CFO THOUGHT LEADER

When Deanna Strable was approached to take on the role of CFO at Principal Financial Group, she was taken by surprise. Having spent most of her 30-year career in leading business units rather than focusing on finance, Strable initially questioned whether she was the right fit for a position traditionally held by financial experts.

“Ultimately,” she recalls, “what I learned from our board and CEO was that they really wanted someone who could partner with them in driving the company forward—someone who had the ability, obviously, not only to understand the financials but also to be able to do so within the context of appreciating and analyzing how the day-to-day impact of our operations on our financials related to our long-term strategy.”

This blend of operational insight and financial expertise would come to define her tenure as CFO. Over her 7 years in the role, she led the company through significant strategic shifts. Under her leadership, Principal exited underperforming and commoditized businesses, such as retail annuities and individual life insurance. These moves were part of a broader plan to focus the company on areas with greater long-term-growth potential, including retirement solutions and asset management.

Strable also reshaped the company’s financial priorities, moving beyond a narrow focus on earnings growth to a broader set of metrics, including return on equity, capital allocation, and customer satisfaction. Her emphasis on optimizing multiple metrics, rather than chasing short-term financial gains, helped to lay the groundwork for sustainable success. Strable’s career journey as CFO was a testament to the power of strategic thinking in driving both financial and long-term business growth.

Ben Averis’s journey to CFO of Yoto was shaped by diverse experiences in finance, ranging from his early days at PwC in mergers and acquisitions (M&A) to leading roles in private equity-backed businesses. His exposure to the "buy and build" strategy during M&A transactions taught him the challenges of scaling businesses while maintaining their core values. Ben worked on transactions that involved integrating smaller, family-run businesses into larger corporate structures. This experience revealed to him a key risk: while larger companies could gain operational efficiencies, they often lost the customer-centric magic that made smaller businesses special.

Reflecting on these experiences, Ben noted, "What you would find is that, if you got to that buy and build moment, and you integrated (the businesses), some of the magic would be lost, and you would lose a bit of the customer obsession." This insight has become central to his strategic mindset as CFO of Yoto, a founder-led company with a strong customer-first philosophy.

Ben’s understanding of the "buy or build" moment shapes his leadership at Yoto, where he balances the need for growth with preserving the company’s entrepreneurial spirit. He recognizes the unique passion founders bring, especially their deep connection to customers, which can be diluted in corporate acquisitions. As Yoto scales, Ben is committed to ensuring that this customer obsession remains at the heart of the business, reinforcing that a well-run founder-led company often thrives because of its focus on delivering tailored customer experiences rather than sheer scale.

It was during the first half of 2024 that press reports first surfaced to suggest that Bitcoin pioneer TeraWulf was seeking to make a bold strategic pivot into AI and high-power compute. Along the front lines of this move stood Patrick Fleury, TeraWulf’s action-oriented CFO, whose short tenure at the firm thus far has been notable for its aggressive cost-cutting measures and bold efforts to address the company’s debt. Moreover, Fleury’s focus on the optimization of the cash flow from TeraWulf’s Bitcoin-mining operations has proved crucial in stabilizing the company during turbulent market conditions.

It is perhaps surprising to learn—given his success as a CFO—that Fleury had not always envisioned himself in this role. Having spent 16 years as a strategic investor, he had been content in working from the sidelines, guiding companies through investments and strategy. Becoming a public-company CFO had never been on his radar. Still, when TeraWulf needed a leader to guide it through significant challenges, his deep understanding of financial markets and investment strategy turned out to make him the ideal choice.

Fleury’s unique investor mind-set has been instrumental in charting TeraWulf’s new growth trajectory. His ability to engage investors, simplify complex industry dynamics, and clearly demonstrate “value” has been key to gaining investor buy-in for TeraWulf’s new direction. Moreover, his experience on the buy-side has provided him with valuable insight into what investors look for—transparency, potential for growth, and clear financial discipline.

