CFO THOUGHT LEADER

Twelve years ago, when Matt Wolf was an investment banker at Morgan Stanley, he likely would have been alarmed to learn that his future finance career would be largely impacted by drinking and driving.

Such was his destiny, though, as after a 5-year stint with the investment bank in London and New York he began to fill in his itinerary with positions in both the automotive and alcohol industries—most recently, as the CFO at DRINKS, a company at the forefront of e-commerce solutions in the beverage alcohol space.

According to Wolf, his career began on a foundation of data analytics at Economists Incorporated in Washington, D.C., where he navigated the complexities of antitrust matters. This early experience instilled in him a nuanced understanding of the financial world and fueled a trajectory that would seamlessly blend traditional finance with industry regulation.

In the alcohol industry, this regulatory backdrop traces back to Prohibition, which resulted in varied state-by-state regulations. What’s more, Wolf points out, both the automotive and alcohol sectors feature tiered markets with distinct roles for retailers, distributors, and manufacturers, alongside legal frameworks deeply rooted in historical context.

According to Wolf, these similarities have contributed to a slower adoption of digital retail solutions in both fields, as compared to others.

When asked about his “drinking and driving,” Wolf smiles: “The humor is not lost on me, but I think that in fact there are a lot of parallels between the two sectors that enable me to leverage experience from one to the other.” –Jack Sweeney 

Jakson Peters's journey from humble beginnings to becoming a global CFO is a tale adaptability, and continuous learning. Born in Brazil, he had initial career expectations far removed from the finance world that had their roots in the start of his working life as part of the family's milk delivery business. This early experience, so remote from his eventual home in the c-suite, laid the foundation for his future success, he explains..

From 1998 to 2002, Peters worked for DaimlerChrysler in São Paulo, a stint that marked the beginning of a corporate finance trajectory that would eventually lead the young financial planner to embark on a journey of self-improvement that would include mastering English and pursuing an MBA from Wharton in United States. With the latter in hand, Peters returned to Brazil to serve as a member of Mondelēz International's FP&A team before stepping into a number of CFO roles with midsize firms.

Transitioning from his established Brazilian CFO credentials, Peters next embraced the challenge of moving to Malaysia. This move represented not just a change of location but also a leap into a new cultural and business landscape. In Malaysia, tasked with navigating the complexities of merging two competing online businesses, Peters learned how to communicate and lead in a cultural setting where "yes" can mean different things.

After 4 years in Malaysia, Peters resumed his journey by moving to Dubai, where he was appointed CFO of Property Finder, a leading online real estate marketplace. Here, he leveraged his online experience to drive the company forward in the vibrant expatriate community that characterizes Dubai's business landscape. Peters's time in Dubai was not about just professional growth, though—it was about contributing to a thriving business ecosystem and reinforcing to all that his path from Brazil to international shores was continuing to be a narrative of constant learning and leadership evolution.

On this episode of Controllers Classified, host Eric Zhou welcomes Sean Soper, the Head of Financial Operations and Accounting at Alchemy, to shed light on the disruptive technologies shaping the trajectory of accounting and finance. Alchemy provides the leading blockchain development platform and as such, much of the conversation narrows in on the possible applications of blockchain in accounting. Sean begins the discussion highlighting his experience working across companies that have revolutionized whole industries with new technology. He notes that a large part of his success at these companies has been from remaining curious and developing deep industry knowledge that guides how he approaches his accounting processes and procedures. Sean then outlines his priorities in his current role at Alchemy, which include optimizing the financial close process, fine tuning reporting and analytics, and managing cash.

Perhaps no single experience better reveals the breadth of challenges that regularly test even the most stoic of finance career-builders than that which confronted Eric Bouchard a little more than a decade ago at Bombardier, Inc.

Tasked by management with negotiating the establishment of a new aerospace facility, Bouchard navigated through complex discussions with the Moroccan government, balancing the interests of Bombardier and the aspirations of a nation. His role extended beyond mere finance: He became a diplomat, a strategist, and, most important, a bridge between diverse cultures and economic ambitions.

