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Tag: chief financial officers

  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • Mass layoffs are terrible for shareholders, a study finds

    Mass layoffs are terrible for shareholders, a study finds

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    Do mass layoffs reflect poor management? That’s up for debate. But a new analysis suggests the practice harms shareholder returns, and companies should instead consider tactics like a four-day workweek to cut costs.

    CFOs tend to underestimate the “organizational drag” that’s created as a result of layoffs, according to the research and advisory firm Gartner. This can inadvertently reduce shareholder returns in the long term instead of protecting them, an analysis finds.

    “The first thing to recognize is that there is an immediate upfront cost to layoffs as a business will need to reorganize itself around a smaller group of employees and typically incur costly upfront severance payments,” Vaughan Archer, senior director of research and advisory in the Gartner Finance practice, said in a statement. And what will follow is an increased need for contractor hiring, which can be costly, and remaining employees have a ton of more work and more demands for increased compensation, according to Archer.

    Within three years, the forecasted savings from layoffs tend to become offset by the unforeseen consequences, Gartner said. Even if a business avoids “a vicious cycle of employee turnover” driven by overworked staff and low morale, any cost savings from layoffs will likely be lost. And when businesses start to rehire at some point, it will likely be at higher rates than the employees who were laid off.

    “In the more negative scenarios, the factors detailed here are also going to harm growth in existing and new business, and ultimately a firm will start losing its customers,” Archer said.

    Four days instead of five

    A four-day workweek is one of the 10 cost savings actions companies can take instead of mass layoffs, Gartner suggests. Trimming the traditional workweek model to four days is “not about cutting pay, but may control pay growth and staff turnover as employees find better work-life balance and increased productivity as burnout is reduced,” the firm noted.

    This work dynamic has certainly been a hot topic of discussion. Monster conducted a survey of 868 workers in March focusing on work productivity. Sixty-one percent said they’d rather have a four-day workweek and 33% say they’d leave their job for one with a shortened week. 

    Britain announced in February the results of the world’s biggest trial of a four-day working week, Fortune reported. The six-month pilot included over 60 companies and just under 3,000 to feedback on the “100:80:100” working model: 100% pay for 80% of the time, in exchange for 100% productivity. The results included a 65% reduction in the number of sick days, maintained or improved productivity at most businesses, and a 57% decline in the likelihood that a worker would quit, improving job retention.

    Andrew Barnes is the cofounder of the nonprofit 4 Day Week Global, helping organizations in various countries, including the U.K., pilot shorter schedules. Barnes also owns Perpetual Guardian, one of New Zealand’s largest corporate trustee companies. During MIT Sloan Management Review’s virtual summit on May 4, he talked about his company’s experience. 

    “We implemented the four-day workweek five years ago,” he said. “We’re twice as productive on a per capita basis now as our nearest competitor. We’re not seeing any adverse impacts.”

    Voluntary reduction in hours, internal redeployment, reducing executive compensation, remote work, voluntary leave of absence, a hiring freeze, benefit cuts, organization-wide pay cuts, and sabbaticals are the other options companies can take instead of mass layoffs, Gartner advises.

    If the livelihood and well-being of employees and shareholder returns are on the line, there’s a lot to consider before deciding on a major workforce reduction.

    Sheryl Estrada
    sheryl.estrada@fortune.com

    Big deal

    Microsoft has released its 2023 Work Trend Index report, “Will AI Fix Work?” The pace of work has accelerated faster than humans can keep up, and it’s impacting innovation, according to the report. “This new generation of A.I. will remove the drudgery of work and unleash creativity,” Satya Nadella, Microsoft chairman and CEO, said in a statement. The report shares three key insights for business leaders: digital debt is costing innovation, there’s a new A.I.-employee alliance, and every employee needs A.I. aptitude.

    Amid fears of A.I. job loss, when asked what they would most value A.I. for, business leaders were two times more likely to choose “increasing employee productivity” (31%) than “reducing headcount” (16%).

    The findings are based on 31,000 people in 31 countries, an analysis of both Microsoft 365 productivity signals, and labor trends from the LinkedIn Economic Graph.

    Going deeper

    “A.I. Can Be Both Accurate and Transparent,” a new report in Harvard Business Review, examines the question: Is there always a tradeoff between accuracy and explainability in artificial intelligence? The research tested a wide array of A.I. models on nearly 100 representative datasets and found that 70% of the time, a more-explainable model could be used without sacrificing accuracy. In many applications, less transparent models come with substantial downsides related to bias, equity, and user trust, according to the report.

