​

    In an accompanying LinkedIn post, Friar said that from a finance perspective, demand is real and growing at rates never seen by any company previously, and that customers are paying in proportion to the value delivered. She added that capital is being deployed deliberately into the constraints that actually matter, especially compute. 

    Going deeper

    ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) have published a Global Economic Conditions Survey, based on the results of their Q4 2025 poll. Members from around the world share their views on the macroeconomic environment. 

    Confidence among CFOs improved somewhat, but remained below its historic average, and the key indicators point to caution at their firms, according to the findings. Accountants flagged economic pressure, cyber disruption, and geopolitical uncertainty as the top risk priorities, underscoring that risks are increasingly complex and interlinked. 

    “Accountants remain cautious entering 2026, amid a highly uncertain global backdrop,” Jonathan Ashworth, chief economist of ACCA, said in a statement. “The global economy performed better than expected in 2025 and looks set to remain resilient in 2026 amid recent monetary easing by central banks, stock market gains, supportive fiscal policies in key countries, and the ongoing global AI boom.” However, there remains significant uncertainty, amid a wide range of risks, “not least on the geopolitical front, which are more heavily skewed to the downside,” he said.

    Overheard

    “We are entering an IPO ‘mega‑cycle’ that we expect will be defined by unprecedented deal volume and IPO sizes.” 

    —Goldman Sachs’ global co-head of investment banking, Kim Posnett, recently told Fortune. Posnett discussed how she sees the current business environment and the most significant developments in 2026 in terms of AI, the IPO market, and M&A activity. Posnett, named among the leaders on Fortune’s Most Powerful Women list, is one of the bank’s top dealmakers and also serves as vice chair of the Firmwide Client Franchise Committee and as a member of the Management Committee.

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    Sheryl Estrada

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  • How AI is redefining finance leadership: ‘There has never been a more exciting time to be a CFO’ | Fortune

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    Good morning. This year has shown that AI isn’t just a buzzword anymore—it’s redefining finance. 

    In covering AI, I’ve spoken with CFOs across industries who are focused on value creation and developing real-world use cases for AI to reshape everything from forecasting and financial planning to strategic decision-making. As data moves faster than ever, finance leaders are asking a new question: not what AI could do, but how it can truly transform the enterprise. I’ve also talked with industry experts and researchers about topics ranging from the ROI of AI to “prompt-a-thons” and debates over whether AI will turn CFOs into chief capital officers.

    Finance chiefs are signaling the next big evolution—2026 will be the year of enterprise-scale AI. Pilot programs and proofs of concept are giving way to avenues for full-scale deployment as CFOs expect AI to deliver measurable value: faster decisions, leaner operations, and predictive insights that can provide a competitive edge. However, that level of transformation comes with new demands—governance, data integrity, and human oversight matter more than ever.

    I recently asked finance chiefs from leading companies how they expect AI to redefine what it means to lead in finance. For instance, Zane Rowe, CFO at Workday, told me: “There has never been a more exciting time to be a CFO with AI unlocking new opportunities for value creation through unprecedented data and insights. Most of the focus has been on experimentation and discovering the art of the possible, but this year, leaders will shift from ‘What can AI do?’ to ‘How do we build the foundation for scale?’ They will manage a more nuanced AI portfolio that balances launching pilots with rolling out proven solutions, and they will prioritize the unglamorous but critical work of data governance, process redesign, and maintenance of new technologies. Success in 2026 will be defined by how we mature our AI strategy to ensure it is both agile, durable, and enterprise-grade.”

    Shifting from the perspective of a major tech company to a beauty and cosmetics leader, Mandy Fields, CFO at e.l.f. Beauty offered this prediction: “From where a CFO sits, AI simultaneously helps broaden our view to get a better macro picture and can help put a sharper focus on very specific points of interest. e.l.f. Beauty is growing globally, and AI has visibility across it all. Going into next year, we’ll continue to explore how we best leverage AI in finance to lean into its strengths. It’s a pretty similar approach to our high-performance teamwork culture in which we encourage the team to pursue and thrive in the areas where they have expertise, learn continuously and move at e.l.f. speed.”

    You can read more insights from over a dozen CFOs on how AI will shape finance in 2026 in my complete article here.

    This is the final CFO Daily of 2025. The next issue will land in your inbox on Jan. 5. Thank you for your readership—and wishing you a wonderful holiday season. See you in 2026!

    Sheryl Estrada
    sheryl.estrada@fortune.com

    This story was originally featured on Fortune.com

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    Sheryl Estrada

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  • AI is reshaping banking—but not causing a jobs wipeout | Fortune

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    Good morning. An AI-fueled takeover of finance jobs doesn’t appear imminent, experts say.

    My Fortune colleague Emma Burleigh takes a deep dive into this topic in her new report, “Is AI really killing finance and banking jobs? Experts say Wall Street’s layoffs may be more hype than takeover—for now.” For example, despite Wall Street’s headline-grabbing layoffs this year, overall headcount across banking and finance has remained relatively stable.

    “I think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining,” Pim Hilbers, a managing director working with banking and talent at BCG, told Burleigh. “I don’t see that changing anytime soon. That doesn’t mean that everybody just stays in their job for life. I think we see a lot more mobility than we saw in the past.”

    Burleigh writes about the banking sector: “So far, America’s largest financial institutions haven’t been making deep workforce cuts. Bank of America employed just four fewer workers at the end of the third quarter this year, compared to 2024. In that same time period, JPMorgan saw its headcount climb by 2,000 employees, and more than a third of the new staffers were brought onto corporate operations. Even Goldman Sachs, which implemented multiple rounds of layoffs this year, employed 48,300 this September—around 1,800 staffers higher than the year before.

    “Banks aren’t ready to shed staffers just yet; experts tell Fortune they’re pulling back on headcount growth for as long as possible, leaning on AI efficiency gains until they’re forced to add more humans to payroll. They predict this sluggish period of hiring could last for years.” Although AI isn’t replacing bankers just yet, there could be trouble on the horizon for marketers and accountants. You can read the complete report here. 

    Regarding banking, AI is also reshaping competitive advantage, a recent BCG report finds. Predictive, generative, and agentic AI are redefining the foundations of scale, efficiency, and customer experience. Banks must anchor AI strategy in business strategy. And “winning institutions” focus on where AI will deliver real returns, not just on deploying more technology, according to BCG.

