Transition from Cfo to Ceo

In: Business and Management

Submitted By salujavijiyan
Words 581
Pages 3
Most transitions from CFO to CEO take place when “the agenda becomes financial” such as during periods of financial instability. And most CFOs rise to the top job in their incumbent companies.
CFOs say they are better equipped professionally to contribute to richer discussions about strategic innovation around the boardroom table than, say, ten or so years ago. Their board-level peers now turn to CFOs during those strategic discussions to provide not only financial data from inside and outside the firm, but also a rigorous analysis of data that probe the strength and weaknesses of past, present as well as future strategies. In other words, CFOs are expected to fulfill a much more forward-looking visionary role than was once the case. As far as measuring and monitoring of investments in innovation are concerned, it may seem counterintuitive that finance executives aren’t focused solely on financials. According to the CFOs interviewed for this report, the intangible benefits of an innovation can far outweigh the financial benefits – for example, by satisfying customers’ needs, supporting sales and marketing efforts or bolstering corporate social responsibility initiatives – and CFOs are comfortable with this. * If you hire a CFO from your own company, the CFO already knows the business and how it functions at the executive level. He may know the other executive staff and the board of his directors from his time as a CFO. He may also have a clear grasp of the companies financial picture and be able to help implement his financial recommendations from the CEO position better than he would have been able to from the CFO position. * Regardless of where you hire the CFO from, a good CFO should have an understanding of what it takes to run a business in a cost effective manner. He should know how to determine what is profitable and not profitable. Ultimately, these…...

Similar Documents

Transition from Military to Civilian Life

...overwhelming to overcome the obstacles set out in the path to success. My decision to return now at this time of my life., changing old studying and work habits., and Transitioning from Battlefield to classroom., are my set of challenging obstacles. Each of these challenges plays a major role in my road to a college degree. Failure to overcome these obstacles will only make the whole experience that more challenging and pain full, and with the pressure of returning now, pain full isn’t what I need. First, my decision to return now at this time of my life sets out a challenge. It has been five years since I’ve stepped into a classroom and from what I last remember I wasn’t very good at it back then. The average college freshmen ranges usually from 18-19 years of age, I am 25 returning to college. At my age I have more responsibilities, I’m married, I have a family to support, and a full-time occupation to attend. Unlike the average college student who balances partying and studying, I Balance 40 hours of work per week, a wife at home and the pursuit to maintaining passing grades in college courses. My responsibilities have their share of weight on my chest, but they also motivate me more to not accept failure. Additionally, changing old studying and work habits is imperative to my success. I remember from my grade school days procrastination poor work habits and lack of effort were the contributing factors to many failed classes and incomplete assignments. Of course......

Words: 665 - Pages: 3

Ceo, Cfo, Coo

...CEO or chief executive officer is a bureaucratic position that carries the ultimate management responsibility for an organization. Commonly, CEO is a rank that is associated with the head of the company. One of the primary duties of the CEO is to report to the board of directors, which is answerable to the owners of the company. In addition, CEO carries out the job of designating other managerial officers including that of a president. Depending on the extent of his or her functions, a CEO can also have the title of President/CEO or President and CEO. A CEO is not only a key management figure, but also the face of any business establishment. Therefore CEO's career record and professional background often represent an important qualitative parameter of the overall value of the company CFO, or Chief Financial Officer, is senior corporate officer with full financial authority. In general terms, the main responsibility of a CFO is to oversee financial appropriations and expenditures of an organization. Hence, the CFO is in charge of disseminating financial data, directing budget and spending, as well as monitoring a number of other financial activities. A CFO is also required to frequently report to the board of directors on the overall financial condition of the company. Additionally, a CFO is charged with insuring financial transparency with respect to both the shareholders and regulatory boards, such as the SEC. In many corporations a CFO is routinely referred to as senior......

