CFO’s Post

Last week, Apple appointed a new CFO. Now is an incredible time to be Kevan Parekh. Kevan will step into his new leadership role in 2025 - but he has spent decades working his way up to this point. Here’s what you probably don’t know: When Kevan first got his degree in Electrical Engineering back in 1994, he was a fresh graduate with a dream. A few decades later, he is on the brink of leading all things finance for Apple. How did this happen? Perseverance, strategy, and determination. Here’s the story: Kevan's journey begins at the University of Michigan. While studying, Kevan wasn’t sure where he wanted to end up. So just a few years later, Kevan went back for an MBA at the University of Chicago, this time specializing in finance and strategic management. And from there, Kevan began to navigate his way up the corporate ladder: → He started at General Motors as their Director of Business Development → In 2009, he transitioned to Thomson Reuters as the Director of Finance, later becoming their corporate treasurer → And finally, he moved to Apple as their Vice President of Financial Planning and Analysis in 2013 His plan: → Deeply understand both technical and business aspects of his organization and their market → Oversee finance for Worldwide Sales, Retail, and Marketing departments → Implement innovative financial strategies for scaling sustainably As you can probably guess: it worked. But the key here is - it took time. His success didn’t happen overnight. It happened over a span of 30 years. By 2022, Kevan had risen to a wild level of success - way beyond what he probably ever thought possible for himself. → Top of his game as a VP → Respected financial leader and strategist → Soon-to-be CFO of worldwide brand, Apple None of this happened by ‘accident’. Kevan laid his educational foundation. He carefully researched and positioned himself ahead of his competitors. And he put in the years to make it all come to fruition. So, personally - I’m excited to see what unfolds in this new chapter of finance at one of my favorite tech giants.

*Top 2 failure points for CFOs at PE-backed companies* Did you know...? 🤔 CFO turnover rate in private equity-backed businesses is greater than 80%! It's clear that CFOs in private equity face unique hurdles. Swift adaptation to PE ownership, meeting heightened performance expectations, and fostering strategic partnerships are crucial for success. Mastering the CFO role in private equity requires overcoming two critical hurdles: 1️⃣ Accuracy in financial reporting: CFOs must demonstrate a firm grasp of the numbers and efficiently communicate financial results to meet accelerated reporting deadlines. Failure to provide accurate and timely data risks investor confidence and job security. 2️⃣ Strategic leadership as business partners: Beyond financial stewardship, CFOs must act as strategic partners, driving operational excellence and supporting key decisions. This requires a forward-thinking approach and collaboration across functions. By excelling in these areas, CFOs can navigate complexities, drive success, and ensure the prosperity of their companies. For greater insights, find the link below: https://lnkd.in/gCmTJ5Yc #cfo #chieffinancialofficer #privateequity #leadership #finance #privatal

In a rapidly evolving landscape, the role of Financial Planning & Analysis (FP&A) is undergoing significant shifts. Experts emphasize the vital role of CFOs in driving FP&A strategy, necessitating a fresh approach to plans and procedures. Effective FP&A thrives on a foundation of data integration, enhanced communication, and a supportive environment fostered by empathetic leadership. #FP&A #Leadership #Finance #DataDriven #Communication #Empathy https://lnkd.in/eSjjZfsn

Modern FP&A Leadership: Strong Data, Communication, and Empathy The importance of the FP&A function continues to grow and be recognized. As FP&A professionals, we are in a unique position to have a 360-degree view of the business. As such, the opportunity to lead has never been greater, but as FP&A leaders and CFOs, it will take a new type of leadership to ensure FP&A reaches its full potential. In this article from CFO.com written by Adam Zaki, I am lucky enough to share my thoughts about how CFOs can best support the FP&A Function along with FP&A experts Chris Ortega Aka "Larry Bird" and Wouter Born 🔥 🔥 🔥 A few quotes from the article: “The first pillar is knowing traditional FP&A is where software, technology and GenAI wins.” - Chris Ortega “FP&A people are probably best aligned to become a CFO one day because they are on the strategic side of finance. - Wouter Born “The CFO needs to ensure that the FP&A team has the time to learn the commercials and operations of the business.” - Paul Barnhurst “FP&A is a whole new skill set, mindset, value and impact that finance professionals and CFOs should be focusing on,” - Wouter Born “Data from operations, supply chains, sales, marketing, all this data needs to be matched up together. If you have data silos, you won’t be able to understand all that you can from your data.” - Wouter Born “Make sure as a CFO you appreciate the work your team is doing and show empathy and understanding for the challenges they face and work to solve them.” - Paul Barnhurst In the comments, share your thoughts on what is needed from CFOs and FP&A leaders today to ensure success? https://lnkd.in/g992KWtJ