    Sheryl Estrada
    sheryl.estrada@fortune.com

    This story was originally featured on Fortune.com

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    Sheryl Estrada

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  • Social Capital: The Best CFOs in the Business Share How They Turn High Follower Counts Into Higher Valuations

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    When you think of a chief financial officer, you’re probably imagining spreadsheets and revenue models rather than influencer collabs and viral videos. But for many CFOs these days, especially at consumer-facing companies, the importance of social media can’t be ignored. Brands are built, customers are wooed and sales are made on apps like TikTok and Instagram—platforms which number-crunchers ignore at their own peril.

    It’s notable, then, that of the five executives who landed on Inc.’s 2025 “Entrepreneurial CFOS of the Year” list, the three who hail from consumer product companies—Therabody’s Jim Allwein, Poppi’s Joshua Gittler and Nourish’s John McGrath—all have nuanced and clear-sighted perspectives on how social marketing meshes with their financial strategies.

    “There is a direct correlation between our social presence, our community mentions, and the commercial performance,” says Allwein, CFO at the wellness tech company Therabody, which has built a 1.1 million follower count on Instagram and a strong foothold among influencers while also securing double-digit revenue growth. Pointing to the company’s ongoing relationship with Buffalo Bills quarterback Josh Allen, he adds that the company sees “measurable spikes in sales and site visits and so forth [from] partnering with Josh.”

    Allwein cites an internal metric that Therabody tracks called ROMI, or “return on marketing investments,” as allowing the company to measure the upside of their social media strategies, and pivot strategies accordingly.

    “You can instantly see if there’s results … so we can then take monies and shift them around based on what’s performing well,” he explains. “That would even be at a SKU level or a search level. It’s pretty powerful, and we track that daily.”

    Gittler—CFO at the Gen Z-friendly, better-for-you soda startup Poppi, which PepsiCo acquired earlier this year for almost $2 billion—says that having a strong online presence has helped his company build a strong consumer base, too, which in turn leads to material upsides such as faster sales conversions or getting granted more shelf space by retailers.

    Part of his job as CFO, then, is to help budget for Poppi’s marketing efforts and then use KPIs to track success.

    “You can’t really assign perfectly a dollar value to one follow or one viral video, but you can have ways to measure the impact of those moments on the full funnel,” he says. At Poppi, that includes equating spikes in online chatter with pops in sales quantity, repeat purchases or household penetration. “It helps to strengthen our earned media flywheel, and it also helps to lower our reliance on paid spend because… those dollars are working so much harder for us.”

    So did Poppi’s strong online following—over 800,000 on TikTok, plus another 615,000 on Instagram—help close their multi-billion-dollar exit? Gittler demures, noting that he can’t speak for Pepsi, but says the acquisitive soda giant was complementary of Poppi’s social media efforts and that the brand’s pickup among Gen Z was a “meaningful” part of negotiations.

    For McGrath, CFO of the telehealth nutrition startup Nourish, social media offers a key pipeline for growing the emerging telehealth market. Somewhere between 150 and 200 million Americans would benefit from seeing a registered dietitian, but only a fraction of them are having their needs met, he explains; social media offers a way to reach them.

    It’s working, too. Nourish has 66,000 followers on Instagram and 45,000 on TikTok, which is more than you might expect of a health services company. That’s on top of hitting unicorn status earlier this year through a $70 million Series B.

    Nourish sets defined thresholds, McGrath explains, where the company looks to bring back a certain return on each marketing dollar it invests. That benchmark is based on a target 3x ratio of LTV to CAC, or lifetime value to customer acquisition cost, as well as payback period, or how long it takes to recoup marketing spend and break even. The marketing team’s mandate is to get as many patients as they can within that constraint, he adds.

    Of course, your social media presence will have a low ceiling if what you’re offering isn’t any good—so make sure you have a clear product value prop, the telehealth CFO advises.

    “If you’re solving an acute pain point in a way that is differentiated from the market, it’s kind of like [an] ‘If you build it, they will come’ type of thing,” he says. “So much of it comes down to just, build a great product and service and the rest will take care of itself. It’s less about focusing on engagement or followers for the sake of engagement or followers.”

    Allwein, Gittler and McGrath were recognized by Inc. as Best in Business Entrepreneurial CFOs of 2025 alongside Jonathan Carr of the cybersecurity firm Armis and Gina Mastantuono of the enterprise software company ServiceNow.

    The final deadline for the 2026 Inc. Regionals Awards is Friday, December 12, at 11:59 p.m. PT. Apply now.

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    Brian Contreras

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  • Exclusive: $1 billion canned water brand Liquid Death names new CFO as it gears up for expansion | Fortune

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    Good morning. Liquid Death has tapped Ricky Khetarpaul, a PepsiCo alum, as finance chief of the popular L.A.-based water startup that’s expanded into other beverages.

    “It’s a truly healthy beverage platform with a proven track record as an innovator across categories,” Khetarpaul told me. “I’ve been a big fan of Liquid Death.”

    Founded in 2017 by CEO Mike Cessario, Liquid Death is valued at approximately $1.4 billion and is known for its edgy, skeleton-stamped tallboy cans filled with water, sparkling water, or iced tea with fruit juice—not alcohol.

    In 2024, the company’s scanned sales were north of $300 million, and it has achieved a 380% CAGR since its 2019 launch. This month, Liquid Death announced a new distribution deal with Big Geyser in New York.

    Khetarpaul succeeds Karim Sadik-Khan, who joined Liquid Death as finance chief in June 2024. Sadik-Khan is currently the CFO at Spindrift, according to his LinkedIn profile.

    Before joining Liquid Death, Khetarpaul was the CFO of Health-Ade, a kombucha and gut-health soda brand. He previously served as North America CFO for Lavazza, spent over eight years in finance at PepsiCo, leading reporting, forecasting, and planning for a $5 billion beverage portfolio, and held leadership roles at Sabra Dipping Co. and Walgreens Boots Alliance.

    He noted that the biggest challenge for CPG (consumer packaged goods) brands is building strong consumer loyalty. “Even bigger brands I’ve worked with have struggled,” he said. “But in just a few years, Liquid Death has built one of the biggest fan bases in the beverage industry.”

    Strategic marketing

    According to a recent NCSolutions survey, half of Gen Zers said they are alcohol-free by choice, and 43% believe Gen Z is driving the “sober curious” movement. Gen Z and millennials account for over 70% of Liquid Death’s customers.

    Cessario, a former marketing executive, credits the company’s entertainment-first, social media-centric marketing for its strong appeal among young consumers. Liquid Death has 14.5 million followers across TikTok and Instagram.