Words: 466 - Pages: 2

Personal Plan for Role Transition from Lpn to Rn

...Personal Plan for Role Transition from LPN to RN Name Course Tutor Assignment #1 XX University Date Personal Plan for Role Transition from LPN to RN Being a Licensed Practical Nurse for three years was extremely exciting and rewarding for me. I have enjoyed being a caregiver to those who are sick. Nursing is regarded as a respected and admired profession. I’ve always admired and looked up to nurses. Registered Nurses is in need in every field of medicine. They can choose to work in various fields of medicine and are able to work in specialized areas of the hospital such as the Emergency Room, Operation Room, Critical Care Unit, and Intensive Care Unit. Last year, I decided to return to school to continue my education for BN, as my goal is to work as RN in the future. Transition from LPN to RN doesn’t occur in single day, it takes time and step by step planning. With every step, I will acquire new knowledge, skills, values, attitudes, confidence and behaviors associated with RN role. The five expected outcomes/goals of the LPN-RN change 1. I will develop effective communication skills/techniques within one year. Communications is very essential part in nursing profession. The quality of a nurse’s communication is important factor in nursing care. It is also very important to establish and modify nurse-client relationship; I will acquire effective communication skills by speaking and writing clearly, and by practicing attentive listening. I will accept and......

Words: 811 - Pages: 4

Cfo Guide to It

...Y2K non-event has had the | |practical consequence of moving IT activities from a headline to a footnote on the corporate report. As a result IT, which had | |gained a seat at the Executive Committee during the Internet/Y2K bubble, started to be relegated back to a staff function. Often, | |in all but the largest organizations, the management of IT is returning to the CFO. | |Can IT Be Managed Like Accounting? | |The adage, "you better be careful what you wish for", might be in the back of the mind of a CFO the day IT responsibility becomes | |part of the finance and accounting domain. On the surface, the IT organization does look a bit like accounting. There are | |technicians and data base administrators who keep the operations going on a daily basis, much like the payroll or accounts payable| |and receivable clerks. There may be systems analysts and programmers who handle the more complex assignments, not unlike | |accountants. And, there is usual cadre of supervisors and managers. In larger organizations, both accounting and IT may have staff| |dispersed into operating units. | |The differences start to emerge when the CFO looks at the IT budget and the organizational scope of IT initiatives. The......

Words: 1206 - Pages: 5

Does True Epic Survive the Transition from Oral Storytelling to Literary Work?

...Does True Epic Survive the Transition from Oral Storytelling to Literary Work? Oral storytelling has been a cherished tradition for thousands of years. All cultures have adapted their own unique form of painting a picture with words. Whether it is teaching lessons, instilling moral values, recording history, bringing meaning to the unknown, or simply entertaining an audience, the oral tradition is a necessity to all societies. Though the written word is a well respected art form in and of itself, there are many ways in which the oral telling of stories can achieve more than a literary work. I do not believe true epics, such as Homer’s The Iliad and The Odyssey, survive the transition from oral storytelling to literary works. I believe this to be true because a reader will not get the same story as an audience listening to an oral telling. One of the ways that the literary transitions of epics falls short of the oral telling is the lack of control the author has over the reader’s understanding of the intended emotional response. Devices such as emphasis, volume, delivery, intonation, cadence, and facial expressions are all together lost when a work is being read as opposed to heard and seen. An oral storyteller has the ability to change a single sentence from a sorrowful tragedy to a comedic parody using simply their voice and tone. The first lines of Homer’s The Iliad could be argued to be the most important in the book. Within the first stanza, the whole tone......

