Afleveringen
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In this episode of Controllers Classified Erik Zhou explores the role of accounting in scaling businesses as well as public company accounting processes with Eric Van Cleve, Controller at 8x8. The episode begins with a recap of Ericâs career in accounting, detailing his discovery of accounting in college and how he worked his way up the ladder once he landed client side out of college. He notes that he found the most success when he focused on being interested, proactive, curious and capable.
The episode then turns to a discussion on how to think about directing accounting operations at scaling companies. Eric shares how he thinks about team structure to ensure efficiency in the close process as well as his decision making framework for where to automate and where to offshore. In every decision he tries to factor in not just current but also future business needs.
From there, the discussion deep dives into private vs. public company accounting, with Eric providing advice to finance and accounting leaders at pre-IPO companies regarding what to prioritize as they think about SOX readiness. He notes that these companies must be able to confirm that the answers they get to in their data are in fact the right answers. In other words, teams have to be able to prove out their control processes and ensure that reporting obligations can be met. And of course, teams should familiarize themselves with 10Ks and 10Qs.
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When it came to the public markets, no one can accuse David Morris and his seasoned C-suite colleagues, Fred Burke and Kendall Forbes, of being impatient. Guardian Pharmacy Services, a company they built from the ground up, recently raised $112 million in an IPO, listing on the NYSE under the symbol âGRDN.â The milestone reflects a culmination of over three decades of ever thoughtful, strategic decision making in a highly specialized market.
For CFO David Morris, the path to the public markets wasnât about rapid scaling or chasing quick wins. âWe knew from the start that success in healthcare is a long game,â he says, underscoring the teamâs deliberate approach. CEO Fred Burke, COO Kendall Forbes, and Morris founded Guardian Pharmacy with the understanding that meaningful growth would come through a patient, steady process of building relationships and refining operations. They entered a complex space, providing technology-enabled pharmacy services for long-term care facilities (LTCFs) across the U.S., from assisted living to behavioral health facilities.
Today, Guardianâs 50 pharmacies serve approximately 174,000 residents in 6,700 facilities across 36 states. With more than two-thirds of its revenue coming from assisted living and behavioral health facilities, Guardian has become a trusted partner in the long-term care industry, where patient care and regulatory oversight demand careful attention.
The IPO marks a new chapter for Guardian, yet Morris, Burke, and Forbes remain dedicated to their original mission. As the company grows in the public eye, their focus remains on delivering results through quality service and operational insight, underscoring the patient leadership that has driven Guardianâs success.
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Zijn er afleveringen die ontbreken?
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Sitting quietly at the back of a crowded GE conference room, a young Sandra Wallach diligently took notes during an executive briefing. As one of the newest inductees into GE's esteemed Financial Management Program (FMP), she was eager to absorb every detail. Unbeknownst to her at the time, this moment marked the beginning of a transformative 17-year journey with General Electric.
"FMP allowed me to figure out what I really like to do, what I gravitate towards, and what I'm not as interested in," she reflects. From aircraft leasing to manufacturing finance, each rotation broadened her expertise and honed her adaptability.
GE's approach to talent development was immersive and expansive. Wallach continues, "I had 10 different roles in nine different physical locations over my time." This constant movement not only built her resilience but also provided her with a holistic understanding of GE's diverse businesses. The culture emphasized being an integral part of the senior leadership team and driving change. "They expected me to be able to speak to the business almost as well as the leader that I was supporting," she notes.
This high standard pushed her to develop skills beyond traditional finance roles. Along the way, Wallach says GE's culture exposed her to the personal attributes that would become increasingly critical as she advanced into leadership positions. "Do you have personal edge? Can you make the tough calls? Do you have personal energy?" she explains. Serving as a Master Black Belt and later as a pricing executive, she stepped outside traditional finance roles, gaining valuable insights that would later prove essential in the C-suite.
Beyond GE, Wallach tells us there were still a few boxes to check before she could step into a CFO role. Positions at Intuit and MiaSole provided her with exposure to Silicon Valley's fast-paced culture and the opportunity to work directly with boards and investors. These experiences, coupled with her GE foundation, ultimately paved the way for her appointments as CFO of Amprius Technologies.