    Khetarpaul sees marketing as a growth center, drawing on his own experience in sales and marketing at PepsiCo before moving into finance. “I view the CFO role as a growth driver, not just a traditional controller,” he said. “Liquid Death’s marketing converts brand awareness into sales; the company is very metrics-driven. We measure marketing investments both strategically and in terms of ROI, which is music to any CFO’s ears.”

    The brand has also run campaigns with celebrities and partners. For example, it recently launched a limited-edition Fruity Pebbles sparkling water called Cereal Criminal on Amazon. Liquid Death plans to enter the $23 billion energy drink market in 2026 with Liquid Death Sparkling Energy, which is naturally caffeinated from coffee beans rather than synthetic sources, Khetarpaul said.

    However, the segment is highly competitive, dominated by brands such as Red Bull and Monster. As CFO, Khetarpaul is set to play a key leadership role in helping Liquid Death become the “next true multi-category beverage brand,” Cessario said in a statement.

    Backed by a loyal fan base and an ambitious CFO, Liquid Death is ready to disrupt the beverage aisle—again.

    Sheryl Estrada
    sheryl.estrada@fortune.com

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    Lydia Brown has been appointed CFO of Citrin Cooperman, a professional services provider for private, middle market businesses and high net-worth individuals, effective Oct. 13. Brown succeeds Larry Diamond, who will retire after three years of dedicated service as the firm’s CFO. Brown brings more than 30 years of experience in the professional services industry, including senior financial leadership roles across both private-equity-backed and publicly traded companies. Most recently, she served as CFO for HKA, a global consultancy.

    Craig Chamberlin was appointed EVP and CFO of Vertiv Holdings Co. (NYSE: VRT), a digital infrastructure company, effective Nov. 10. Chamberlin succeeds David Fallon, who previously announced his intention to retire from Vertiv and serve as a consultant to the company through Dec. 31. Chamberlin joins Vertiv from Wabtec Corporation, where he most recently served as group VP and CFO of the company’s transit segment.

    Big Deal

    The 2025 Fortune Most Powerful Women (MPW) Summit began on Monday in Washington, D.C., and continues through Wednesday. You can join us at MPW via livestream for the main stage sessions. View the agenda here.

    The MPW franchise started in 1998 with the publication of the first-ever Most Powerful Women in Business ranking. The response to this list made it clear that these trailblazing women needed a platform to come together and discuss the unique challenges they were facing. And so, Fortune MPW evolved into a community of leaders that gathered at invite-only events, such as the annual Summit. This year’s theme is “Leading in a Dynamic World.” 

    Going deeper

    The latest EY Global IPO Trends report found that in Q3 2025, global equity markets rebounded strongly, with major indices in the U.S., Asia, and Europe reaching new highs after months of pressure from tariffs, interest rate uncertainty, and debt concerns. The rally was driven by looser monetary policy and solid corporate earnings, according to the report.

    Overheard

    “Frankly, this thing that trade is dead is completely overstated. Trade is like water. You put [up an] obstacle, it goes around it.”

    —Kristalina Georgieva, head of the International Monetary Fund, said during the Fortune Most Powerful Women summit in Washington, D.C., on Monday. Georgieva downplayed any fears of a trade war but recognizes the world is becoming “foggier” and full of uncertainty. She said one of the biggest challenges comes from getting buy-in that cooperation is better than division: “We are in this one big boat. It is a rough sea. We’d better row together,” Fortune reported.

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    Sheryl Estrada

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  • xAI hires former Morgan Stanley banker Anthony Armstrong as CFO | TechCrunch

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    Elon Musk’s AI company, xAI, now has a new chief financial officer: Former Morgan Stanley banker Anthony Armstrong, the Financial Times reported, citing anonymous sources.

    Armstrong, who previously advised Musk during the Twitter deal, will oversee the finances of both xAI and X, which were merged in April, the report said. The former banker has been working with xAI for several weeks and was only recently appointed as CFO, the FT added.

    xAI has been without a CFO since its previous finance head, Mike Liberatore, left the company in July, and Armstrong’s appointment follows a slate of high-profile executive departures at both xAI and X.

    xAI’s general counsel, Robert Keele, left the company in August after a little more than a year on the job. Raghu Rao, a senior lawyer, also departed around the same time, and Igor Babuschkin, one of xAI’s co-founders, in August said he was leaving the company to launch his own VC firm dedicated to AI safety research. Linda Yaccarino, former CEO of X, also resigned in July.

    Armstrong will take over from X’s current CFO, Mahmoud Reza Banki, who is leaving the company, the FT reported.

    xAI did not immediately return a request for comment.

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    Ram Iyer

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  • Orlando, Orange County push back on DOGE wasteful spending accusations