The culmination of his efforts was a groundbreaking agreement for Bombardier that led to the opening of a state-of-the-art facility. This venture, we learn, solidified Bombardier’s global footprint and at the same time contributed significantly to Morocco’s industrial development. Bouchard’s remarkable record of being a mild-mannered technical accountant who transcended the bounds of traditional roles to become a key player in international negotiations highlights how finance can open the door to adventurous chapters seldom accessible to marketers or even sales teams.

Now far removed from the familiar corridors that he once roamed as what you might call an everyday accountant, Bouchard proudly recalls that this was an endeavor that not only challenged him professionally but also paved the way for Morocco to enter the elite circle of countries that have an aerospace industry. –Jack Sweeney 

At the very beginning of our talk with CFO Chermaine Hu, she revealed an irony about the CFO title that we rarely get to expose.

To wit: The very title toward which any executive has invested so many illustrious career years conveys ownership of what might seem to be a less than illustrious role—or at least one requiring little future endeavor.

“I have always struggled with the CFO title,” explains Hu, who notes that the moniker captures only a fraction of what most CFOs actually do.

Hu’s unexpected comments seemed to be appropriate openers for an executive who doesn’t mind—and in fact prefers—being different from the rest of the pack. Or at least this is just one of several takeaways that we garner from Hu’s early career years.

In fact, it turns out that Hu had an independent streak even before she entered the world of finance. Back in 1998, as she was approaching graduation from the University of Cambridge—job offer from Morgan Stanley already in hand—she decided to take job during Easter break serving ice cream at a local McDonald’s. Recalls Hu: “I felt that I needed some real-world experience.”

Hu’s ice cream stint—while seemingly incongruous with her blooming future as an investment banker (including 14 years with Morgan Stanley)—was just one in a number of surprise chapters found in the narrative of Hu’s past that expose a curious mind and a dedication to continuous learning.

One bookmark in her journey, Hu tells us, still rests between the pages recounting the time that she was blindsided by a “missed promotion” during her investment banking years. Not uncharacteristically, though, Hu was wise enough to allow greater reflection to expose a silver lining.

“You need to have setbacks in life,” she admits, revealing her deep understanding of the growth that comes from facing challenges head-on.

Looking back at his 26 years at Intel Corp., Jeff Woolard has more than a few moments of important discernment from which to choose when we ask for a single finance strategic moment.

Nevertheless, without hesitation, he takes us back in time to when the giant chipmaker was experiencing a recurring mismatch between the products that it was developing and the market’s purchasing trends—specifically in the PC sector.

“If you were to map both what people wanted to buy and what we were building, you would see this kind of disconnect,” recalls Woolard, who upon closer observation realized that while consumer buying behaviors had remained consistent, Intel’s product designs and manufacturing processes had evolved without alignment.

Woolard would propose a novel approach: redesigning Intel’s product road map to focus on four specific cost points that matched consumer demand and the company’s margin goals. This strategic insight led to a shift in how Intel approached product development, ensuring that new products were designed with these cost targets in mind from the outset.

A recurring theme in Woolard’s career journey has been the necessity of continuous learning and adaptability. He underscores the significance of making an impact and adding value within an organization. He illustrates how, at Intel, the expectation and opportunity to influence business outcomes were directly pivotal in his career growth. This aspect of being able to see and measure the impact of his work is highlighted by him as a distinctive and rewarding part of his experience at Intel.

Joining Intel Corp. in 1999 as a recent college graduate, David Freeman began his finance career as part of the tech giant’s plus-size finance team that supported various business groups. Looking back, Freeman finds that few aspects of the tech giant’s business were more influential in shaping his early career years than the company’s direct and “confrontational” culture.

“They expected excellence,” he recalls. “They expected details, and they expected you to know your business.”

Along the way, despite the many opportunities that Intel regularly offered him, Freeman came to realize that he wanted to open his next career door somewhere else.

“I didn’t really love being at a large company, so—after 7 years there—I decided that it was time to move on,” continues Freeman, who opted to join a pioneering cloud company known as NetSuite.

At fewer than 500 employees, NetSuite was aiming to be among the first SaaS companies to go public, and Freeman tells us that he ultimately had a hand in drafting the company’s S-1—a hands-on role that ultimately led him to spending 16- to 20-hour days at the printer.

However, Freeman believes that the greatest takeaways from his time at NetSuite may have come from the exposure that he had to the decision-making done by NetSuite’s CFO during the IPO process.    