This ability to communicate effectively, coupled with his strategic acumen, has allowed Fleury to lay the groundwork for TeraWulf’s shift into AI and high-power compute. By looking at decisions through an investor’s lens, he has garnered the ability to build trust with stakeholders while at the same time positioning TeraWulf as a forward-thinking player in the rapidly evolving AI and data center sectors. Fortunately for his firm, Fleury’s financial leadership continues to drive TeraWulf toward a promising future in these high-growth markets. 

When Scott Blackley was asked in kindergarten what he wanted to be when he grew up, his answer was surprisingly clear: “I want to be an auditor.” This early ambition was no coincidence; his father was a partner at KPMG, and young Blackley grew up around the firm’s offices, imagining himself one day sitting at a big desk, overseeing important work. True to his dream, he eventually ended up following in his father’s footsteps to become a partner at KPMG and invest a dozen career years there.

Despite achieving his childhood goal and carrying on the family legacy, though, Blackley eventually found himself at a crossroads. “It was a tough decision to leave KPMG,” he recalls, “but some of the experiences that I had had involving other people’s business problems had made me want to own them.” This realization marked a turning point in his career that fueled his desire to take on more responsibility and solve problems on a firsthand basis.

This drive led Blackley to Oscar Health, where he stepped into the CFO role during a pivotal moment. Reflecting on his early days at the company, Blackley observes, “When I joined, one of the things that I walked in the door with was a commitment to myself that I was going to be thoughtful about taking the time to understand the situation and then decisive about making decisions.” Consequently, within 90 days, he would end up reorganizing the finance function to separate FP&A from the controller’s office and hiring a new leader to build a more structured finance organization—one capable of supporting Oscar Health’s ambitious plans for growth and transformation.

In 2021, Don McGuire received an unexpected call from ADP's HR leader, offering him the

In 2021, ADP’s HR leader reached out to Don McGuire, then the company’s globe-trotting EMEA

In 2021, ADP’s HR leader reached out to Don McGuire, then the company’s globe-trotting EMEA president, to gauge his interest in stepping into the firm’s CFO role. McGuire was surprised, inasmuch as it had been nearly two decades since he had veered off the traditional finance career track. During this interim, McGuire had taken on various global leadership roles far removed from the typical CFO pathway.

However, as the former CFO of ADP Canada, McGuire was by no means an unlikely candidate. Still, the leap from being CFO of a single geography to being CFO of an entire publicly traded corporation would be significant, and McGuire’s experiences along his unique previous journey served to make the unexpected offer to him only more intriguing.

As it turns out, back in 2002, while serving as CFO of ADP Canada, McGuire had come to a similar crossroads. Although his career in finance had been progressing smoothly, his curiosity about the broader business landscape had led him to consider a different direction. Encouraged by his superior, ADP Canada’s president—who had noticed McGuire’s strong rapport with clients during joint meetings—McGuire took a leap of faith, stepping out of his finance role and into a client services leadership position. Taking on this mission—devoid of a “C” title—was a calculated risk, but McGuire believed that by immersing himself in the operational side of the business, he could gain valuable insights and broaden his leadership skills. Very consequentially, this move allowed him to engage directly with clients, manage teams, and drive business outcomes in ways that traditional finance roles seldom offer.

This bold decision set McGuire on a unique career path, ultimately equipping him with the diverse experiences that would make him an ideal candidate for ADP’s CFO role nearly 20 years later.

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

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

While most CFOs climb the ranks through finance-related roles, Steinfort’s path took a significant detour—one that saw him leading a company as CEO before unexpectedly stepping into the CFO role.

Steinfort’s transition from CEO to CFO occurred when he was approached by Dan Caruso, a long-time mentor and successful entrepreneur. The two had a history of working together, starting at Level 3 Communications and continuing through various ventures. When Steinfort was leading Envision, a software company he co-founded, Caruso was simultaneously building Zayo Group. Although their roles were in separate companies, they shared an office space, fostering a close working relationship.