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    548. SEE YOU GUYS THEN. SEE YOU THEN. TONY. ALL RIGHT. THE STATE DOSE TEAM CONTINUES TO TARGET WHAT THEY CALL WASTEFUL SPENDING BY CITIES AND COUNTIES. ORLANDO IS TAKING THE LATEST HIT FROM REPUBLICAN LEADERSHIP. BUT AS WESH TWO NEWS POLITICAL REPORTER GREG FOX EXPLAINS, THE STATE IS LEAVING OUT KEY INFORMATION. ROSES ARE RED, VIOLETS ARE BLUE. OUR PROPERTY TAXES ARE HIGH BECAUSE OF YOU. USING RHYME AND METER, REPUBLICAN CHIEF FINANCIAL OFFICER BLAISE INGOGLIA BLASTED SPENDING IN THE CITY OF ORLANDO DURING THE PAST TWO MONTHS, THE CFO AND STATE DOSAGE TEAM HAVE BEEN REVIEWING SPENDING IN THE CITY AND IN ORANGE COUNTY. THEY FLAGGED SEVERAL PROGRAMS, INCLUDING $460,000 SPENT COUNTING TREES, $150,000 SPENT ON ASSISTANCE FOR UNDOCUMENTED IMMIGRANTS, $67,500 OVER FIVE YEARS FOR HOT YOGA CLASSES, AND $6,000 ANNUALLY FOR A POET LAUREATE. THE PEOPLE KEEP ASKING, WHERE DOES IT GO? THE COFFERS RUN EMPTY, YET TAXES STILL GROW IN THE HALLS OF THE CITY. ONE LESSON IS CLEAR WASTEFUL SPENDING ECHOES YEAR AFTER YEAR. I CAUGHT UP WITH MAYOR BUDDY DYER AND HE SAYS THE CHIEF FINANCIAL OFFICER MAY HAVE WANTED TO DO A LITTLE MORE HOMEWORK BEFORE MAKING HIS REMARKS. IT’S ALL POLITICS. IT SHOULD BE BENEATH THEM. MAYOR DYER EXPLAINED THAT THE YOGA PROGRAM IS PART OF EMPLOYEE HEALTH AND WELLNESS, AND THE ASSERTION THAT THE CITY IS WASTING TAXPAYER MONEY. COUNTING TREES DOESN’T HOLD WATER. ACCORDING TO THE MAYOR, BECAUSE THE PROGRAM OF ENSURING THE HEALTH OF THE CITY’S TREE CANOPY ISN’T FUNDED WITH LOCAL TAX DOLLARS, STATE AND FEDERAL FUNDING. AND WE HAVE A TREE TRUST FUND WHERE IF YOU TAKE DOWN A TREE, YOU’VE GOT TO PAY INTO IT. SO NO GENERAL FUND RELATED TO THAT. SO THEY DIDN’T DIG VERY DEEP IN TERMS OF THEIR ANALYSIS AND CRITICIZING MONEY SPENT ON THE CITY’S POET LAUREATE. SEAN, WELCOME. DURING THE PAST FOUR YEARS, THE MAYOR POINTS OUT IT WAS MODELED AFTER THE STATE’S POET LAUREATE PROGRAM THAT’S BEEN AROUND FOR NEARLY A CENTURY, AND MONEY THAT GOES TO THE ORLANDO CENTER FOR JUSTICE TO ASSIST THOSE WITH IMMIGRATION CASES IS NOT FROM THE GENERAL FUND, BUT THROUGH GRANTS. RESPONDING TO CONTINUED CRITICISM FROM THE CFO ABOUT ORANGE COUNTY SPENDING, MAYOR JERRY DEMINGS RELEASED A STATEMENT SAYING ORANGE COUNTY TAKES ITS RESPONSIBILITY TO TAXPAYERS SERIOUSLY, AND WE STAND BY THE INVESTMENTS WE MAKE IN OUR COMMUNITY COVERING ORANGE COUNTY. GREG FOX, WESH TWO NEWS. THE STATE HAS GIVEN NO TIMETABLE ON WHEN THEY

    Orlando, Orange County push back on DOGE wasteful spending accusations

    Updated: 6:56 PM EDT Oct 2, 2025

    Editorial Standards ⓘ

    “Roses are red, violets are blue. Our property taxes are high because of you,” Florida Chief Financial Officer Blaise Ingoglia said during a Jacksonville news conference. The Republican used rhyme and meter to blast spending in the city of Orlando and Orange County, spending on programs that conservative leadership in Tallahassee considers wasteful and unnecessary. During the past two months, the CFO and state DOGE team have been reviewing spending in the city and county. Ingoglia flagged several programs in Orlando, including $460,000 spent “counting” trees, $150,000 spent on assistance for undocumented immigrants, $67,500 over five years for hot yoga classes and $6,000 annually for a poet laureate. Focusing on the poet laureate, Ingoglia said, “The people keep asking, where does it go? The coffers run empty, yet taxes still grow. In the halls of the city, one lesson is clear: wasteful spending echoes year after year.” WESH 2 News talked with Orlando Mayor Buddy Dyer, who said the CFO may not have done all the homework he should have before making his remarks, with Dyer adding, “It’s all politics. It should be beneath them.”Dyer explained that the yoga program is part of employee health and wellness, which is encouraged in cities and counties across the country. The assertion that the city is wasting taxpayer money counting trees doesn’t hold water, according to the mayor, because the program of ensuring the health of the city’s tree canopy isn’t funded with tax dollars, with Dyer adding, “That’s funded with state and federal grants. It is a State Department of Agriculture program that we’re doing, and we have a tree trust fund that, when you take down a tree, you have to pay into it. So there is no general fund in that. So they didn’t dig very deep in terms of their analysis.” Addressing the money spent on the city’s poet laureate, who has been Shawn Welcome during the past four years, the mayor points out that it was modeled after the state’s poet laureate program, that’s been around since 1927.It’s worth noting that the state does not pay a stipend to the poet laureate. Orlando had been paying less annually, but for the new poet laureate named this month, the annual stipend will amount to $6,000, up from $4,000 annually for Welcome. And money that goes to the Orlando Center for Justice, to assist those with immigration cases, is not from the general fund, but through grants. Responding to continued criticism from the CFO about Orange County spending, Mayor Jerry Demings released a statement saying, “Orange County takes its responsibility to taxpayers seriously, and we stand by the investments we make in our community.”

    ORANGE COUNTY, Fla. —

    “Roses are red, violets are blue. Our property taxes are high because of you,” Florida Chief Financial Officer Blaise Ingoglia said during a Jacksonville news conference.

    The Republican used rhyme and meter to blast spending in the city of Orlando and Orange County, spending on programs that conservative leadership in Tallahassee considers wasteful and unnecessary.

    During the past two months, the CFO and state DOGE team have been reviewing spending in the city and county.

    Ingoglia flagged several programs in Orlando, including $460,000 spent “counting” trees, $150,000 spent on assistance for undocumented immigrants, $67,500 over five years for hot yoga classes and $6,000 annually for a poet laureate.

    Focusing on the poet laureate, Ingoglia said, “The people keep asking, where does it go? The coffers run empty, yet taxes still grow. In the halls of the city, one lesson is clear: wasteful spending echoes year after year.”

    WESH 2 News talked with Orlando Mayor Buddy Dyer, who said the CFO may not have done all the homework he should have before making his remarks, with Dyer adding, “It’s all politics. It should be beneath them.”

    Dyer explained that the yoga program is part of employee health and wellness, which is encouraged in cities and counties across the country.

    The assertion that the city is wasting taxpayer money counting trees doesn’t hold water, according to the mayor, because the program of ensuring the health of the city’s tree canopy isn’t funded with tax dollars, with Dyer adding, “That’s funded with state and federal grants. It is a State Department of Agriculture program that we’re doing, and we have a tree trust fund that, when you take down a tree, you have to pay into it. So there is no general fund in that. So they didn’t dig very deep in terms of their analysis.”

    Addressing the money spent on the city’s poet laureate, who has been Shawn Welcome during the past four years, the mayor points out that it was modeled after the state’s poet laureate program, that’s been around since 1927.

    It’s worth noting that the state does not pay a stipend to the poet laureate. Orlando had been paying less annually, but for the new poet laureate named this month, the annual stipend will amount to $6,000, up from $4,000 annually for Welcome.

    And money that goes to the Orlando Center for Justice, to assist those with immigration cases, is not from the general fund, but through grants.