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In the latest Planning Aces episode, hosts Jack Sweeney and Brett Knowles discuss how finance leaders are elevating FP&A as strategic partners within organizations. Featuring insights from CFOs Regi Vengalil, Matt Steinfort, and Isabelle Winkles, the episode highlights themes like the importance of reliable data, setting constraints to enhance strategic planning, leveraging AI in finance, real-time collaboration, and educating business units. The CFOs emphasize Finance's role in guiding better decision-making and aligning organizational goals.
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It was not the first time John Gronen addressed the staffing companyâs board â but it was very likely the most consequential. At the time, Gronen was vice president of finance, responsible for assessing acquisitions and analyzing their outcomes. The company operated two businesses: one generating about $30 million in EBITDA, while the other incurred annual losses of roughly $10 million. Gronen proposed a strategy to merge the two operations, consolidating efforts to increase profitability.
Once the board approved the plan, Gronen led efforts to align sales teams and streamline processes. In just a few days, he and the leadership team developed a plan to reduce overlapping costs and improve operational efficiency. The merger cut $10 million in expenses, turning the combined business into a more profitable operation that was ultimately sold to a public company.
This experience shaped Gronenâs career, reinforcing his commitment to taking on complex challenges and thinking beyond traditional finance roles. Looking back, Gronen tells us his involvment with M&A began during his time at Alltel, where he contributed to a number of M&A transactions. Subsequent roles at Technosource and VPay expanded his skills into operations, sales, and human resources, giving him the well-rounded experience necessary for senior leadership.
Now serving as CFO of Yooz, Gronen draws on this experience to focus on scaling the company through automation, AI-driven processes, and product expansion.
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When David Eckstein inherited a struggling business unit earlier in his career, he faced an uphill battle. The unit wasnât one he had built, nor had he developed the frameworks or discounting policies in place. Yet, it was hemorrhaging money, and Eckstein quickly realized he had to act. âJust because you inherited the business doesnât mean itâs not yours,â he says. âAnd you shouldnât be thinking in terms of, you know, this isnât mine.â
The first challenge was identifying the root of the problem. Was it high commissions? Support costs? After careful analysis, Eckstein uncovered the crux of the issue: the business was operating with a negative gross margin. Several factors were to blame, including a lack of control over discounting. âOne person had full control over whether they gave an 80% or 20% discount,â he explains. âWe needed to implement levels and thresholds to bring structure to the process.â
In addition, Eckstein found that the company hadnât properly evaluated its costs to serve customers. Key personnel were misaligned to the cost of goods sold (COGS), and the company wasnât capitalizing research and development (R&D). âWe had to reassign resources to the right areas and ensure our investments aligned with revenue goals,â he recalls.
The experience reinforced Ecksteinâs belief that leadership means taking full responsibility, even when circumstances are inherited. âYou need to embrace change and the outcome,â he reflects. âThatâs the only way to create ownership and drive meaningful results.â Through these efforts, Eckstein began to repair the business unitâs trajectory, validating that accountability and decisive action are essential to strategic leadership.
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In his three years as CFO of Packer Fastener, Brian Hogeland has led a milestone transformation of the companyâs financial operations. Joining in 2021 during a period of rapid growth, Hogeland quickly identified opportunities to streamline processes, align business goals, and introduce technology-driven solutions. With Packer Fastenerâs quirky cultureâknown for slogans like âWeâve got the biggest nuts in townââHogelandâs mission was to bring structure without losing the fun spirit at the companyâs core.
Hogelandâs strategic mindset reflects his career-long blend of finance and technology expertise. Early in his tenure, he introduced NetSuite as the companyâs ERP system, replacing manual processes that once took weeks with real-time data and automation. This shift provided leadership with instant visibility into revenue, helping drive smarter, faster decisions across Packer Fastenerâs growing network.
Hogeland also emphasized data-driven planning. His approach aligns financial metrics with operational indicators like employee productivity and vehicle profitability. This framework enables intentional, forward-thinking strategies, ensuring the company scales efficiently without wasting resources.
Throughout his career, Hogeland has championed innovationâwhether through cloud-based tools or AI modelingâmaking finance a proactive force for growth. His ability to blend financial discipline with technology has better positioned Packer Fastener for sustainable growth in the years ahead.