    Leaderboard

    Sarah Wells was promoted to CFO at Spruce Power Holding Corporation (NYSE: SPRU), an owner and operator of distributed solar energy assets across the U.S., effective May 19. Wells succeeds Don Klein, who is departing in connection with the previously announced transition from XL Fleet to Spruce Power executive management. She joined Spruce Power in 2018, and most recently served as SVP of finance and accounting and head of sustainability. Before joining the company, she held various financial roles including finance and SOX manager at Cornerstone Building Brands (formerly NCI Building Systems, Inc.). Earlier in her career, Wells served as a senior auditor at PKF Texas.

    William Bardeen was promoted to EVP and CFO at The New York Times Company (NYSE: NYT), effective July 1. Roland A. Caputo, who announced his planned retirement as CFO in December 2022, will remain with the company through Sept. 30 for a transition period. Bardeen, 48, joined The New York Times Company in 2004. He’s served as chief strategy officer since 2018, also overseeing investor relations on an interim basis since March. Before that, he was SVP of strategy and development from 2013 to 2018. Bardeen has also served in various other leadership roles at The Times in corporate development, business development, and strategic planning. Before joining the company, he was a management consultant.

    Overheard

    “My personal belief is it will be like that movie Her with Scarlett Johansson and Joaquin Phoenix: Humans are a bit boring, and it’ll be like, ‘Goodbye’ and ‘You’re kind of boring.’”

    —Emad Mostaque, CEO of the fast-growing London-based startup Stability AI, which popularized the text-t0-image generator Stable Diffusion, hopes A.I. will find us “a bit boring” but acknowledges that in the worst-case scenario it “basically controls humanity,” he told BBC in an interview. 

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  • ‘Anything to survive’: How one leader is pushing ahead

    ‘Anything to survive’: How one leader is pushing ahead

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    The CEO of Evofem Biosciences is managing through a crushing debt load, Nasdaq delisting, and sweeping layoffs. Read More

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    Maria Aspan, Sheryl Estrada

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  • Schneider Electric launched in 1836 but solves 21st-century sustainability problems

    Schneider Electric launched in 1836 but solves 21st-century sustainability problems

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    Schneider Electric was founded in 1836 in France, and in the 21st century it’s one of the world’s most sustainable companies, now helping Walmart decarbonize its scope 3 emissions.

    Over the past 15 years, under CEO Jean-Pascal Tricoire, Schneider acquired automation, energy-efficiency, and electricity brands including Invensys, TAC, and Andover. The company has been reinventing itself from selling electrical products to digitizing and automating the infrastructure of everything from humongous factories to a house on your block.

    At a time when sustainability is top of mind, Schneider positioned itself around energy management. For example, the company acquired start-up climate-tech platform Zeigo in January. And to support its software solutions, in September, it announced a full takeover of the British software company Aveva PLC for $11 million. Schneider reported Q3 2022 revenues of €8.8 billion (about $8.57 billion), up 12% year over year, energy management was up 12.1%, and industrial automation up 12%. 

    Joshua Dickinson

    Courtesy of Schneider Electric

    Forty-one-year-old Joshua Dickinson is the new SVP and CFO for Schneider Electric North America (NAM). Dickinson, based in Dallas, began his career at the company in 2015 and was most recently VP and deputy CFO of NAM operations. He’s now responsible for all financial operations of the approximately 8.2 billion euro (FY ’21) ($7.9 billion) region. I sat down with Dickinson to talk about cost savings, upcoming projects, grappling with digital transformation in finance operations, and his leadership style.

    This interview has been edited and condensed for clarity.

    Fortune: What are some of the cost savings related to the digitization process?

    One of the things I get asked as a CFO in this space is, how do you reconcile the cost to become more sustainable with managing your P&L? When you look at our sustainability business, a lot of the engagements that we take on in our performance contracting business are targeting about 30% energy savings every year for that company’s operation. Once we digitize the facility, we can show people how they’re losing money, and how their operation is inefficient. And when you present that to a CFO or anyone who understands profitability, it can be a very powerful tool to incentivize them to change.

    Schneider Electric has plans to invest about $46 million in your Lexington, Ky., and Lincoln, Neb., manufacturing plants to digitize operations. Both plants are more than 50 years old. Why is the company choosing to undertake this effort?

    It’s to ensure that we’re living out our own story to have an electrified and digitized operation both in North America and globally. But then also, we use facilities like that as a showcase to customers who don’t understand the value of electrification and digitization, especially to operations. During a recent trip to Mexico, I visited our Rojo Gomez plant which was built in 1967. I was surprised to see another great example of one of our older operations that has been on a journey of electrification and digitization, and the tangible value they were experiencing in their efficiency and overall quality of operations.