    Responding to continued criticism from the CFO about Orange County spending, Mayor Jerry Demings released a statement saying, “Orange County takes its responsibility to taxpayers seriously, and we stand by the investments we make in our community.”

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  • Snowflake tops Fortune Future 50, new CFO highlights AI leadership | Fortune

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    Good morning. U.S. tech companies, particularly in software, have dominated the 2025 Fortune Future 50 list.

    Snowflake, a cloud-based data storage company, takes the top spot on the list released this morning, followed closely by data, analytics, and AI provider Databricks. Both companies are fueled by the rise of AI in business—their platforms enable organizations to unlock and activate their own data as the foundation for artificial intelligence. Rounding out the top five are Celonis, DataRobot, and Astera Labs.

    Since 2017, Fortune has partnered with the consulting firm BCG to publish the Future 50, an annual index of global companies, both publicly traded and venture-backed private firms, with the strongest prospects for above-average, long-term growth. The list highlights top scorers in “corporate vitality,” a measurable and manageable quality that reflects a company’s innate ability to expand.

    Snowflake is not only well-positioned for growth but also preparing for leadership changes. Earlier this month, the company announced that Brian Robins will become CFO on Sept. 22, succeeding Mike Scarpelli, who is retiring. Robins served as CFO of GitLab since 2020 and, before that, held CFO roles at Sisense, Cylance, AlienVault, and Verisign, a Nasdaq-listed company.

    “Snowflake is at the center of the AI revolution,” Robins said in a statement. “I am thrilled to be a part of this hyper-growth phase.” He said he’s committed to helping the company scale efficiently to achieve its vision.

    Sridhar Ramaswamy, CEO of Snowflake, echoed that sentiment: “We’re incredibly confident in our next chapter of growth with Brian taking the helm as our new chief financial officer. Brian’s deep commitment to operational rigor and long-term high growth aligns perfectly with Snowflake’s strategic direction.”

    Robins will be tasked with sustaining Snowflake’s momentum. For the quarter that ended July 31, the company reported earnings of 35 cents per share, nearly double from the same period last year. Revenue climbed 32% to $1.1 billion, surpassing estimates of $1.09 billion.

    With a new finance chief, rising demand for AI-powered solutions, and continued revenue growth, Snowflake is aiming to remain a dominant force. View the complete Fortune Future 50 list here.

    Sheryl Estrada
    sheryl.estrada@fortune.com

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    Joshua Reed was appointed CFO of Alkermes plc (Nasdaq: ALKS), effective Sept. 15. Reed brings over 30 years of financial leadership experience. Most recently, he served as CFO of Omega Therapeutics, a then publicly traded biotechnology company. Before that, Reed was the CFO at Aldeyra Therapeutics. Earlier in his career, he spent more than a decade at Bristol Myers Squibb, culminating in his role as VP and head of finance operations for the U.S. and Puerto Rico.

    Travis T. Thomas, CFO of Ring Energy, Inc. (NYSE American: REI), has resigned effective immediately to pursue other opportunities. According to the company’s announcement, his resignation was not the result of any disagreement between Ring Energy and Thomas regarding financial, operational, policy, or governance matters. Rocky Kwon, currently VP of accounting, controller, and assistant treasurer, has been appointed interim CFO. The company has begun a search for a permanent replacement.

    Big Deal

    Americans’ trust in the responsible use of AI has improved since Gallup began measuring the topic in 2023, according to a newly released report. This year, about a third (31%) of Americans surveyed said they trust businesses to use AI responsibly—3% said “a lot,” and 28% said “somewhat.” In 2023, only 21% expressed trust in businesses’ use of AI.

    Still, skepticism remains. Forty-one percent of respondents this year said they do not trust businesses much when it comes to using AI responsibly, while 28% said they do not trust them at all.

    The findings come from the latest Bentley University–Gallup Business in Society survey, based on responses from 3,007 U.S. adults in a web-based poll.

    According to Gallup, the challenge businesses face as they deploy AI is clear: “They must not only demonstrate the technology’s benefits but also show, through transparent practices, that it will not come at the expense of workers or broader public trust.”

    Courtesy of Gallup

    Going deeper

    “Unconscious Uncoupling: CFO Business Partnering 2025” is a report by Datarails based on a survey of 240 U.S. heads of sales, marketing, HR, IT, customer service, and R&D departments regarding their relationships with CFOs. Although finance teams have evolved into strategic business partners, nearly all business executives (97%) still view their finance chief’s primary role as “limiting spending.”

     

    Overall, 51% of executives ranked poor communication as their biggest complaint in the relationship. IT executives reported having the strongest “business partner” relationship with the CFO’s office, according to the survey.

    “Without finance partnership, businesses will continue to lose significant opportunities to drive growth,” said Didi Gurfinkel, CEO and co-founder of Datarails.

     

    Overheard

    “In the same way that every company became a technology company, I think that every company will become an AI company.”

    —Robinhood CEO Vlad Tenev told David Rubenstein last week during an interview on Bloomberg Wealth.

    This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up for free.

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  • AI consulting firm hits $1 billion, makes employees part owners

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    Good morning. Retaining and engaging employees remains a core priority for many companies.

    For Synechron, this meant celebrating its $1 billion annual revenue milestone by making every employee a part owner. The private AI and tech consultancy recently announced its offering a universal equity grant to all 16,000 employees worldwide—each will receive $1,000 in restricted stock units (RSUs).

    Unlike typical performance- or tenure-based models, this RSU grant is equal for all employees, regardless of location or role. There’s no minimum tenure requirement for the award, which is granted to current employees only. The company maintains separate, performance-driven equity awards as well.

    Reaching $1 billion, bootstrapped and without outside investors, is a notable accomplishment, CEO and cofounder Faisal Husain told me. Founded in 2001, the once-small New York startup has grown over 24 years into a global player with offices in 21 countries.

    Leadership wanted a celebration of the milestone that reflected the company’s values, Husain said. After considering standard rewards like gift cards or gadgets, they chose a shared equity stake. “It’s the best form of appreciation,” he said.

    “We’ve all heard the stories—if you bought $1,000 of Amazon or Microsoft shares 20 years ago, it would be worth a lot today,” Husain told me. Synechron employees could have a similar opportunity. 

    Asked if an IPO is in Synechron’s future, he said it’s possible, but, for now, the focus is on growth, innovation, and helping clients through technology’s rapid changes. “We’ve kept the company privately held for 24 years,” Husain said. At some point, things may change, he added, “but we’re not in any rush.”

