Executive committees are facing an increasing rate of CFO turnover, as senior financial leadership has increasingly been found to investigate potential opportunities in an industry switch - a trend that carries both risks and benefits. Scott W. Simmons, co-managing partner of the executive search company, Crist Kolder Associates, stresses how crucial it is for CFOs to work for organizations and sectors that excite them. Simmons, who has over 20 years of experience, observes that businesses value financial savvy and demonstrated leadership, more than specialized sector knowledge. Anat Ashkenazi, who went from being the CFO of the massive pharmaceutical company Eli Lilly to the CFO and SVP of Google and Alphabet, is a prime example of this tendency.
Ashkenazi’s extensive experience at a highly regulated, R&D-driven company like Lilly is expected to benefit her at Alphabet, demonstrating that strong financial leadership is universally applicable. Other instances include Kathy Mikells, SVP and CFO at Exxon Mobil, who handled CFO roles in a number of businesses, including printing, drinks, chemicals, airlines, and security. Having previously held CFO positions at PayPal and United Airlines, John David Rainey, CFO at Walmart, is another example of an industry shift. Notwithstanding these obstacles, the changing trajectories of CFO careers demonstrate the growing prospects for finance executives open to exploring new markets and using their knowledge in a range of business settings.