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In January 2020, most finance leaders saw ASC 606 as a closed chapter. However, for Brazeâs newly appointed CFO, Isabelle Winkles, the revenue recognition standard became front and center. While ASC 606 was merely a speedbump for seasoned professionalsâespecially for a 25-year finance veteran like Winklesâit posed a notable challenge within Braze. Many employees had never worked at a public company that had adopted the standard, making it a crucial area where alignment and understanding were essential.
Winkles recognized that her role wasnât just about managing financesâit was about educating and aligning teams across the organization. She knew that technical rules alone wouldnât resonate with the sales team. Instead, she framed the conversation around tangible business impacts: âYou have to explain to the sales team, âHey guys, if we start giving people too much time to pay, this is going to change our financial profile, and we will be valued differently by the market as a result.ââ
By connecting financial nuances with outcomes that matteredâlike market valuation and compensationâWinkles ensured her message landed. âAnd you start explaining that to people,â she added, âand they say, âOh, okay, so this will change the stock price valuation ultimately, and that impacts my compensation.ââ
For Winkles, the key wasnât just mastering technical details but crafting a message the broader organization could digest and act upon. Success came from engaging teams across functions, fostering alignment, and ensuring every part of the organization understood the financial implications of their actions.
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As Aira Pineda stared out from her new office at a seemingly endless rice field, a voice inside her asked, 'What are you doing here?" Only a year or two earlier, Pineda had been among the young urban professionals populating the bustling Philippine offices of KPMG. She had excelled quickly, so much so that she was assigned to a leadership role in a major audit project just 2 years into her career. Groomed for partnership, she was part of KPMGâs "up-and-coming" class, with her sights set firmly on the top.
But life had other plans. The birth of her son made Pineda reconsider the long hours and intense lifestyle required of a Big Four partner. Prioritizing family, she made the unexpected decision to leave the city and relocate to the countryside, where her son could be raised near his grandparents. This move led her to a small start-up called Scrubbed, a company with just 50 employees at the time. Her mentors thought that she was throwing her career away.
What Pineda didnât realize at the time was that this decision would not derail her career but instead redefine it. At Scrubbed, she gained broader experience in finance, and, as the company grew exponentially, so did her responsibilities. From consulting with clients to eventually becoming the companyâs CFO, Pineda found her career full of unexpected turns. Her leap for personal reasons ultimately led her to a leadership role that she hadnât anticipatedâa twist in her journey that eventually set her on the path to becoming a CFO.
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Max Krakowiak stood on the pitcherâs mound, ignoring the first drops of a Seattle rain. A shout from a less-than-faithful fan filled his ears as he prepared to throw his next pitch. In this moment, he had no idea that his baseball career was about to take an unexpected turn, as a random off-the-field injury would soon end his time in the minor leagues and force him to hang up his cleats. However, what Krakowiak didnât realize then was that his days on the mound would end up providing him with lessons that would last for years to come.
As he transitioned into the world of financeâinitially, through GEâs Financial Leadership ProgramâKrakowiak began to understand that the high-pressure moments in his baseball career had indeed been not very different from those encountered in corporate finance. âIn baseball, you can get the best hitters to fail seven out of 10 times,â he reflected. âYou have to focus on whatâs in your controlâyour preparation, your mind-set, and how you engage with your team.â
Such is the frame of mind that has proven invaluable to Krakowiak in finance, where uncontrollable market forces can instantly and otherwise dictate outcomes.
Whether he was on the mound or handling investor calls, Max honed his ability to perform under pressure. âIâve had some bad pitching performances in front of large crowds, and it made me a little numb to that anxiety,â he shared. That resilience, combined with his experience navigating tough conversations at GE, gave him the confidence to lead. Today, as CFO of Revvity, Max tells us he still brings that same focus and poise to every decision, balancing pressure with preparationâon the mound and in the boardroom.
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In the season two premiere of Controllers Classified, host Erik Zhou welcomes Matt Didden, Controller at NexHealth. The conversation begins with a recount of how Matt landed in accounting after graduating in the 2007-2008 financial crisis and realizing that the world would always need accountants. It then highlights his transition from consulting/audit to client side, and the broadening of his scope from pure financial reporting to handling a myriad of complex business challenges.