    Leadership sets the culture

    The grant ties directly to Husain’s leadership philosophy—it reflects a culture of transparency and inclusivity reinforced by regular town halls and a belief that everyone should share in the firm’s success, he said.

    I spoke with two Synechron employees. Roya Shahilow, chief of staff in London for a decade, recalled joining when revenue was just $300,000. “The $1 billion mark felt like a dream in the distance,” she said. “It’s a proud moment to have achieved that.”

    Annushree Chute, senior manager of immigration and travel in Pune, India, also with the company for 10 years, echoed that the excitement in the office was palpable when the news broke. Both credit the company’s supportive culture for their long tenures. “Connecting with everyone, from associates to the CEO, is very important,” Chute said. Shahilow added, “Granting these RSUs speaks volumes about our culture.”

    Every employee received a medallion as a physical symbol of their shares. Shahilow plans to frame hers; Chute will display hers on her desk.

    As CEO, Husain is both reflecting on this achievement and focused on future growth. “Now we have to chart a new path,” he said. “How do we go from $1 billion today to $10 billion? It’s my role to make sure we stay on the winning side.”

    Sheryl Estrada
    sheryl.estrada@fortune.com

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    Inder M. Singh was appointed CFO and chief operating officer of IonQ (NYSE: IONQ), a quantum computing and networking provider, effective immediately. Singh succeeds Thomas Kramer, who will remain at IonQ in an advisory capacity for up to 60 days. Singh most recently served as CFO of Arm, a British semiconductor and software design company, where he oversaw the majority of its IPO. Singh previously held several leadership roles at Unisys, a global technology solutions company, culminating with his position as CFO. Before that, Singh led financial strategy for Cisco, one of the world’s largest networking companies, as its VP of corporate financial strategy and M&A.

    Samantha Rutty was appointed EVP and CFO at Myers Industries, Inc. (NYSE: MYE), a manufacturer, effective Sept. 22. Rutty brings to her new role more than two decades of finance leadership experience across global services and manufacturing companies. She joins Myers from The Brink’s Company, where she had served as VP and CFO of Brink’s North America since November 2022. Before that, Rutty spent 20 years with Eaton Corporation in a series of senior finance roles, including director of finance, eMobility.

    Big Deal

    The Labor Department released the August jobs report on Friday, showing U.S. employers added just 22,000 jobs as the labor market continued to cool. Hiring slowed from an upwardly revised 79,000 in July. The unemployment rate rose to 4.3%, the highest level since 2021. 

    The results are likely to heighten concerns at the Federal Reserve about labor market weakness, according to a note to clients from BofA Global Research. “There is now clearer evidence of deterioration in labor demand, not just supply,” BofA economists wrote. “Therefore, we are changing our Fed call to show two 25bp cuts this year, in September and December.”

    Jerome Powell’s current term as chair of the Federal Reserve is set to expire in May 2026. BofA economists maintain their view that the next Fed Chair will guide the Federal Open Market Committee in a more dovish direction. They now expect another 75bp of rate cuts under the new chair, aiming for a terminal rate of 3.00-3.25%.

    “We pencil those in for June, September, and December 2026,” the note says. “This raises our forecast of cumulative cuts by end-2026 from 100bp to 125bp.”

    On Tuesday, the Bureau of Labor Statistics will publish its preliminary payroll revision, which recalculates which recalculates employment numbers for the previous year using more comprehensive data, such as company payrolls. 

    Going deeper

    “Anthropic reaches $1.5 Billion settlement with authors in landmark copyright case” is a Fortune report by Beatrice Nolan. 

    From the report: “Anthropic agreed to pay authors around $3,000 per book for roughly 500,000 works, after it was accused of downloading millions of pirated texts from shadow libraries to train its large language model, Claude. As part of the deal, Anthropic will also destroy data it was accused of illegally acquiring. The fast-growing AI startup announced on Sept. 2 that it had just raised an additional $13 billion in new venture capital funding in a deal that valued the company at $183 billion.” Read the complete report here.

    Overheard

    “We’re actually seeing the human skills coming into premium.”

    —Kelly Monahan, managing director of the Upwork Research Institute, told Fortune in a recent interview regarding the use of AI-generated content. 

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  • What empowers modern CFOs to lead with confidence and agility

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    When Argyro Apostolou joined her family’s business, founded more than 40 years ago by her father, Isidoros Garifalakis, she didn’t step right into the C-suite. She started as a receptionist at the front desk, learning the business from the ground up. Today, she’s Chief Financial Officer (CFO) of Omega Industries (Omega), one of the largest suppliers of main-line railroad crossings in the United States.  

    Her journey reflects a new reality: today’s CFOs aren’t focused solely on financial oversight, they’re leading enterprise-wide transformation. Argyro exemplifies this evolution. With Microsoft Dynamics 365, she makes faster decisions and helps future-proof Omega for the road ahead.  

    From gut instinct to predictive insight: the data-driven CFO  

    “I’ve seen how dramatically finance has changed,” Argyro reflects. “Thirty years ago, technology was scary. We didn’t trust it. But over time, I’ve come to see it as one of our greatest allies.”  

    Argyro Apostolou, CFO Omega Industries, with a gradient background.

    At Omega, Microsoft Dynamics 365 has become foundational to how the business operates. With real-time data at her fingertips, Argyro and her team act with better speed and precision. “With Dynamics, we’re not just faster, we’re better. The insights are accurate, timely and actionable. We make decisions with confidence because the data backs us.”  

    That reliability was put to the test in September 2024, when Omega experienced a major cybersecurity incident that shut down its servers and network access. Thanks to Dynamics 365 Business Central, the team retained access to a full year of data and continued paying vendors, billing customers and tracking sales without interruption. Without a cloud-based system, the organization would have faced weeks of operational downtime while restoring on-premises data. Instead, its continuity was preserved, and recovery was swift.  

    This kind of resilience changes how Argyro leads. “I can spot risks early. I see patterns before they become problems. I act decisively, and more importantly, I now spend more time thinking ahead. I feel more energized than ever, allowing myself to dream bigger.”  

    Explore how connected data can empower your finance, sales, service and operations teams. Learn more about Microsoft Dynamics 365 Business Central, trusted by over 45,000 small and midsize businesses.  

    Business impact at a glance  

    Since adopting Dynamics 365, Omega’s finance team has accelerated operations, empowered employees and positioned the organization for future growth:  

    • Up to 50%-time savings on daily finance tasks  
    • 60% faster month-end close  
    • Improved forecasting and planning accuracy  
    • Faster response times to customer and executive inquiries  
    • Streamlined, cross-functional collaboration companywide  

    For Argyro, the impact of digital transformation goes beyond the numbers, it changes how people perform.  

