Rockstar CFOs In Times Of Crisis
“During the dotcom crash and the economic slowdown of 2008, the role of the CFO gained in importance and respect. This phenomenon is likely to be repeated during today’s crisis.”
Jack is a Senior Contributor to Forbes CFO Network. An excerpt below.
Last year, I published my first book, which sought to identify the practices of elite chief financial officers. I identified the following nine practices that are regularly performed by these high achievers:
- Think Strategically
- Provide Ethical Leadership
- Master Deal-Making
- Build Elite Teams
- Learn Continuously
- Develop Board Relationships
- Perform Cross-Functionally
- Maintain Financial Expertise
- Achieve Work/Life Balance
My conclusions were based upon conversations I had with some of the world’s leading chief financial officers. For the most part, these conversations took place during a time of economic prosperity. Which begs the question: Do these practices make sense during a global economic crisis? I thought this would be a good opportunity to re-examine my conclusions and make that determination.
During the course of my career, the CFO role has grown from “best accountant” to strategic thinker. Historically, chief financial officers focused on financial reporting, compliance, and expense management. Rather than report facts after they happen, the CFO has instead become a driver of change throughout the organization. She is often the most important advisor the chief executive officer has, and is arguably the second most important executive in the company.
About Jack McCullough
Jack McCullough is a recognized thought leader in the field of financial leadership, with a career that has included CFO positions at 26 companies. He founded the CFO Leadership Council, a global organization dedicated to empowering senior financial executives through innovative professional development programs and peer networking. His other accomplishments include chairing the MIT Sloan CFO Summit, and creating the vision behind CFO Week, a one-of-a-kind learning and networking experience jointly executed by the CFO Leadership Council and MIT Sloan. He is a contributor to Forbes.com, where he writes for the CFO Network on challenges and opportunities facing financial leaders. He is an entertaining and insightful public speaker, and has spoken to thousands of CFOs, and is frequently contacted by members of the media who appreciate his candor, insight and wit.
Engage with Jack McCullough further at https://cfoleadershipcouncil.com/about-our-founder/
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The CFO Leadership Council offers both live & online programs that feature expert panels and interactive sessions that drive meaningful conversation and leadership development among our membership. Our collection of leadership development resources similar to this article contain pragmatic insights and advice sourced directly from our members and industry experts. Recordings of CFOLC webcasts are made available to our current CFOLC Premium & Virtual members. To learn about membership options and CFO Week, visit www.cfolc.com.
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