Interesting article. The trend of the CFO to take on additional duties, including software implementation is growing. Is it really surprising when there are so many software applications that can dramatically improve efficiency and performance of the company financially? This is the trend that will lead to the quadrupling of the AP automation industry between now and 2032 that I have alluded to before. If your are a CFO looking to look at Accounts Payable automation options to reduce your time and your staff's time spent on inbound invoice data entry, invoice processing, and reconciliation, let's have a conversation.

🎙️ On our latest episode of FinPod, Chris Ortega, CEO of Fresh FP&A, shares his journey from accounting to leading a global fractional CFO service. Tune in to hear more about his insights and advice for finance professionals 🚀 https://bit.ly/4dftV0j #FinanceLeadership #FP&A #CareerAdvice #TechnologyInFinance #FreshFPA #CFIPodcast

🚀 Exciting news for CFOs! 📈 New research from OneStream reveals that the role of Chief Financial Officers (CFOs) is becoming even more crucial to business growth and investor attention, overshadowing even the CEO. 🌟 According to the report titled "Finance 2035: Return to Investment," investors place a premium on CFO competence, with the world's largest asset managers investing an additional 3.6% in organizations where the CFO is seen as the strategic growth driver. 📊 This means that CFOs have the power to attract more investment and drive business success. The research, based on insights from a survey of 2,000 global CFOs, CEOs, line of business leaders, and investors, found that the competence of the CFO is the most important factor for investors when considering investing in a business, ranking above the competency of the CEO. 💼 This highlights the increasing importance of CFOs in shaping the future of organizations. However, CFOs are facing challenges in driving organizational strategy and growth due to expanding responsibilities. 📉 The report emphasizes the need for CFOs to demonstrate technical, operational, and strategic competence to gain the confidence of investors. It also highlights the barriers preventing CFOs from reaching their full effectiveness, including limited cross-functional collaboration, legacy systems and technology limitations, and a growing skills gap in the finance department. But there is hope! The report concludes that unified data and artificial intelligence (AI) will be catalysts for transformation in the CFO role, with data-based decision-making and AI reshaping finance functions by 2035. 🤖 This means that CFOs have the opportunity to leverage technology to overcome challenges and drive business growth. As the Director of Innovation, I believe that this research highlights the evolving role of CFOs and the need for them to embrace new technologies and skills. 💡 By staying ahead of the curve and demonstrating their strategic value, CFOs can position themselves as key drivers of business success. What are your thoughts on the changing role of CFOs? How do you see technology shaping the future of finance? Share your insights and let's continue the conversation! #CFO #Finance2035 #BusinessGrowth #InvestorAttention #AI #DigitalTransformation

Curious about the impact of part-time CFO services on business growth? 📈 Dive deeper into the key roles they play in our latest blog post. Click the link below to read more! https://lnkd.in/e_-TRkX5 #CFO #BusinessGrowth #Success

Appreciate the post below explaining how fractional CFO services are creating value for small and mid-sized business owners!

Insightful perspectives from CFOs on their top initiatives this year and how they plan to tackle the most pressing issues in todays market. 💭 🕑 In the article, "42% of Mid-Market CFOs Expect Workloads to Increase in 2024" by Vincent Ryan. 450 finance leaders were surveyed and the results showed that about 39% plan a major system implementation, 35% a cost rationalization initiative, and 23% a merger or acquisition. About 18% plan incremental debt financing and 14% an equity capital raise. Aggressive performance goals and big projects on the horizon but many companies face problems rooted in a lack of resources and skilled talent. With cost containment as priority for leaders they must optimize what resources they do have and run "leaner and meaner" ✔ 💼 Ritesh "Tesh" Patel, MBA Jess Manyoky Robert Koch Jacob Votta Daniel Fuiman #astoncarter #accounting #finance #staffing #philadelphia #accountingtrends #Innovation #Strategy #Future