Words: 1741 - Pages: 7

Transition from Employee to Supervisor

...| Transition from Employee to Supervisor | | Whether it is a company or a business, leadership roles are of much importance to maintain good results in workflow on the job, as well as customer and employee satisfaction. When an employee is offered a promotion to a managerial role, such as a supervisor, the transition of responsibilities and expectations of this employee are suddenly different and very important. The change of pace can be nerve racking to some, but with a leadership role comes a new set of rules to go by and obstacles to face. Without a proper knowledge of how to accurately be a supervisor or leader, an entire team can come across numerous problems with no support to lean on. Important things like motivating peers, communicating correctly, organizing efficiently and having good problem solving skills are what make or break what good you’re doing for your position. Keep in mind that employees will look to you for what to do next; with you being accountable for their training and understanding of their job and that being answerable to upper management as well as gaining respect from fellow employees are just a couple of key requirements to becoming the effective leader your team will need to succeed and move forward. Setting objectives for your employees and for yourself become some of the most important steps in your role, and requires a steady approach along with a patient observation in the very beginning. Good Supervisors are the......

Words: 2085 - Pages: 9

Leadership Lessons from Apple Ceo Tim Cook

...There was simply no way to predict how Apple would do without Steve Jobs. But that didn’t stop anyone from speculating. Tech pundit John Dvorak said, “At some point, Apple becomes like a John Wayne movie with no John Wayne. You begin to notice something is missing. Apple without Steve Jobs is Sony.” When Tim Cook took over as Apple CEO, I had a decidedly different take: “Apple has a solid foundation as the most powerful and influential technology company on the planet. It has a unique culture, but one that Steve Jobs built to last, as he knew this day would surely come for some time now.” I went on to say that Apple’s iconic co-founder “infused a new way of thinking” that is “baked into” Apple’s culture “in a way that can live on without Jobs.” In an internal email, Cook vowed to stay true to that culture. “I want you to be confident that Apple is not going to change," he wrote. "I cherish and celebrate Apple's unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that-it is in our DNA.” But I also knew that much of the company’s success going forward would “depend on new chief Tim Cook and rest of Apple’s management team,” and that “despite Cook’s promise, things are going to change. They have to change.” Related: The 9 Best Real-World Strategies Every Entrepreneur Should Know Indeed things have changed. But Cook has managed to walk that fine line between staying true to what’s...

Words: 833 - Pages: 4

Todays Habits of Cfos

...In today’s world the role of CFOs have changed a lot compare to the traditional CFOs we were once accustomed to. CFOs today are more of Strategic planners compares to the ones in the past. According to the article “we are not only seeing more CFOs with diverse business backgrounds, but we are also seeing CFOs evolve from their traditional role as gatekeepers”. The author here is talking about how business oriented and strategic today’s CFOs needs to be in order to enables company growth. The CFOs focus has shifted not only from managing return on investments (ROI) but also growth. The author has indicated that many CFOs today are in the same level with CEOs as primary drivers of the corporate growth. In short, in order for a company to continue to grow CFOs have to be more of strategist in order to assist in growth planning. Having said that, in order to make that transition easy there are seven habits that can help today CFO’s to transform from a traditional CFO to a brand new agent of change. 1) Habit- It’s important for CFOs to take a seat at companies meeting for strategy formulation. CFOs should be a part of regular executive meeting with CEOs and other corporate executive where they can discuss growth. This is important because CFOs can bring investors perspective and evaluate financial implication of most corporate projects 2) Define and Manage Return Expectations- Here a strategic CFO must be able to interpret each division of a company/corporation differently......

Words: 528 - Pages: 3

Transition from School to Work

...Transition from School to Work Senior Thesis (Progress Report) Theoretical Specification Nowadays the young generation of the United States encounters some major difficulties in finding decent jobs immediately after completing their studies. Such obstacles will affect their early labor market experience, wages and the time spent unemployed. This paper will focus on the estimation of job searches given the restrictions implemented in a job search theory. Moreover, this structural approach helps view the market in a different way. On one hand, the labor market is a place where numerous jobs are offered and there are only few takers and on the other hand, there are only few jobs available but many takers. As an addition, the structural approach produces predictions about the dynamics in labor force for each individual.[1] As a guiding paper I will follow Kenneth Wolpin (1987)’s paper. Standard discrete-time search model will be applied, meaning a non-continuous time search model. It includes the following characteristics: -First, the search horizon is limited since graduates will not be able to borrow due to a lack of future income; - Second, the probability of receiving a job offer (given the fixed length of time) may be dependent on job search duration; - Third, there is a cost of getting a job offer in a given period, which is not a subject to choice. This cost represents an opportunity cost of search time and it is a forgone leisure; - Fourth, in......

