As Seen in CFO Studio Magazine Q3 2016 Issue
THE WINNERS OF THE 2016 CFO INNOVATION AWARDS SHARE THEIR THOUGHTS ON STAYING AHEAD OF THE CURVE
Innovators are men and women who make a difference in their chosen endeavors. Through their energy, leadership, identification of opportunities and risks, big thinking, unwavering dedication, and farsightedness, the 12 CFOs being honored this year are bettering 12 companies or tax-exempt organizations. Their bold actions have brought increased resources and/or respect to their employers. We asked each of the winners what they would say about CFOs as innovators. Several spoke about creating or carrying forward the company’s strategy. Others mentioned getting the most from their team. What these CFOs do every day is not unique, but it is highly successful because they have clear goals, leadership agility, and a plan for dealing with risk.
CFO SUCCESS AWARD- OPERATIONS
The CFO who has led improvements across the organization in culture, process, productivity, and/or operational performance. This CFO has impacted the bottom line and is more strategic in the way he or she operates, says Tim Anglim, lead judge.
CHIEF FINANCIAL OFFICER, KEPNER-TREGOE, INC.
“Through a demonstrated understanding of the company’s operations and strategy, combined with the ability to make balanced decisions that are from a business perspective, not just financial, a CFO can add significant value to a company’s operations. … [However,] most people working in Finance are risk averse by nature, so inherently any major decisions that push the boundaries and create risk will generally create doubt. How CFOs approach these decisions and the related risks is critical and can be the difference between being a valued member of the leadership team or being the person who always says ‘No’ and potentially slows or prevents the business from meeting its strategic, operational, and financial growth objectives. Key business decisions should be made through a well-defined decision-making process, which includes clear objectives through which a series of alternatives can be evaluated based on data, so that the best-balanced choice is made. Even that best-balanced choice will have some level of risk, but if the risks are understood, preventative actions are in place, and corrective actions are planned if those risks come true, the impact on the business can be minimized. If decisions are approached in this manner, a CFO can have confidence that he or she has made the best decision and understands the risks and corrective actions to take if those risks occur.”
FINALISTS FOR CFO SUCCESS AWARD- OPERATIONS
Steve O’Connell, Chief Financial Officer, Lenox Corporation
Vladimiro Sinatti, Chief Financial Officer, Ferrero USA
Rob Weingartz, Chief Financial Officer, Arrow Finance (a Masco Company)