The episode then turns to its primary focus: accounting considerations in highly regulated industries. Matt points to specific examples - like the anonymization of patient information in line with HIPAA before bringing it into an ERP system - where heâs had to marry accounting best practices and standards with broader industry regulation and requirements.
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When Josh Schwartz arrived at Medidata, the life sciences innovation company was entering unfamiliar waters. Having just gone public, Medidata was shifting from a fast-growing startup to a more structured, scalable organization. For Schwartz, who initially led revenue recognition, this was the beginning of both a personal and professional evolution that would mirror the companyâs own transformation. âIt was a point in time where we were starting to bring in specialization, starting to think about really scaling up our business and thinking about the future,â he recalls.
As Medidata scaled, so did Schwartz's responsibilities. His stubborn curiosity led him to explore beyond his initial role, uncovering inefficiencies and taking on more of the finance function. âI just started asking questions and driving people crazy,â he says, noting that his eagerness to improve processes soon expanded his role across finance. This growth trajectory from accounting to eventually becoming CFO in 2022 parallels the evolution of Medidataâs financial operations.
Similarly, the metrics that once guided Medidataâs growth had to evolve as well. Early on, Josh explains, âWe were focused on how many products our customers were using.â But as Medidata transformed into a platform-based organization, the metrics shifted. âItâs no longer about products; itâs about how much data we are driving through the platform.â
This alignment between Joshâs career journey and the companyâs evolving metrics highlights the adaptive approach both have taken to fuel Medidataâs latest growth chapter. Today, Josh leads a finance team that embodies the same forward-thinking approach he embraced early in his career, constantly rethinking metrics to drive growth.
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Twenty-seven years ago, while in his late twenties, Mark Partin arrived inside the C-suite largely unprepared for the flood of challenges that would quickly breach his desk. Or so Partin tells us as he recounts the circumstances surrounding the first of five CFO appointments that have thus far punctuated his finance leadership career.
âI can and do love to suffer,â Partin comments, describing the experience as being âover my headâ and demanding him to âlevel up,â or constantly âreach to the next levelâ to succeed.
For Partin, who had been named CFO of a publicly traded company despite his young age and lack of prior CFO experience, success in the role can be attributed to his unique partnership with the CEO. âHe allowed me to have that role and the Board did because he was to be my mentor, and he would help me along the way,â explains Partin. Still, thereâs no question the CEO got something valuable in return, given Partinâs âlevel upâ mindset and his willingness to work harder than anyone else.
This first CFO role cemented Partinâs belief that the CEOâCFO partnership is the most critical relationship in any company. This CEO, whom Partin describes as a âdriver,â was dependent on Partinâs success, reinforcing how essential trust and collaboration are in shaping any firm's future. This experience influenced Partinâs leadership approach in the four CFO appointments that followed, in which he continued to rely on many important and purposeful strategic partnerships.
Now, after nearly a decade as CFO of BlackLine, Partin tells us that he still believes that "leveling up" and fostering strong CEO relationships have been key drivers of whatever his success may continue to be, guiding his strategic mindset and pragmatic leadership to this day.
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It wasnât long after Laura LaPeer left public accounting to climb the corporate career ladder that she encountered her first delicate challenge as a corporate controller. Just a year into her new role, her employer was acquired, and LaPeer was unexpectedly asked to explain complex working capital issues to the new owners. The head of finance for the acquired firm struggled to present the information clearly, and the new owners were becoming frustrated. LaPeer instinctively stepped in, simplifying the complex details and demonstrating her ability to distill intricate financial data while effectively reading the room.
This experience, though it occurred prior to her joining Plante Moran, laid the foundation for her approach to leadership. By the time she was recruited as the controller at Plante Moran, LaPeer had already honed her ability to navigate complex situations and build relationships. The firmâs collaborative culture and the promise of a CFO role within a few years aligned perfectly with her leadership ethos. Her early experience not only solidified her decision-making and communication abilities but also prepared her for the strategic demands of Plante Moranâs finance function.
