CFO THOUGHT LEADER

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520: Inside the Arena Makeover | Kevin Lind, CFO, Arena Pharmaceuticals Aug 07, 2019

Show notes

Up until about three years ago Kevin Lind would likely have been identified as yet another gifted private equity executive – capable of issuing business remedies from the tip of his tongue.

At least in the minds of his CFO peers, who are accustomed to listening to PE pundits routinely hand down such remedies for ailing businesses. For Lind the CFO office at Arena Pharmaceuticals is a game changer, where he no longer hands down remedies but serves as a finance leader – an individual tasked with summoning others forward and building trust across an organization even as he or she sometimes completes necessary layoffs.

“Good drugs can succeed in spite of bad management and bad management can fail despite good drugs,” explains Lind, who says the frequent mismatch led him to want to get “one step closer” to management decision making. Lind would take that one step after receiving a call from Amit Munshi, CEO of Arena Pharmaceuticals.

At first, Lind was less than interested. Arena’s past struggles were not unknown to him – but Munshi encouraged Lind to take a close look at the company’s pipeline. “From an investment point of view the pipeline was really interesting and there was a turnaround opportunity if we got the right management team together,” recalls Lind, who said knowing Arena was a turnaround – and not a standard CFO tour of duty – made it far more appealing. – Jack Sweeney

519: Understanding Your Talent Investment | Bernard Huger, CFO, OneLogin Aug 04, 2019

Show notes

“You want to be a CFO.” The second the words reached his ears, Bernard Huger experienced a moment of clarity that ultimately lifted a stubborn fog from the future path of his finance career. While this was not the first occasion when such a thought had entered his head, this time the words were delivered by a professionally accomplished friend, who wielded an air of objectivity.

Like many investment bankers, Huger had found the doorway to corporate development positions less illuminated than those to other corporate roles, while at the same time C-suite doors-of-entry were especially hard to find.

“It wasn’t so obvious to me, but as I explained more about the types of things that I wanted to do, I realized that he was right,” says Huger, who left investment banking after 12 years to become CFO of MuleSoft, a fast-growing San Francisco software firm. “Let’s just say that I caught a tiger by the tail,” recalls Huger, who today derives from the experience a lesson for others: “It was painful, but biting off more than you can chew and pushing yourself is critical to accelerating your career.”

Asked about the type of CFO role that he envisioned for himself when he joined OneLogin, Huger focuses his comments on hiring and building a team. Only by having standout talent, Huger explains, will finance be able to signal to the organization at large that it is “a creative force” and capable of creating analytical models that other parts of the organization can leverage to foresee the trajectory of the business. –Jack Sweeney

518: Illuminating the Product Development Path | Pete Tantillo, CFO, RapidRatings Jul 31, 2019

Show notes

Pete Tantillo recalls being somewhat surprised when he discovered that his career path could be leading to the CFO office. “I’m sort of an accidental CFO,” explains Tantillo, who first arrived inside the finance function in the mid-1990s, when his employer tasked him with making a promising new ERP application meet the needs of finance.

The successful implementation led to a job offer from then little-known SAP–which was busy launching the next great technology wave, known as the client server. Tantillo loved the work (he stayed at SAP for 13 years) and eventually ran SAP’s services–the role that would ultimately become his career game changer.

Having helped to grow a profitable services business alongside SAP’s software juggernaut, Tantillo was hired away from SAP by a former mentor who believed that Tantillo’s services smarts could help her to turn around a struggling software unit.

However, Tantillo’s responsibilities went well beyond services, as he became tasked with organizing, monetizing, and supporting the company’s finance and business operations. This would the first in a number of CFO tours of duty that from a career experience point of view would appear to have been anything but accidental. —Jack Sweeney

517: Empowering Your Team to Teach Others | Pete D'Arrigo, CFO, Envestnet Jul 28, 2019

Show notes

When Pete D’Arrigo is asked to identify the business growth milestones that punctuate his 13-year CFO tenure at Envestnet, he pays passing homage to the company’s 2010 IPO–before drawing our attention to a convertible debt offering made in late 2014: “This was an offering that put us in a different swim lane. It was the first time that we issued debt, and it was a well-received, oversubscribed offering that then allowed us to lay the groundwork for 2015 and beyond to build out the capabilities to drive revenue.”