    “When employees feel prepared and supported, they’re more confident. They collaborate better. They lead in their own roles.”  

    Before Dynamics 365, accessing project or sales data required help from multiple departments. Today, finance teams operate in a shared, secure cloud environment, where data is available instantly without bottlenecks or silos.  

    “Now, my team has the tools they need to do their jobs. And it shows in how they carry themselves, how they make decisions and in the quality of their work.”  

    That same readiness extends to the customer experience. For Argyro, data is the key to delivering service with consistency and care. “I can only have a satisfied customer if I’m prepared to serve them. And the only way I can be sure we’re prepared is by looking at the data. That’s how I know we have what we need to deliver.”  

    Discover more about Argyro and her team’s transformation in the full Omega case study.  

    Building a culture of confidence with technology    

    For leaders navigating digital transformation, Argyro offers a clear insight: the tech is only half the equation. 

    “Change management is just as important as the technology itself,” she explains. “You need to prepare your people: emotionally and practically. When people hear about new systems, there’s fear. Will this replace my job? Will I still belong? As leaders, we have to be transparent. We have to communicate. We have to show people that they’re part of the change.”  

    A CFO blueprint for leading forward  

    From front desk to boardroom, Argyro Apostolou’s journey is one of vision, resilience and reinvention. As CFO, she’s showing how finance leaders can become digital catalysts, driving growth, efficiency and innovation with the right systems in place.  

    “My role is to spark change in people, in processes, in what we believe is possible. With the right tools, we’re not just keeping up. We’re leading forward.”  

    Omega’s transformation proves what’s possible when CFOs embrace cloud, AI and automation to scale smarter and faster.   

    Reimagine what your finance team can do, exploring leadership strategies for AI-driven transformation.  

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  • American Express CFO: Sell-off based on expectations that were too high

    American Express CFO: Sell-off based on expectations that were too high

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    CNBC's Hugh Son reports on the latest news from American Express.

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  • Watch CNBC’s full interview with Wells Fargo CFO Michael Santomassimo

    Watch CNBC’s full interview with Wells Fargo CFO Michael Santomassimo

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    Michael Santomassimo, Wells Fargo CFO, joins ‘Money Movers’ to discuss the story with the company’s quarter, how the company is gaining market share, and much more.

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  • Wells Fargo CFO: Near the trough on net interest income

    Wells Fargo CFO: Near the trough on net interest income

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    Michael Santomassimo, Wells Fargo CFO, joins 'Money Movers' to discuss the story with the company's quarter, how the company is gaining market share, and much more.

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  • Broward County Insurance Adjuster Arrested

    Broward County Insurance Adjuster Arrested

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    A Broward County insurance adjuster was arrested for unlicensed public adjusting.

    Giorgio Giovanni Gonzalez allegedly secured public insurance adjuster contracts for adjusting, and appraisal services, without being licensed in the state of Florida, and then unlawfully withheld money belonging to two policyholders. Gonzalez defrauded the two policyholders out of $34,424.

    Florida Chief Financial Officer Jimmy Patronis recently announced the arrest of Giorgio Giovanni Gonzalez, owner of Maximum Claims Recovery, Inc., on two counts of felony charges of Unlicensed Public Adjusting.

    “When unlicensed public adjusters take advantage of the system, every policyholder in the state loses,” Florida CFO Jimmy Patronis said. “Insurance fraud drives up rates and devalues the professionalism of honest public adjusters and insurance agents. As Florida’s insurance market begins to improve little-by-little, we will continue to assure companies and policyholders that fraud will not be tolerated in our state. Kudos to my Criminal Investigations Division fraud detectives for doing the hard work to bring this fraudster to justice. Also, thanks to the Broward State Attorney’s Office for prosecuting this case and protecting the rights of Florida consumers.”

    “NAPIA believes in the ethical practice of public insurance adjusting and applauds all efforts of the Florida DFS to assure that only licensed public adjusters are allowed to assist consumers who have sustained first party property loss,” said Brian Goodman, General counsel to the National Association of Public Insurance Adjusters (NAPIA).

    In September 2023 and December 2023, the Florida Department of Financial Services (DFS), Criminal Investigations Division (CID) received complaints from policyholders based on concerns that Maximum Claims Recovery Inc, operated by Giorgio Giovanni Gonzalez, may have secured a public insurance adjuster contract, for adjusting and appraisal services, without being licensed in the state of Florida and for unlawfully withholding monies belonging to the two policyholders.

    According to supporting documents that were provided by the policyholders, Gonzalez represented himself as a licensed public adjuster to assist the policyholders with insurance claims related to home damage in 2022, in return for a 20% adjusting fee of the insurance settlements. The contract agreements from Maximum Claims Recovery, Inc. were executed and memorialized in writing by Gonzalez and the policyholders.

    As such, Evolution Risk Advisors issued a settlement check in the amount of $18,000 on behalf of Universal and Property Insurance that was payable to Maximum Claim Recovery. Catastrophe and National Claims (CNC) issued two settlement checks on behalf of State National Insurance Company, Inc. that were payable to Maximum Claim Recovery that totaled $26,903. In both instances, the checks totaling $44,903 were signed and deposited in a Chase bank account Maximum belonging to Claims Recovery, Inc.

    CID investigators gathered evidence to show the settlement checks totaling $44,903 were deposited into the Chase account. Although, Gonzalez received the settlement checks in a timely manner, he failed to remit the funds due to one of the policyholders from the Evolution Risk Advisors claim which totaled $18,000.

    He also provided a business check in the amount of $16,424 to the other insured on behalf of CNC which was deposited by the policyholder and was returned for non-sufficient funds. As a result of fraudulent, unethical, and dishonest acts within the insurance industry, Giorgio Giovanni Gonzalez received a total of $44,903 while acting as an unlicensed public adjuster and failed to remit to the policyholders approximately $34,424 of insurance claim money.

    CID Investigators reviewed records from the Florida Department of Financial Services (DFS), Division of Agent & Agency Services (A&A) which showed Giorgio Giovanni Gonzalez licensed as an All Lines Public Adjuster suspended by the Chief Financial Officer for the state of Florida on April 25, 2013, for failing to maintain a surety bond.

    Furthermore, Gonzalez was also arrested on June 19, 2023, by CID detectives in Miami-Dade County for a similar act. In that case, Giorgio Giovanni Gonzalez was charged with one count of acting as a public adjuster and one count of grand theft.

