CFO

📰 Preferred Shares: Macy's accounting woes; Study says DEI may be harmful; Gen Z wants $600K; Rising healthcare costs This week's newsletter features a highlight of Macy's recent accounting troubles, data from Network Contagion Research Institute and Rutgers University on the potential harmful consequences of DEI policies in the workplace, a survey from Empower on generational salary expectations and more. Read this week's edition of Preferred Shares here:

The former energy trading company whose accounting fraud forced its shutdown in 2001 has announced an ambiguously ambitious rebrand aimed at solving the global energy crisis. However, there’s a catch. Buried in the terms and conditions of Enron’s new site is a disclaimer: “The information on the website is First Amendment-protected parody, represents performance art, and is for entertainment purposes only.” https://lnkd.in/esNkiHxq

By taking a strategic approach to cybersecurity, CFOs can build robust, resilient and sustainable programs that protect valuable digital assets and support long-term goals. Jaushin Lee, Ph.D. of Zentera Systems writes up five ways CFOs can build a budget that rides the wave of innovation to increase productivity without sacrificing security. https://lnkd.in/ecBvwZj5

Companies in North America won’t be hit quite as hard, according to new data from WTW. The anticipated increase is less in North America at 8.7% (6.8% net of general inflation), the lowest for any of the five regions addressed by the study, which polled 348 health insurers in 75 countries. Asia-Pacific will see the greatest hike at 12.3%, which will be the region’s second straight year leading the pack. https://lnkd.in/ejQntxfS

Contentsquare hires former Squarespace CFO, Abercrombie & Fitch promotes an insider to the top finance spot and ScottsMiracle-Gro CFO to leave the company. ▪️ Marcela Martin is hired as the CFO of Contentsquare ▪️ Abercrombie & Fitch Co. has promoted Robert Ball to the CFO spot ▪️ Matthew Garth announces his resignation from The Scotts Miracle-Gro Company ▪️ IDEXX has hired Andrew Emerson as their new CFO Read this week's full list of CFOs On the Move here: https://lnkd.in/eSTtyzAF

New data from the Network Contagion Research Institute and Rutgers University suggests those preconditioned with DEI narratives are more likely to accuse others of unwarranted bias. As DEI policies have become a political tug-of-war in some workplaces, a recent study found that when exposed to DEI literature before evaluating a decision with potential bias implications, survey respondents in three different groups were much more likely to accuse unwarranted racial bias. https://lnkd.in/ecEVQGqP

However, Gen Z’s expectations are far higher at almost $600K, according Empower’s recent survey that reveals major differences in generational compensation expectations. Gen Z’s compensation expectations are the highest among their older peers. Data suggests younger employees believe $587,797 annually is adequate for success, along with a net worth of $9,469,847. Baby Boomers, the oldest workers in the office, need less than a fifth of that salary to feel successful. They’ve deemed a salary of $99,874 and a net worth of $1,049,172 sufficient for success. https://lnkd.in/eiXepGwQ

Macy's said the funds were not stolen, vendor payments were unaffected and the individual responsible is no longer with the company. After an independent investigation and an internal forensic analysis during preparation efforts for their upcoming financial performance update, the company found $132 to $154 million unaccounted for cumulative delivery expenses from the fourth quarter of 2021 through the fiscal quarter ending Nov. 2, 2024. The employee responsible was then subsequently fired. https://lnkd.in/e8gmDsAj

The MIT Sloan CFO Summit event started with a talk on tech and CFO best practices but had its final keynote end abruptly after climate protesters targeted aramco’s finance chief. Roughly fifteen climate protesters took the stage during Al-Murshed’s session, abruptly ending the afternoon’s fireside chat. Event organizers made a statement that they were the ones who made the call to conclude Al-Murshed’s session out of an “abundance of caution.” The Newton Police Department is currently investigating the incident. https://lnkd.in/eAkW3SUE

The U.S. Securities and Exchange Commission’s chair, and a commissioner, have both announced their departure plans for the upcoming year. Gary Gensler will resign on Inauguration Day. His resignation comes in tandem with bitcoin hitting unprecedented highs, an asset he is largely critical of. His knowledge of blockchain technology and the inner workings of digital assets is extensive, as he has taught courses at MIT on blockchain technology. This has led to questions about the origins of his decision-making process as chair. https://lnkd.in/e8P9wARp