Words: 1098 - Pages: 5

Letter from Ceo

...LETTER FROM THE CEO In this case, we will study the letter of the CEO of the company PEPSI. * Regarding the first point to discussed, corporate social responsibility/ responsiveness/ performance: All these concept deals about the Corporate Citizenship, and this is because the Corporate Social Responsibility may also be referred to as "corporate citizenship" and can involve incurring short-term costs that don´t provide an immediate financial benefit to the company, but promote positive social and environmental change. Letter from the Pepsi CEO emphasizes on the fact that “Today, a company’s profits are inextricably tied to the prosperity of its consumers, customers, employees, communities and society writ large”. Is important the responsiveness having the company for the changes happening in society, and implement actions that encourage the development of the company, focused not only on economic issues. * Stakeholders/sustainability/voluntariness aspects of CSR. Regarding stakeholders Indra K. Nooyi, Chairman and Chief Executive Officer, think that if communities suffer as a result of a company’s actions, those returns are not sustainable. The profits are inextricably tied to the prosperity of its consumers, customers, employees, communities and society. PepsiCo has three pillars of sustainability: Human, Environmental and Talent. These three pillars form the foundation of what they call Performance with Purpose, and they help to drive his financial......

Words: 451 - Pages: 2

A Transition Phase: from Melting Pot to Salad Bowl

...HICHAM ZAIDI History 202 900041277 Essay I The late nineteenth century was the transition phase of the history of the US. Everything started with second industrial revolution (1850’s). It led to major developments like easier communication and transportation, and vast technological and scientific advancements. Big industries and factories arose, altering life styles… America became the attractive spot for all immigrants for its seeming endless new opportunities. People from all over the world, from all the different cultures came to the US to form what we called the “Salad Bowl”. Often these cultures were antagonistic to one another. Communities were formed and each one strictly reserved on itself to conserve itself, but they were to face new social “phenomena” that contradicted their beliefs and customs. Those new social trends were born from industrialisation, being a necessity to its functioning, but disoriented people from their traditional vision, of life in general. They, thus, sought justification to their altered social behaviours due to new living conditions. The post-industrial period, was as a historian calls it: the era representing a “SEARCH FOR ORDER”. It was distinctively manifested professionally and intellectually. The contributions brought, by industrialisation, to the transportation and communication patterns were......

Words: 1036 - Pages: 5

Sarbanes Oxley - Ceo's and Cfos

...report will be handled. Additionally, this sections mandates the members of the audit committee must sit on the board of directors, and be independent, meaning that members must not accepts fees from the issuer, or be affiliated with the issuer or subsidiaries. The audit committee must set procedures for filing complaints in regards to internal accounting controls and auditing matters. The procedures must also have a confidentiality plan for anonymous complaints that are submitted by employees with accounting or audit concerns. Additionally, the Audit Committee has that responsibility of determining what is deemed appropriate for the company to pay the public accounting firms that are hired to perform audits and issue audit reports and advisors that are employed by them. Section 302 of SOX outlines the corporate responsibility for financial reporting, and commands that both the Chief Operating Officer (CEO) and the Chief Financial Officer (CFO) certify in each report filed with the SEC that the report has been read by them, that the report is factual and does not contain an untrue statement or omitted statements of material fact (Public Law 107–204, 2002). Additionally, this section outlines that establishing and maintaining internal controls are the responsibility of the CEO and CFO, which helps ensure that material information relating to the company is known by officers and the subsidiaries officers. According to Anand (2006), internal controls developed by the CEO’s......

