Background
Podcast

How CFOs are mastering change in the face of new challenges

How CFOs are mastering change in the face of new challenges

Podcast
15-11-2024
EY
EY
In this episode of The Better Finance Podcast, the speakers explore challenges that are shaping the role of the CFO.

In The Better Finance podcast, Myles Corson hosts Jenna Fisher and Jim Lawson, co-leaders of the Global Financial Officers practice at Russell Reynolds Associates. The duo share their extensive backgrounds in finance and recruitment, setting the stage for a deep dive into the transformative role of the modern CFO.

The conversation highlights the expanded scope of CFO responsibilities, from traditional fiduciary duties to strategic capital allocation and growth facilitation. Jim notes the shift towards strategy due to changing economic conditions, while Jenna points out the CFO's growing role in potentially succeeding to CEO positions, given the decline of the COO role.

They also examine the importance of developing finance talent in light of automation and specialization within finance functions. The role of technology, particularly artificial intelligence (AI), was discussed as a tool for optimizing operations and preparing for future leadership roles.

They emphasize the significance of diversity, equity, and inclusion in building effective finance teams and the positive impact of diverse perspectives on performance. Looking forward, they speculated on the future of the CFO role, suggesting that talent may increasingly come from private equity and investment banking sectors.

Key takeaways:

  • Explore the dynamic role of CFOs in today's economy, focusing on how CFOs can navigate challenges posed by artificial intelligence and the digital revolution
  • Understand the expanded responsibilities of CFOs beyond traditional stewardship to encompass strategic business leadership
  • Identify the importance of proactive talent development within the finance function to promote future readiness and adaptability
  • Appreciate the significance of diversity, equity, and inclusion in creating effective finance teams and how diverse perspectives can lead to improved performance and decision-making within organizations