CFO THOUGHT LEADER

Like many of her CFO peers, Karen Walker had an early career that was guided by abundant opportunities surrounding finance-driven decision-making within organizations.

It was a path that often led Walker to engage more closely with sales and operations, as was the case at CNET Networks, where she tells us that she recognized the limitations of embracing a strictly “rules-based” approach in finance.

It was at CNET that she embraced a more transformative perspective—prioritizing the customer’s objectives and challenges. This shift in thinking, emphasizing a customer mind-set, would continue as she advanced in her career.

At PagerDuty, the philosophy became instrumental in addressing the company’s rapid growth challenges. Now, as CFO at Sysdig, Walker tell us that it’s this commitment to understanding customer needs that guides the company’s approach to cloud security. Her journey reflects a progressive integration of customer-centricity into financial leadership, showcasing its adaptability and efficacy in diverse business environments.

Says Walker: “I think that one of the things that I have really learned over the years—and espouse as a philosophy—is that every employee—which includes, of course, finance—should really have a customer mind-set and really put the customer at the center of every decision that is made.”

This Episode is CFOTL Special Supplement. 

Franklin Templeton Chief Accounting Officer Lindsey Oshita expains how challenges faced during an ERP integration following a merger and the massive IT commitment it entailed. She highlights the significance of a chart of accounts and their potential adaptations, along with her team’s successful implementation of Workday at the start of the fiscal year.

Lindsey Oshita is the Chief Accounting Officer, Americas at Franklin Templeton. She’s spent 14 years at Franklin Templeton in various financial leadership positions, and was at Deloitte prior to that. Lindsey graduated from UCLA with a Bachelor’s Degree in Economics and a minor in Accounting.

CFO Michael Perica’s career journey began with an opportunity to work as a junior analyst for a national capital markets firm, where he would find a billionaire mentor. According to Perica, his association with the billionaire would ultimately offer him access to influential networks and unique opportunities. From his early days onward, Perica tells us, he became skilled at building connections with successful individuals—an expertise that would open the door to a diverse range of opportunities.

Perica’s entry into the CFO role during the COVID-19 pandemic—which occurred remotely, meaning that he didn’t meet his colleagues in person until several months later—perhaps highlighting his adaptability. Successfully leading a team without in-person interactions speaks to his ability to navigate challenges and maintain effective leadership—as so many of our finance leader guests have pointed out. –Jack Sweeney

For Emma Brown, it was as though she had just removed the sword from the fabled stone, a moment that would challenge the inclination to persistently question her own judgment when it came to business.

As is often the case, Brown’s moment of insight occurred in a high-pressure situation. Faced with poor financial visibility and the need to prevent a liquidity crisis, she championed the notion that her company’s finance team take a radical approach. Stripping everything back to basics, she delved into the fundamental aspects of cash flow, bank statements, and working capital.

This back-to-basics exercise revealed that the complexity of the business—large ERP systems, convoluted reporting, and complicated forecasting structures—was hindering understanding as well as impeding effective decision-making.

Brown’s strategic approach of simplifying complexity significantly boosted her confidence in navigating challenging situations within her career. The realization that complexity might indicate inherent issues within processes, systems, or structures shifted her perspective, empowering her to tackle problems with a newfound confidence. –Jack Sweeney

Four years ago, when Luigi Testa first joined LinkSquares as CFO, the Boston-area tech firm employed roughly 40 people. Today, with nearly 400 employees, the company is concerned less with growth and more about achieving a balance between growth and efficiency. To achieve this, LinkSquares management has made automation and AI adoption a priority.

According to Testa, the goal was to first identify repetitive and manual tasks that could be automated to reduce the need for hiring additional personnel. This is an approach that makes financial processes more sustainable in the long run, he points out, while also helping to control expenses.

Testa also notes that within the finance function, various routine tasks like billing, payment collection, and payroll processing were ripe for automation and AI implementation. Yet, while these new approaches could handle approximately 75% of these tasks, he emphasized the ongoing importance of human oversight to ensure accuracy and relevance.

It's no secret that Moderna's R&D efforts have expanded well beyond the realm of COVID-19. CFO Jamey Mock tells us that today the company has more than 40 drugs in its pipeline, with targets such as respiratory, latent, and rare diseases. As he explains, this diversity means that the biotech innovator is reliant not solely on one product or therapeutic area, which makes for less risk than would be the case if the company had only a single product focus.

Meanwhile, Mock leaves little doubt that the finance function is included in the firm's appetite for innovation when he details how Moderna's innovative use of mRNA technology has been a key factor in de-risking its R&D investments. Mock emphasizes that mRNA is the body's information molecule, which Moderna can quickly reprogram to target different diseases. This adaptability and flexibility make it easier for the company to adjust its approach if initial trials or results are suboptimal.

More than any other human quality or characteristic, Brandon Nussey is known for his calm demeanor—or so Coveo’s finance leader tells us near the end of our discussion.