Words: 954 - Pages: 4

Letter from Ceo of Blockbuster

...Date: February 27, 2011 u07d2 Letter from the CEO Subject: E-Business Solutions Dear Blockbuster, Incorporated Employees Blockbuster has implemented a Total Access program. To implement this program, Blockbuster must do away with late fees and focus their advertising on our online rental subscribers. Other services that will enhance Blockbuster will be online subscription services, guaranteed in stock, and Blockbuster movie pass and Blockbuster game pass. These activities will enhance the value of our product. Blockbuster is “to perform for our customers the highest level of quality construction services at fair and market competitive prices, to ensure the longevity of our company through repeat and referral business achieved by customer satisfaction in all areas including timeliness, attention to detail and service-minded attitude, to maintain the highest levels of professionalism, integrity, honesty and fairness in our relationships with our suppliers, subcontractors, professional associates and customers.” We as a company want to keep the customer satisfied through competitive prices, timely delivery of our product, and an enhanced and image rich entertainment programs. This can be done through our Liquid guide that lets the consumer maneuver easily through the digital content of our Total Access Program. Blockbuster expects their employees to pay attention to detail and to keep the customer in mind when they are responding to problems or......

Words: 454 - Pages: 2

Cfo Resignation

...CFO Resignation & SEC Investigation Tammy C Clary COM/530 April 30, 2012 Aileen Smith CFO Resignation & SEC Investigation Internal Memorandum TO: Melissa Crumley, Supervisor at ABC Accounting Firm FROM: Tammy C Clary, CPA at ABC Accounting Firm DATE: April 30, 2012 SUBJECT: CFO Resignation and SEC Investigation into ABC Accounting Firm On April 27, 2012, John Smith ABC Accounting Firm CFO suddenly resigned from our organization. The United States Security and Exchange Commission (SEC) have requested certain documentation from our organization. From the information that the SEC requested, the issue seems to affect our revenue recognition. I have attached the information which was requested, compiled, and sent to the SEC. “The SEC in 2000 adopted Regulation FD, or ‘fair disclosure’. Basically, Regulation FD requires companies to widely disseminate any material announcement” (Seibel, 2001, p.132). Since ABC Accounting Firm is a publicly traded organization, the recent resignation of our Chief Financial Officer and the SEC investigation we must issue a press release. Our first concern is to inform all of our stockholders of the issues at hand. In order to keep the stockholder calm, we must disclose all information. We must follow all SEC regulations and comply. A lot of decisions will need to be made in the near future. The ethics of our organization will be put to the test but as always we will overcome this obstacle. When the press......

Words: 408 - Pages: 2

Memo from Executive Team to Ceo

...Memo from Executive Team To: Chief Executive Officer From: Chief Marketing Officer, Chief Financial Officer, Chief Human Capital Officer, Chief Operations Officer Subject: Potential Acquisition   The executive team is equally concerned with the high salary and wages of the employees at the Italy hotel properties. It is possible to try to increase the rates of the guest rooms at these locations. If the rates of the guests are to be increased than we need to justify the increase. Several ways that would help is to evaluate other local hotels, the quality of the amenities, assess the condition of the guest rooms, and keeping the hotel competitive.       In order to increase revenue, we would need to compare the rates of other areas hotels. Once we research the competitors' rates, then we must compare it to the hotel's current price structure. In addition, we should complete an assessment of the guest rooms of the hotel. This will include an evaluation of the quality of the amenities the rooms provide, such as: bedding, towels, flooring, window treatments, appliances, furnishings, and fixtures. The results of the assessment will help in determining whether or not these accommodations will support an increase in the rates of the rooms. Along with review the guest rooms, we also should examine the hotel site, as well as assess the customer base. It is important to determine whether the market is commercial or tourist. The commercial market serves the business and transient...

Words: 1562 - Pages: 7