The role of the chief financial officer (CFO) has changed dramatically over time—an evolution accelerated by events like the Great Recession of 2008 and a decade of exponential digital disruption. Long since removed from traditional “back office” duties, CFOs have become future-facing strategic experts balancing the needs of stakeholders, supporting increasingly complex operating models, mitigating risk, and providing oversight of advanced technology like artificial intelligence and machine learning.
The broadening of the CFO role comes as COVID-19 continues to challenge organizations. The pandemic has chief financial officers once again rising to the occasion and playing a critical strategic role. And perhaps no one is more aware of how the responsibilities of the CFO have evolved—and how financial executives stepped up to the challenges of 2020—better than Jack McCullough.
“COVID was the game changer of our careers, and CFOs were on the front line, rethinking enterprise-wide strategy and leading that change."
Jack McCullough (MIT Sloan ’97) is the founder of the CFO Leadership Council, a global organization whose mission is to empower CFOs and other financial leaders through cutting-edge professional development programs and unparalleled peer networking. He is also the founder and co-chair of the MIT Sloan CFO Summit. McCullough is a recognized thought leader in the world of financial leadership with a career that has included CFO positions at 26 companies. He is also a frequent contributor to the Forbes CFO Network and author of Secrets of Rockstar CFOs as well as the forthcoming book The Psychopathic CEO, An Executive Survival Guide. (If you’re intrigued by the title, read more here.)
“COVID was the game changer of our careers, and CFOs were on the front line, rethinking enterprise-wide strategy and leading that change,” says McCullough.
McCullough explains that today’s finance executives are extremely well prepared for this kind of disruption, bringing strategy, leadership, vision, executive presence, and the critically important ability to communicate to the table—all skills that require ongoing development and refinement. Their role is the most cross-functional job across an organization.
“In the darkest days in March last year, when none of us knew if we would have a job tomorrow, these leaders had to communicate through it all. CFOs mean what they say and say what they mean, and in times like these, it’s incredibly important to have someone like that on the executive team.”
A path forward
McCullough’s CFO Leadership Council addresses the enormity of the challenges that CFOs are facing today and their need to be supported, connected, and empowered to lead. The organization’s upcoming annual conference (June 7–9) is aptly named A New Hope and promises to help CFOs continue to adapt and respond to this new reality and find a path forward. The conference will be offered virtually and in collaboration with MIT Sloan Executive Education.
“More and more companies have CEOs who are former CFOs, because they bring skills set that are unique and more necessary now than ever. That’s where we come in, trying to help these most critical and most trusted executives become even more effective at their jobs.”
The CFO Leadership Council provides more than 250 program a year, only a small number of which are accounting or tax related. The learning opportunities are instead focused on topics like digitalization, technology, strategy, and leadership.
“A thoughtful strategy around digitalization can save a company. For example, while Disney theme parks closed last year during the pandemic, Disney+ was adding 10 million new viewers every month. That prior investment saved the company.”
The upcoming June conference features an impressive list of speakers and moderators and topics ranging from smart technology investments to creating the new workplace to realizing financial performance through digitalization. You can learn more and register here.