How CFOs are mastering change in the face of new challenges

In The EY 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 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. © 2024 Ernst & Young Global Limited

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