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In the mid-2000s, the worldâs attention increasingly turned toward Asia, driven by the regionâs rapid economic growth â not to mention the 2008 Beijing Olympics. It was within this atmosphere of excitement and potential that Joey Wong made a pivotal career decision. Having grown up in Los Angeles after her family immigrated from Hong Kong, Wong had always been drawn to math and science, a passion that led her to MIT, where she studied economics and business. Initially, Wongâs goal was to pursue a career in government economic policy, but the lengthy academic path it required made her rethink her future. âI realized that would mean many more years of studying before I had the credentials,â she recalls. Determined to put her skills into practice, Wong set her sights on business instead. Feeling a deep connection to Asia and recognizing that her Chinese language skills could provide a competitive edge, she took a bold step and accepted an internship with Morgan Stanley in Hong Kong.
Immersed in the vibrant financial markets of Asia, she initially focused on media and telecommunications companiesâtwo sectors experiencing significant growth in the region.
Today, as CFO of Lenovoâs Asia Pacific PCSD division, Wong continues to leverage her deep expertise in regional markets, utilizing the financial and strategic acumen she developed early on. Her understanding of the business landscape in Asia has made her a key player in Lenovoâs growth story, driving initiatives that capitalize on the regionâs evolving opportunities.
In an interesting twist, the same Beijing Olympics that helped attract Wong back to Asia also played a significant role in shaping Lenovoâs global brand image. As an official sponsor of the 2008 Games, Lenovo provided over 30,000 pieces of equipment, including PCs and servers, showcasing its technological prowess on the world stage. Itâs fitting, then, that the event which in part first sparked Wongâs desire to return to Asia also foreshadowed her future at Lenovo, where she now contributes to the same brand that made headlines during the Games. In some ways, that excitement of the games not only marked the start of an era for Asia but also the beginning of Wongâs career.
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In this episode of Planning Episodes hosted by Jack Sweeney and Brett Knowles, three CFOsâDon McGuire of ADP, Scott Blackley of Oscar Health, and Patrick Fleury of TeraWulfâshare their insights on financial planning and analysis (FP&A), with a focus on navigating complex business environments. Through their stories, listeners will gain a deeper understanding of how these finance leaders simplify intricate financial models, communicate effectively with stakeholders, and align strategic decisions with business growth.
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When the opportunity to help lead the corporate travel business at Expedia arose, Regi Vengalil knew it was exactly the role he had been seeking to put his CFO role in gear. Stepping into the CFO position meant overseeing a business unit with $600 million in revenue and $120 million in EBITDA, and Vengalil was eager to take on the challenge. Prior to this, he had been leading a team of strategy and M&A professionals, but the new role offered a much broader scope of responsibility.
âIt was a way for me to jump in with both feet to kind of get a full, you know, it wasnât just a pure FP&A role. I had commercial finance, I had accounting. I even had a systems team. I had financial operations. So it was a full CFO role and a global team that I still knew very well, because I had led strategy for the company,â Vengalil recalls.
This transition marked a critical point in his career. It was only about two years earlier, that Vengalil tells us upon joining Expedia corporate development he immediately became thrust into high-level decision-making, including a meeting with Chairman Barry Diller and CEO Dara Khosrowshahi. During the meeting, Vengalil was tasked with providing input on a strategic deal. After Khosrowshahi expressed support for the deal, Diller turned to Vengalil, who was new to the room, and asked, âHey, new guy! What do you think?â Vengalil, though it was his first week, confidently laid out the reasons why he thought the deal posed more risk than reward, despite its appeal.
Reflecting on their relationship, Vengalil observed a deep mutual respect between the two leaders, forged during years of close collaboration. Khosrowshahi, who had been with the company for over a decade, had worked closely with Diller on many deals, and Vengalil noted the rapport they shared, particularly in how they approached complex issues.
Diller, known for his sharp insights and high standards, preferred discussions to be clear and lucid. âIf you donât understand the complexity,â Vengalil observed, âyou wonât be able to communicate it simply.â This demand for clarity pushed Vengalil to deliver concise, well-reasoned perspectives, an expectation that both challenged and strengthened his leadership capabilities. This early exposure to Dillerâs precision-thinking had a lasting impact on Vengalilâs strategic mindset.