When Zayo’s CFO decided to retire, Caruso saw an opportunity for Steinfort. Despite his lack of a traditional finance background, Steinfort had accumulated significant experience in corporate strategy during his years as a consultant for Bain & Company, and meanwhile his business-building tenure as a CEO made him more than a little familiar with the complexities of strategic budgeting and resource allocation. These experiences, combined with the trust and confidence he had built with Caruso and the board, positioned him as an unconventional yet highly capable candidate for the CFO role at Zayo.

Steinfort’s move from CEO to CFO, while rare, highlights the importance of adaptability and leveraging one’s broad skill set. His success in the CFO role, first at Zayo and now at DigitalOcean, underscores the value of diverse experiences in shaping a holistic approach to financial leadership.

Clemente Cohen’s finance career began in the early 1990s inside the Munich offices of Silicon Graphics, approximately 6,500 miles from the Silicon Valley company’s headquarters and 7,500 miles from his birthplace in Argentina. This transcontinental start marked the beginning of a career defined by global problem solving , adaptability and generous helpings of M&A experience.

Cohen, who grew up in Germany after moving from Argentina, problem solving perspective to his role. Joining Silicon Graphics as an accountant, Cohen tells us he was able to quickly demonstrate to others a innate curiosity and willingness to go the extra mile. Frequently, his contributions went beyond traditional accounting, delving into financial analysis and supporting the company’s rapid growth. This foundational experience in a fast-paced, technology-driven environment would shape Cohen’s understanding of finance operations on a global scale.

Over the next decade, Cohen’s career with Silicon Graphics expanded across continents. He held roles in Germany, the UK, and eventually became the International CFO, overseeing finance and business operations outside the United States. After a dozen years with Silicon Graphics, Cohen joined the London Office of CA Technologies , where Cohen tell us he was able to play a pivotal role in M&A activities and helped drive the company’s transition from hardware to software.

After spending much of his career at large, global companies, Cohen made a deliberate decision to pursue CFO opportunities at smaller, private equity-backed firms. This shift allowed him to be more hands-on, driving business transformation and growth in a more direct way. The move was not without hesitation, as smaller companies often come with greater challenges and fewer resources. However, Cohen embraced the opportunity to apply his extensive experience in a more entrepreneurial setting.

When Salman Khan arrived in Dubai from the U.S. in the early 2000s, he was a seasoned auditor with PricewaterhouseCoopers, ready to narrow his focus on the oil and gas industry. If someone had told him then that he would one day be the CFO of the world’s largest Bitcoin mining company, Khan would have undoubtedly replied, “What mining company?” At the time, digital assets were a distant concept, and his world revolved around the complexities of oil reserves, regulations, and international finance.

In Dubai, Khan honed his skills by navigating the intricacies of the oil and gas sector, gaining a deep understanding of commodity risk, capital-intensive operations, and global markets. This experience laid a strong foundation for his future role at Marathon Digital Holdings. Just as oil extraction requires careful management of a finite resource, Bitcoin mining demands a strategic approach to harnessing the limited supply of digital currency.

Returning to the U.S., Khan joined Occidental Petroleum, where he quickly climbed the ranks. At Occidental, he took on diverse roles, including leading the spin-off of California Resources Corporation, a transformative experience that further prepared him for Marathon. He managed large-scale M&A transactions, scaled a business unit from $5 million to $5 billion in revenues, and navigated complex operational challenges. This period was crucial in shaping Khan’s ability to manage high-stakes, resource-intensive environments.

Khan’s time at Occidental taught him to think strategically, manage risks effectively, and lead large-scale initiatives—skills directly transferable to the fast-paced world of Bitcoin mining. Today, as CFO of Marathon Digital Holdings, Khan’s journey from auditing oil fields to managing Bitcoin miners reflects a seamless transition of expertise, making him uniquely qualified to lead Marathon through its rapid expansion and ongoing success.