Whereas the IPO appears to have whetted the company’s M&A appetite (Envestnet acquired seven companies within the next four years), the debt offering was designed to help with the heavy lifting that often follows a hardy M&A diet.

To achieve greater visibility across Envestnet’s expanded operations, Envestnet’s finance team became focused on building out the infrastructure and systems required to integrate the acquired companies, explains D’Arrigo, who believes that it’s the operational aspects of Envestnet’s finance function that today set it apart. “It’s core to our business today, and that’s with or without an acquisition,” adds D’Arrigo, who notes that these same operational approaches are now empowering Envestnet to better serve its largest customers and partners. –Jack Sweeney

516: Illuminating the Science for All to See | Usama Malik, CFO, Immunomedics Jul 24, 2019

Show notes

“It’s the economics, the finance,” says CFO Usama Malik, who quickly adds the words “and the accounting” to his short list of finance leader action items. Malik begins where most CFOs end–with the economics behind the business model. Everything else follows, he explains.

“This role is about applying a broader lens to an entire industry and figuring out a competitive advantage,” adds Malik, who, while bullish on the science behind Immunomedics’ future offerings, makes clear his contention that it’s the economics that will ultimately determine the company’s fate.

“Historically, there have been fund-raising CFOs, operational CFOs, and strategic CFOs. … I’ve now started to combine these disciplines, and the culmination of these is really advancing the role,” explains Malik. –Jack Sweeney

515: Owning Your Firm's Destiny | Nathan Feather, CFO, Prime Revenue Jul 21, 2019

Show notes

A little more than 13 years ago, when Nathan Feather joined PrimeRevenue–an upstart supplier of supply chain financial services–the 20-member enterprise was just signing up its first direct customers. “We were a complete finance function spanning a person and a half,” explains Feather, who says that despite its sparse resources, finance was from time to time drawn into addressing legal, HR, and IT-related matters. This was what any C-suite executive might expect inside a start-up enterprise, but Feather is not your typical start-up CFO. Put another way: He’s not a serial CFO–the singular species that frequently arrives in the start-up’s C-suite already eyeing a transaction.

For Feather, PrimeRevenue was an opportunity to perform an act of creation–one in which the company’s business functions, still in their infancy (or yet to be established), would rely in part on his judgment and ability to see into the company’s future. “We built out the accounting and controllership side of the house first and then built out FP&A,” says Feather, who frequently uses house-building metaphors when describing the evolution of the business.

As PrimeRevenue grew, Feather’s appetite for learning all aspects of firm-building was once more revealed when he moved to Prague, where in addition to his finance leadership role, he took on that of general manager, Europe. “I had had some experience in supporting sales and operations, but I had never led them, so this role really allowed me to see beyond finance,” recalls Feather, who after 13 years of firm-building appears little eager to remove his lens from PrimeRevenue’s future. —Jack Sweeney

514: Building a Better Dashboard | Perry Wiggins, CFO APQC Jul 17, 2019

Show notes

As CFO Perry Wiggins recounts the different door-opening opportunities that allowed him to advance to the CFO office, APQC’s finance leader doesn’t hesitate to expose the seldom-mentioned sensation that frequently accompanies new responsibility–the feeling of being overwhelmed. According to Wiggins, the sense of being overwhelmed by new responsibilities is an experience that finance career-builders should at times relish because it signals they are being given “room to grow.”