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In 2012, after nearly two decades in the airline industry, Zane Rowe made a bold career pivot. Leaving behind his role as CFO at United Airlines, Rowe stepped into the tech world, joining Apple in a sales roleâa move many saw as risky but one that would ultimately shape his perspective on finance leadership in the digital age. This decision marked the beginning of a transformative journey that prepared Rowe to navigate the complexities of technology, innovation, and data-driven strategies.
Roweâs time in the airline industry laid a solid foundation for his analytical mindset. Reflecting on his experience, he stated, âI recognized early on the power of data and the power of technology and how it could differentiate a good airline from a bad airline.â As he tackled the capital-intensive, data-heavy world of aviation, he developed an appreciation for how technology and data could unlock operational efficiency. His work on profitability models helped him understand how data could unlock hidden insights, a lesson that would become crucial in his later roles in the tech sector.
In his roles at EMC and VMware, Rowe saw firsthand how technology could revolutionize business operations. His ability to bridge financial expertise with technology adoption became a defining strength. Now, as CFO of Workday, Rowe applies those lessons to the evolving world of artificial intelligence (AI). For him, AI is not just a tool to streamline processes, but a strategic asset that can unlock untapped value, differentiate companies in competitive markets, and drive business transformation.
Rowe views AI as an extension of his long-standing belief in the importance of data. By leveraging AI to analyze massive data sets, CFOs can make faster, more informed decisions. This, he believes, enables finance leaders to be not just stewards of the bottom line but key players in shaping company strategy and future growth. Roweâs multi-industry career journey, with its blend of traditional finance and cutting-edge technology, has uniquely equipped him to lead in the age of AI.
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In 2018, Daniel Welch made a life-altering decision. After a decade in investment banking, working on high-profile IPOs and M&A deals at Morgan Stanley, Welch found himself at a crossroads. The birth of his daughter and a health scare involving his father led him to question the career path he was on. âI was mentally stimulated by the work, but it didnât align with my personal values,â Welch reflects. Burnt out and seeking more purpose, he left the corporate finance world to pursue mission-driven opportunities in the health and wellness sector.
Welchâs career pivot first brought him to Sonos, where he helped lead the company through its IPO. He later transitioned to Oura, the maker of the Oura Ring, guiding the company through a critical growth stage. These experiences solidified his desire to combine financial expertise with personal passion.
In 2022, Welch found his ideal role as CFO of Kate Farms, a plant-based medical nutrition company revolutionizing the field. Kate Farms focuses on providing organic, plant-based nutrition products, free of common allergens and designed to improve health outcomes for patients in medical need. Its mission resonated deeply with Welchâs personal health journey, which began with his transition to a plant-based diet.
Backed by investors like Goldman Sachs Private Equity and Novo Holdings, Kate Farms continues to grow its presence in hospitals and home care systems across the U.S., making Welchâs leadership integral to the companyâs scaling efforts. His career transformation highlights how purpose and profit can intersect when leadership is guided by personal values.
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When Deanna Strable was approached to take on the role of CFO at Principal Financial Group, she was taken by surprise. Having spent most of her 30-year career in leading business units rather than focusing on finance, Strable initially questioned whether she was the right fit for a position traditionally held by financial experts.
âUltimately,â she recalls, âwhat I learned from our board and CEO was that they really wanted someone who could partner with them in driving the company forwardâsomeone who had the ability, obviously, not only to understand the financials but also to be able to do so within the context of appreciating and analyzing how the day-to-day impact of our operations on our financials related to our long-term strategy.â
This blend of operational insight and financial expertise would come to define her tenure as CFO. Over her 7 years in the role, she led the company through significant strategic shifts. Under her leadership, Principal exited underperforming and commoditized businesses, such as retail annuities and individual life insurance. These moves were part of a broader plan to focus the company on areas with greater long-term-growth potential, including retirement solutions and asset management.
Strable also reshaped the companyâs financial priorities, moving beyond a narrow focus on earnings growth to a broader set of metrics, including return on equity, capital allocation, and customer satisfaction. Her emphasis on optimizing multiple metrics, rather than chasing short-term financial gains, helped to lay the groundwork for sustainable success. Strableâs career journey as CFO was a testament to the power of strategic thinking in driving both financial and long-term business growth.
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