CFO-CEO Relationship: Key to Profit
The secret to a company’s success might be in the ties that bind the finance chief and chief executive, CFO Journal reported today.
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A Korn/Ferry International analysis of CFO Journal’s Top CFOs found that these pairs spent, on average, 7.6 years working together in those roles. In addition, the pairs spent an average of nearly 12 years working together at the same company.
CFO Journal last month published its picks for the Top 20 finance chiefs in the S&P 500 based on such criteria as the growth in their company’s return on invested capital, operating margins and capital expenditures over the 36 months ended June 30, 2014.
Karen Hoguet, CFO of Macy’s Inc. cinched the top spot. She and CEO Terry Lundgren have been a C-suite team for 12 years. As colleagues at the same company, they’ve worked together for 27 years.
Many CFOs also attributed their success to learning and staying involved in the operations side of the business. Anne Lloyd, CFO of Martin Marietta Materials Inc., says her time spent in the company’s quarries taught her the intricacies of the business.
And it also earned her some “street cred” among her colleagues, especially when it came to making difficult decisions about consolidating units during the recession.
“You can’t learn and understand the dynamic of the business in your office,” she said. “You have to do it in steel-toe shoes and a hard hat.” http://on.wsj.com/TheMorningLedgerSignup. Follow us on Twitter @CFOJourna
A Korn/Ferry International analysis of CFO Journal’s Top CFOs found that these pairs spent, on average, 7.6 years working together in those roles. In addition, the pairs spent an average of nearly 12 years working together at the same company.
CFO Journal last month published its picks for the Top 20 finance chiefs in the S&P 500 based on such criteria as the growth in their company’s return on invested capital, operating margins and capital expenditures over the 36 months ended June 30, 2014.
Karen Hoguet, CFO of Macy’s Inc. cinched the top spot. She and CEO Terry Lundgren have been a C-suite team for 12 years. As colleagues at the same company, they’ve worked together for 27 years.
Many CFOs also attributed their success to learning and staying involved in the operations side of the business. Anne Lloyd, CFO of Martin Marietta Materials Inc., says her time spent in the company’s quarries taught her the intricacies of the business.
And it also earned her some “street cred” among her colleagues, especially when it came to making difficult decisions about consolidating units during the recession.
“You can’t learn and understand the dynamic of the business in your office,” she said. “You have to do it in steel-toe shoes and a hard hat.” http://on.wsj.com/TheMorningLedgerSignup. Follow us on Twitter @CFOJourna
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