“For the first time, I could see day-in and day-out what the CFO did, and this really gave me kind of a better sense of the role,” he remembers.

We can see that as his career moved forward, Freeman’s pursuit of experience and opportunities left little doubt that he had the CFO office in mind as a destination. Still, when the head of sales at Nutanix invited him to step into a VP of Sales operations position, he didn’t hesitate to stray from what might have been a more traditional finance path.

Says Freeman: “To be honest, I really hadn’t thought about this type of role that much, but I kind of felt like, ‘Hey, if there’s ever a time to do it, why not now?'” –Jack Sweeney

Planning Aces co-hosts Brett Knowles and Jack Sweeney discuss the strategic efforts of two CFOs leading organizational turnarounds, and a third CFO, who offers key organizational insights from an earlier career chapter. Emphasizing simplification, strategic focus, and leveraging both human insight and technology, Marc Suidan of Beachbody, Emma Brown of Medius and David Freeman of Starburst share their experiences in cutting costs, enhancing digital experiences, and repositioning product offerings as key strategies for revival and expansion. They underscore the importance of a deep understanding of business operations and the potential of AI in supporting decision-making processes. Their narratives reflect a common theme of distilling operations to impactful actions, demonstrating the critical role of CFOs in navigating companies through challenging transformations towards sustainable growth.

Lessons from Craig Wert’s finance career reveal the power of adaptability, problem-solving skills, and the ability to seize opportunities in unexpected places.

Having started his career without a clear road map to the future, Wert later found that his liberal arts background and early experiences in investment banking had laid a good foundation for a career that might have led in any number of directions.

What began to set Wert apart, however, was his innate ability to troubleshoot. Throughout his career, he was frequently called upon to solve complex problems, whether operational challenges at RCN or financial crises at Vonage. This knack for troubleshooting didn’t just resolve immediate issues, though: It also began to reveal to upper management his maturing strategic acumen and resilience. Every challenge overcome was a stepping-stone that led to increasing trust and the opening of doors to new opportunities.

Today, Wert’s evolution from troubleshooter to CFO of Jobber has proven to be a journey that has endowed him with the ability to anticipate obstacles and swiftly implement effective solutions. As Jobber seeks to expand its market presence and enhance its financial structure, Wert’s troubleshooter mentality suggests that the firm will likely be taking a proactive approach to growth, risk management, and innovation inside the competitive SaaS landscape.  

When PwC partner and relentless champion of shareholder value Marc Suidan stepped into the CFO office at The Beachbody Company in April 2022, intrigue was bound to follow.

Certainly, a struggling fitness and health company may not be viewed by many as the optimal door-of-entry to the operations side of things. However, for Suidan—a 17-year PwC veteran—Beachbody was without a doubt an enticing challenge. As a seasoned advisor to management, Suidan had contributed shareholder insights to the turnarounds and restructurings of dozens of businesses. However, at Beachbody, he would be executing from inside the organization, where the levers for strategic as well as operational improvement would be within his reach.

“Interestingly enough, half of Beachbody’s business is digital subscriptions, while the other half is the nutritional supplements that people who work out consume,” he reports. “People take energy drinks before working out and protein supplements afterward, so these are all part of part of the health supplements that we offer.” Suidan adds that the current turnaround effort has relied on three core pillars: dramatic cost-cutting, enhancing the digital experience around their top-tier content, and fixing the nutrition business.

So far, Suidan tells us, two of the three pillars are already paying off.

“We’re on track to have created over $200 million in savings in less than 2 years—I mean, it’s just crazy for a company of this size to find this much saving so fast,” comments Suidan, who notes that the company also revamped its digital platforms last March, a development that led CNN to name Beachbody’s consumer app the best in the fitness and workout app space this past December.

During the coming 12 months, according to Suidan, energy drinks, protein supplements, and the diversification of Beachbody’s nutrition channels will be top-of-mind.

“My two big pieces for the coming year are, number one, to finish that third pillar of the turnaround, and, number two, to get the message out—which is not easy, by the way, right?,” he concludes. “There are 4,000 public companies, but we need to talk about the two legs that we’ve already completed, so we should be able to get that message out.” –Jack Sweeney