    Now that you’re CFO, and Schneider will have increased large-scale projects in the U.S., what will your role be in the process?

    I would say more of my role as a CFO at Schneider isn’t necessarily being a cheerleader but making sure that the decisions that I’m making on real estate and our facilities are enabling progress. Upstream supply is a huge part of this. As a large company, a lot of our carbon footprint is with our suppliers. My job as a CFO is to make sure that ESG remains at the forefront, leveraging it, and keeping it involved in the decision-making process.

    Speaking of ESG, as public companies await the passage of the U.S. Securities and Exchange Commission’s proposed mandatory climate-risk disclosure rule, CFOs will most likely be at the center of enhanced reporting. What’s your perspective?

    Even if the SEC’s ESG reporting rules don’t go into effect, I think we’re seeing a cultural change in the interest level and the importance of this to people. I think it’s critical that both the CFO and the CEO are fully aligned on the commitments that they’re making. Greenwashing is having a negative effect within financial institutions, but also with shareholders. People are having more and more interest in what a company is really doing about their commitments.

    As a large global company, how is your digital transformation in finance going?

    There are times we struggle with the siloed effect. When you think about the digitization journey within finance, we’re really now in a process of taking the best practices from each zone. Internally, we have the tag phrase “One Finance.” When I was recently in Las Vegas at our Innovation Summit, a few mornings I had the privilege of getting on some 3 a.m. calls, being on Pacific time, and talking with some of my European counterparts. It was an opportunity to share best practices and make decisions on what we’re going to keep from the different pieces, but then we’re going to put it on a single digital platform, a single operating structure where we’re standardizing whatever we can. 

    If you think about it, if I explain my financial performance, say to Hilary Maxson [EVP and group CFO], using different tools and different KPIs [than my counterparts], when she’s hearing my explanation versus hearing from China or from France, that can be very confusing. And we might not be comparing apples to apples, right? I think for a while, we really held off and we were playing defense. But the leadership team right now assembled by Hilary is such a great group of people. We’re very like-minded. 

    What is your leadership style?

    I’ve got a great team and I would say that’s one of my strengths because I’m not an expert in every element of the finance function. My ability to attract talent and manage a team effectively, I think is part of my success story. It’s only been three months since I was a peer of a lot of the people that I’m leading. When you think about going from a peer and a friend to a boss, at least for me, it was a little intimidating. But that’s been one of the most rewarding parts of the last three months, just seeing the closeness and the level of talent that’s on my team. 

    I hope you enjoy your weekend.

    Sheryl Estrada
    sheryl.estrada@fortune.com

    Big deal

    PwC’s latest pulse survey, “Cautious to Confident,” finds business leaders continue to show optimism amid economic pressures. Ninety percent of executives surveyed are concerned about macroeconomic conditions. They’re also very concerned about the Federal Reserve’s tightening cycle, and the higher cost of capital (both at 86%). However, the findings also showed that executives are focused on the future. Seventy-seven percent of executives are confident that they can hit near-term growth goals, and 82% are confident that their company can execute overall business transformation initiatives. The survey was conducted from Oct. 12-18 and had a total of 657 executives from both public and private companies.

    Courtesy of PwC

    Going deeper

    Here are a few weekend reads:

    “This interactive map shows the home price shift in America’s biggest housing markets” by Lance Lambert

    “3 charts that shed light on when the stock market may hit bottom” by Lucy Brewster

    “How Peyton Manning built a ‘second chapter’ from quarterback to media king without a plan” by Jane Their

    “Four ways to adjust to Daylight Saving Time ending, according to a sleep expert” by L’Oreal Thompson Payton

    Leaderboard

    Here’s a list of some notable moves this week:

    Eliane Okamura was named CFO at Ford Motor Credit Company. Okamura will succeed Brian Schaaf, CFO, treasurer and EVP of strategy, since 2018, who will retire, effective Dec. 1. Okamura has been director of automotive strategy, risk, and agile finance on Ford’s treasury team, since March 2021. She joined the company in 1995 in Brazil as an analyst and held positions including treasurer of Ford South America. 

    Todd Wilson was named CFO at Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB), a full-service restaurant chain, effective Nov. 7. Wilson succeeds Lynn Schweinfurth who will retire. Wilson most recently served as CFO at Hopdoddy Burger Bar and Hibar Hospitality. Before that, he was VP of finance for Jamba Juice. Wilson also served as Division CFO and VP of finance at Bloomin’ Brands Carrabba’s Italian Grill.