    Giorgio Giovanni Gonzalez was arrested at the Broward County Main Jail without incident by CID detectives. The Broward State Attorney’s Office, who partnered in this investigation will handle prosecution. If convicted, Giorgio Giovanni Gonzalez could face up to 30 years in prison.

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  • Vinod Francis, new CFO of South Indian Bank

    Vinod Francis, new CFO of South Indian Bank

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    The Board of Directors of The South Indian Bank Ltd approved the appointment of Vinod Francis as the Chief Financial Officer (CFO) and Key Managerial Personnel.

    Francis, a seasoned professional with over 18 years of experience within the bank, has held various key roles across departments such as credit underwriting and corporate finance.  He has served as Deputy CFO since June 2021 and has demonstrated his leadership capabilities consistently.

    In tandem with this appointment, Chithra H, the current CFO and Senior General Manager, will transition to the role of Chief Compliance Officer (CCO) as per regulatory directives issued by the RBI.

    These strategic decisions aim to strengthen the bank’s leadership team and uphold its position as a reliable and compliant institution within the banking sector.

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  • Cando Rail & Terminals Names Nate Servis as New CFO

    Cando Rail & Terminals Names Nate Servis as New CFO

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    Servis will replace current CFO Rick Soenen who is retiring.


    WINNIPEG, Manitoba, March 26, 2024 (Newswire.com)
    –
    Cando Rail & Terminals, one of North America’s largest owners and operators of first and last-mile rail infrastructure, is pleased to announce the appointment of Nate Servis as Chief Financial Officer. Servis officially joined the senior leadership team on March 26, 2024, replacing Rick Soenen who is retiring.

    Servis brings a wealth of knowledge of the Transportation & Logistics sector from his 15+ years of Wall Street investment banking experience. He spent the last ~15 years at Wells Fargo Securities, most recently as a Managing Director in the Industrials group, where he was responsible for the origination and execution of M&A and capital raising transactions for clients in the Transportation & Logistics sector. Over the last few years, Servis led the firm’s coverage of the rail sector and brings deep knowledge of and relationships with Class I and short line railroads, rail service providers, and port and terminal operators, in addition to investors that target the sector. Servis led the sale of Cando Rail & Terminals to AIMCo in November 2022.

    Brian Cornick, President & CEO of Cando Rail & Terminals, highlights the importance of this strategic hire as Cando invests organically and inorganically in critical infrastructure to support shipper-customers and Class I partners.

    “As we continue on our tremendous growth trajectory, balancing organic growth with strategic acquisitions is a cornerstone of our playbook, and bringing in Nate will enhance these efforts,” says Cornick. “In addition, Nate brings relationships and credibility with key players in the United States, a core strategic growth area for Cando. His deep understanding of our company and industry, combined with his strategic finance track record, will help propel Cando to new heights.”

    Prior to joining Wells Fargo Securities, Servis began his career at Robert W. Baird in the Consumer & Industrials investment banking group. Servis holds a B.A. in economics, with a concentration in finance, from Dartmouth College.

    Source: Cando Rail & Terminals

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  • The CFO Agenda: Strategies and Ideas to Prepare You to Make the Best Decisions in 2024 | Entrepreneur

    The CFO Agenda: Strategies and Ideas to Prepare You to Make the Best Decisions in 2024 | Entrepreneur

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    There’s one trend that is definitely continuing in 2024—the growing importance of the role of the CFO. Chief Financial Officers in organizations of all types will continue to have more responsibility than ever before, having to balance traditional accounting and financial planning/analysis tasks with more cross-functional strategies and responsibilities.

    The most successful CFOs understand that gaining actionable insights is key to providing the best leadership for their teams and business units.

    That’s why Oracle NetSuite and Entrepreneur are presenting the free webinar, The CFO Agenda: Strategies and Ideas to Prepare You to Make the Best Decisions in 2024. The webinar will help those in financial leadership roles think critically about the year ahead and also provide you with the actions you can take to benefit your team most.

    Moderated by AI-Researcher and Entrepreneur author Dr. Jill Schiefelbein, this webinar will feature expert insights from Megan O’Brien, NetSuite’s Business & Finance Editor, and Ian McCue, Senior Content Marketing Manager at NetSuite, as they unveil the top areas that CFOs should be addressing and examining moving forward into 2024.

    During this conversation, where attendees are encouraged to ask questions, we’ll cover:

    • Technologies worth your time: Knowing the tools at your disposal and how to leverage AI in the mix
    • Emerging regulations: Understanding how these will impact your organization and what to do to think beyond the parameters
    • Automating the fundamentals: Learning how to critically examine your processes and more strategically leverage your time
    • Empowering your teams: Gaining insights on how getting your data in order can amplify the skill set that your employees bring to the table

    Join us for The CFO Agenda: Strategies and Ideas to Prepare You to Make the Best Decisions in 2024 webinar taking place live on Tuesday, January 30 at 12 p.m. ET | 9 a.m. PT.

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  • Disney CFO McCarthy to step down

    Disney CFO McCarthy to step down

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    Walt Disney Co. DIS on Thursday said its chief financial officer, Christine M. McCarthy, is stepping down and taking a family medical leave of absence. Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences and Products, will serve as interim CFO, effective July 1. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company’s transition to its next chief executive officer,” Disney Chief Executive Robert Iger said in a statement. Disney shares were flat…

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  • Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability | Entrepreneur

    Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability | Entrepreneur

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    As finance leaders are increasingly embraced as strategic figures within businesses large and small, the many hats worn by them continue to expand. And it makes sense. Financial leaders bring critical insights that can help your business grow and thrive.

    The newest development for these financial leaders is their role as “Chief Data Storytellers.” With increasing pressure to uncover trends and key performance indicators (KPIs), finance leaders need to convey the meaning of their data with storytelling prowess.

    But how can finance leaders begin using storytelling to convey the importance of data as well as their insights and strategies for the future? To find out, join us for a free webinar, Beyond KPIs: Finance Leaders Tell the Story of Profitability, presented by Oracle NetSuite and Entrepreneur.

    Kevin Galloway, a professional storyteller, actor, educator, and presenter will share his top advice for how financial leaders can advance their storytelling ability. He will be joined by business development expert and keynote speaker Terry Rice, who will lead this informative and insightful conversation.

    Attendees of this webinar will learn how to:

    • Become a key storyteller in your organization through purposeful and compelling data
    • Convey impactful insights to key stakeholders across departments and teams
    • Sell your ideas effectively and lead efficiently through a challenging economy
    • And more

    The Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability webinar will take place live on Thursday July 27 at 12 p.m. ET | 9 a.m. PT.

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