It’s an observation that we’re not about to refute. After having spent 40 minutes in trying to identify just what it is that sets Nussey apart from his CFO peers, we had found his composure a trait to flag, even if he hadn’t ended up doing so himself.

This, of course, is an enviable quality always in demand in C-suites, yet at times it’s one that is easy to overlook.

In the case of serial CFO Nussey, the attribute perhaps first became evident during the earliest days of his career. Turning back the calendar to the early 2000s, when he received his first CFO appointment amidst the dot-com bubble burst, Nussey recalls a tour of duty that required him to always stay calm and composed in high-pressure, high-stakes environments.

Indeed, even to this day, he finds the circumstances much the same: “At the office, people use the word ‘calm’ to describe me perhaps more often than they employ any other adjective—at least to my face. At home, my daughters call me many other things.” –Jack Sweeney

Planning Aces Hosts Brett Knowles and Jack Sweeney discuss how AI's integration into FP&A is still in early stages, with many teams 'dabbling' in AI rather than regularly employing it. However, its use has been significant, inspiring creativity and improving team performance.

This episode's conversation emphasizes how FP&A is not just about financial numbers but involves drawing in non-FP&A players into the process. This approach fosters a more comprehensive and collaborative financial planning culture within organizations. They underscored that every member of an organization should consider themselves a 'capital allicator', responsible for contributing to the company's financial health.

Jim Moylan is perhaps our first CFO guest to list the leasing of oil rigs as one of the experiences that best prepared him for a CFO role. Of course, he makes it clear that the experience is worthy of mention not so much because of what he was selling but because he was selling at all.

“The best way to learn what a company does and understand its value proposition is to be a salesperson, and I have told this to people everywhere that I’ve been,” comments Moylan, whose stint as a salesman helped to kick off a 22-year career climb inside the ever-evolving world of energy company Sonat, Inc.

Sonat would provide Moylan with an expansive and varied career narrative. Having become known inside the company for his FP&A savvy, Moylan had a tenure that spanned a variety of leadership roles and included overseeing corporate strategy during a period of time when the company executed four acquisitions and two divestitures. He would also serve as president of one of the company’s largest subsidiaries.

Today, while Sonat resembles a sturdy bookend at one end of Moylan’s career, Ciena—the networking systems company where he has now logged 15 years as CFO—could likely serve as the other.

At Ciena, supply chain challenges have remained top-of-mind in 2022.

“The priority for the company and for me personally is to address our supply chain problem, fix it, and repair our image in the minds of our customers—because not only have we disrupted our business, but also we’ve disrupted their businesses,” remarks Moylan, who notes that Ciena’s product offerings depend on the regular replenishment of parts inventories comprising some 10,000 SKUs.

As with many finance leadership resumes, long tenures as well as the transactional nature of the finance field are what punctuate Moylan’s career. Turn back the clock to 1999, and Sonat was being acquired by El Paso Energy, a move that led Moylan to step into a CFO role at SCI Systems, the first of a succession of four CFO appointments for him within a mere 8 years.

Reports Moylan: “If it didn’t work for me, it didn’t work for me—and if I learned that quickly, l would leave.” –Jack Sweeney

When Jason Quinn landed in Europe back in 2008, he was the youngest of five American expats being deployed by digital disrupter SMB printer Vistaprint of Boston, Mass.

For the next 5 years, Quinn would be involved in a string of business acquisitions that would grow the digital printer’s European revenues from nothing to more than $500 million annually.

Based in Barcelona, Quinn spent roughly 3 weeks of every month traveling to other parts of Europe to evaluate the operations of different businesses as he and other executives sought to determine whether there was a solid business case for acquiring a company.

“I had the luxury of seeing into firms at both the executive and middle management levels, so I was able to acquire an understanding of how the executive team was operating and how the decisions that they would make would trickle down within the operation,” explains Quinn, who adds that as deal activity grew, Vistaprint ended up deploying a corporate development team from Paris to complete some of the initial due diligence.  

As the number of acquisition candidates grew, Quinn was tasked with taking a deeper dive into a target company’s operations, so he would often spend a number of days with company’s leadership team in order to better assess whether there could be a cultural fit.

“’Can this be one plus one equals three?’ would usually be the question that you were trying to answer,” continues Quinn, who points out that the answer to this hypothetical query was also dependent on whether his team believed that the acquisition candidate would succeed post-merger under a flat management model.

“We believed that flatter was better and that this was really an efficient way to grow,” comments Quinn, who notes that along the way he acquired a deeper understanding of manufacturing logistics as well as the pre- and post-sale dynamics of go-to-market strategies for both B2B and B2C companies.

However, his central role would always center on supplying the answer to the question of whether there was a strong business case for advancing a potential deal.

“When they brought something to the table through the pipeline, I would vet the business case first from our ability to execute it and then from a cultural perspective,” recalls Quinn, who stresses the significance of understanding and respecting cultural norms as well as local competitors.

Says Quinn: “If you’re going to go international, you must go all in and be prepared to make the investments to win in local markets because you’ll be facing local competition within their own primary market.” –Jack Sweeney