    Jim Benson was named CFO at Dynatrace (NYSE: DT), a software intelligence company, effective Nov. 15. Benson will succeed Kevin Burns, who announced in May his intention to transition out of Dynatrace by the end of the year. Benson most recently served as EVP and CFO at Akamai Technologies, a global cloud services, and cybersecurity leader. Before joining Akamai, he spent 20 years at Hewlett Packard Company.

    Cecilia Situ was named EVP and CFO at Santa Cruz County Bank (OTCQX: SCZC). Most recently, she was SVP and treasurer at Bank of Marin, and previously controller and principal accounting officer. She had a 14-year tenure with the company. Situ started her career in public accounting at Deloitte & Touche with a specialty in auditing community banks, real estate firms, not-for-profit organizations, and other financial service companies.

    Jeff Stafeil was named EVP and CFO at Tenneco Inc. (NYSE: TEN). Stafeil will replace Matti Masanovich, upon Tenneco’s acquisition by Apollo Funds. Stafeil will join Tenneco from Adient PLC, where he served as EVP and CFO since 2016. Before that, he worked at global automotive electronics supplier Visteon, where he was EVP and CFO. 

    Andrew Lazarus was named CFO at Validity, a provider of data management and email marketing success solutions. Lazarus will leverage his experience in finance and investor relations to scale the company for its next stage of growth. Previously, he has served as CFO at several companies, including Electric, Pilot Freight Services, and BAE Systems Applied Intelligence.

    Overheard

    “I heard about the blue tick for a while, but I learned about the $8 thing at the same time you did. Anything that can reduce the bots on Twitter is fantastic.”

    —Binance CEO Changpeng “CZ” Zhao, who pumped $500 million into Tesla CEO Elon Musk’s vision for Twitter, commented during Web Summit this week about Twitter’s intent to start selling blue verification badges for user profiles as part of an $8-a-month subscription, Fortune reported. 

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  • How AllianceBernstein’s Kate Burke pivoted from HR to CFO

    How AllianceBernstein’s Kate Burke pivoted from HR to CFO

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    Kate Burke, the CFO, and chief operating officer at AllianceBernstein, always had aspirations to be in a C-suite role, but her road was unexpected.

    I sat down with Burke to ask her perspective on the economy and to discuss her journey to becoming finance chief. Burke was appointed CFO at the global investment management and research firm AllianceBernstein (NYSE: AB) in July, succeeding interim CFO Bill Siemers, who returned to his prior role as corporate controller and chief accounting officer. As CFO and COO, she oversees aspects including finance, strategy, operations, corporate communications, legal and compliance, as well as diversity, equity and inclusion, and corporate citizenship, to name a few.

    Both researchers and many CFOs I’ve spoken with describe the evolving finance chief role as including a heightened focus on operational change, business strategy, and employees. Burke has a resume with experience in all of these areas.

    A focus on talent

    One of her first jobs was in investor relations at Tommy Hilfiger, says Burke, who earned an MBA at Northwestern University. She joined Bernstein Research in 2004 in institutional sales, which would eventually lead to becoming the head of human capital and chief talent officer in 2016 for AllianceBernstein. 

    “It was really a remarkable transition point for me,” Burke says. She worked with talent across the firm in the areas of investment, distribution, sales, and operations, and kept in mind “the financial acumen that I had established at Bernstein Research,” she says.

    An example? Burke would talk to the human capital team about “the concept of a return on invested capital, and I said, we have to think about the return on invested time,” she explained. The goal was to create a mindset of: “Every time you ask a person to do something, are you asking them to do something that creates value?” she says.

    Kate Burke, CFO and COO at AllianceBernstein

    Courtesy of AllianceBernstein

    How do you measure return on invested time? The process is more conceptual than a precise science, Burke says. They consistently used surveys to track engagement. “Are they getting purpose out of their work?” she explains. “Do they understand the firm’s strategies? Are you being supported by the team in your business?” Her team reviewed the findings along with retention metrics, Burke says.

    At an asset management firm, the ability to “align your people and the organizational strengths with your strategic initiatives to drive long-term success” is essential, she says.

    Burke moved on to the chief administrative officer role in June 2019 and then became COO in July 2020. “I was able to leverage the experiences of knowing all of the talent and the positives and challenges that existed throughout the organization,” she says.

    One major project was the four-year endeavor of moving AllianceBernstein’s corporate headquarters from New York to Nashville. The office opened in May. As COO, “running the day to day is part of it,” Burke says. “But a lot of it goes into planning for the future.” She also served as head of wealth management before taking on the CFO role.