“There’s an expression–‘Luck is where preparation and opportunity meet.’ I was prepared when an opportunity came along inside a healthcare company, and that opportunity just opened so many others for me,” says Wiggins, who credits an early mentor for sharpening his career focus and directing him down an accounting track that he routinely widened as he took on different finance roles. –Jack Sweeney

513: Achieving Your IPO Milestone | Kelly Steckelberg, CFO, Zoom Video Communications Jul 14, 2019

Show notes

A little more than 18 months ago, when CFO Kelly Steckelberg joined Zoom Video Communications, there were a number of key hires that needed to be made if the company was going to achieve its goal of selling shares to the public in the not-too-distant future. Three months after Zoom’s IPO and one month after its first earnings call, those hires are still top-of-mind for Steckelberg, who, while working alongside CEO Eric Yuan, filled the positions of general counsel, head of investor relations, and head of FP&A. Next, Steckelberg says, she wanted to make certain that finance and sales “had a great cadence” as far as how the teams interacted went and established a level of visibility into the sales pipeline that would allow Zoom to forecast on a weekly basis.

Looking back, Steckelberg says that visibility into sales and spending was good when she stepped into the CFO role–but not where it needed to be. “When I arrived here, there was one FP&A analyst. She was doing a great job of holding it altogether while using Excel–but it was just not enough. We had the good fortune of being a company that was growing very quickly, and the spending was appropriate–but we needed to be a little tighter.” —Jack Sweeney

512: Delivering on Solar's Promise | Ronen Faier, CFO, SolarEdge Technologies Jul 10, 2019

Show notes

As Ronen Faier recalls the career-building ups-and-downs of being entrepreneurial CFO, few memories appear to be more vivid than a meeting with Guy Sella, a seasoned Israeli entrepreneur, who invites Faier to lead the finance team of his solar startup. Not yet a midsize firm, SolarEdge Technologies was only about $9 million in annual sales with roughly 100 employees when Faier receives Sella’s invitation.

Having already experienced firsthand the heartache and financial repercussions of climbing onboard a struggling startup, Faier says he was confident this time things would be different.

“I saw this amazing entrepreneur with a very deep technological understanding of the field as well as a deep understanding of business and I knew you seldom find these in one (individual),” explains Faier, who accepted Sella’s invitation in 2011.

Eight years later, SolarEdge has close to 2,000 employees and last year reported sales of $937 million. Faier says, the company’s impressive growth is perhaps most visible today inside the U.S.’s residential realm where use of SolarEdge’s offerings has jumped from less than one percent market share in 2012 to nearly 56 percent. “Our CEO understood – that if we were able to get our cost point to where we were selling at almost an equivalent price to our competitors and at the same time offer superior technology – we would (experience) rapid growth,” says Faier, who has sought to outfit SolarEdge with a finance function that prioritizes cost visibility as it manages rapid growth. – Jack Sweeney

511: Getting Your Data Groove On | Elizabeth Salomon, CFO, Xactly Corp. Jul 07, 2019

Show notes

Back in the early 1990s, while a senior manager at Ernst & Young, Elizabeth Salomon was selected to be an “Accounting Fellow” at the OCC – the nation’s primary regulator of banks. Nominated by E&Y for the prestigious post, Salomon moved to Washington DC and was soon writing policy statements that would provide guidance to bank examiners across the country. Reporting directly to the OCC’s chief accountant, she quickly became a “go-between” with other banking regulatory agencies as she coordinated policy development. “This was something I never expected to do and the big learning for me was that it was okay to get out of my comfort zone.” Up to that point, Salomon says her career was about helping clients apply accounting rules, whereas at the OCC she was developing the rules – an exercise she credits with extending her thought process. Explains Salomon: “It was just a very different way of thinking.”

Following her OCC posting, Salomon joined Bank of America where she became controller of the bank’s IT and operations division. However, once more intrigued by opportunities that surfaced beyond her comfort zone Salomon jumped to a healthcare startup where as VP of finance she became the the primary architect of the company’s finance function – a role that certified her leadership credentials and advance her down the path to future CFO appointments. – Jack Sweeney

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