    Asking the right questions

    Burke says she’s had “a very strong mentor in Seth Bernstein, our CEO.” In taking on expanded roles over the past 18 years, “I was inheriting very strong teams that had deep subject matter expertise,” she says. Burke’s number one learning tool? “The willingness to recognize what I don’t know and ask questions,” she says. 

    The idea is, “‘Look, you know, more than I do, there’s a reason why you’re the subject matter expert,’” she says. Burke’s questions started from “a 10,000-foot level and then I’m going to work my way down into the details,” she says. Her questioning, in turn, helped team members to keep the business strategy in perspective, she says. “In my capacity, from human capital, to COO to CFO, I’ve worked very closely with our finance department,” Burke says.

    Her priorities in stepping into the CFO as the COO? “I took over [the CFO role] mid-year, in a year that’s been challenging for the markets to say the least,” Burke says. Managing investments that “we were committed to make from a strategic standpoint against the day to day business, and understanding the impact it was going to have on our operating leverage, was paramount,” she says. 

    Regarding the economy, “I think we’re going to continue to be in a challenging inflationary environment, which creates a higher probability of a recession going into next year,” Burke says. “And I think that’s what you’re seeing somewhat being priced into the markets now is that concern. We still generally believe you could see more Fed action. Between now and certainly November will be an interesting time to see what comes through.”

    See you tomorrow.

    Sheryl Estrada
    sheryl.estrada@fortune.com

    Big deal

    “The Pursuit of Effective Workplace Learning,” a study by Emergn, a global digital business services firm, gauges the signifance of learning and development (L&D) programs in the battle for talent. Workplace training can be a useful tool to recruit and retain top talent in an organization, the research found. More than half (55%) of professionals stated that learning and development (L&D) programs increased job satisfaction and employee morale. Also 75% said that strong workplace training would have a high impact on their decision to remain with an employer instead of seeking other opportunities. Emergn partnered with independent research firm Researchscape to survey more than 1,200 professionals from the United States and the United Kingdom.

    Courtesy of Emergn

    Going deeper

    The 2022 “Women in the Workplace” report from McKinsey & Company in partnership with LeanIn.Org released this morning, found that more women leaders are leaving their companies. For every woman at the director level who gets promoted to the next level, two women directors are choosing to leave their company, according to the report. Almost half (43%) of women leaders are burned out, compared to 31% of men at their level. A “broken rung” at the first step up to manager continues holding women back, the research found. For every 100 men who are promoted from entry level to manager, just 87 women are promoted, and just 82 women of color are promoted. Companies are also at risk of losing young women. Fifty-eight percent of women under 30 said advancement has become more important to them over the past two years, compared to 31% of women leaders. The findings are based on data from 330 companies and and a survey of more than 40,000 employees.

    Leaderboard

    Edith Hsu was named the first-ever CFO at PowerToFly, a diversity recruiting and retention platform. Hsu brings over 20 years of finance experience to the company, having worked with Fortune 500 companies and startups to scale operations and velocity. Before joining PowerToFly, she served as VP of finance at Kigen, which she spun out from Arm, a technology provider of processor IP. Hsu has also held multiple senior finance positions at growth-stage and venture-backed startups. Amy Kim was named PowerToFly’s first chief revenue officer. Kim built her career in B2B tech and digital media across tech companies, including Google, Microsoft, and Siebel Systems. Her work at early-stage companies has focused on scaling sales teams as they expand go-to-market strategies.

    Robert Leibrock was named SVP and CFO at Red Hat, Inc., a provider of open source solutions. Carolyn Nash, who was appointed to the SVP and CFO role in April 2022, has been named the company’s SVP and COO, effective immediately. Nash will continue reporting to Red Hat’s president and CEO Matt Hicks. Leibrock will report directly to Nash. Leibrock brings 20 years of experience in both the financial and operational space to Red Hat. He has spent much of his career at IBM, most recently serving as assistant controller. He also played a key role in IBM’s $34 billion acquisition of Red Hat in 2019, responsible for the overall project office, finance and operations functions, and driving offering synergies, according to the company.

    Overheard

    “Given dismal productivity growth, likely caused by quiet quitting, wage inflation will have to come down significantly if sustained months near 2% inflation is to be attained. I do not understand the basis for believing this is likely without a meaningful recession.”

    —Former Treasury Secretary Larry Summers, who previously served as president of Harvard University and chief economist at the World Bank, tweeted on Monday his concern that “quiet quitters” are hurting U.S. worker productivity, Fortune reported. 

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