The second quarter of 2018 brought more turnover to the country's top finance positions, as 28 new executives were crowned Fortune 500 CFOs. Russell Reynolds Associates' research shows that these newcomers were more likely to be internally promoted, and less likely to be women, than their fellow CFOs across the Fortune 500. (See Fortune 500 CFOs sidebar.)
Some notable CFO transitions among the nation's largest organizations in the second quarter of 2018 include:
- Adobe promoted John Murphy to CFO, replacing Mark Garrett, who earlier this year announced his intent to retire. Murphy previously served as chief accounting officer and corporate controller at Adobe and brings more than 25 years of finance experience to his new role.
- Jeff Shepherd has been appointed interim CFO of Advance Auto Parts. He succeeded Tom Okray, who departed the company to take on the role of CFO at W.W. Grainger. Shepherd most recently held a variety of finance and accounting leadership roles at General Motors. Okray replaced Ron Jadin, who retired after 20 years at Grainger.
- Bed Bath & Beyond tapped Robyn D'Elia as CFO. She replaced Susan Lattmann, who stepped into the CAO role. D'Elia has been with the company since 1996 and most recently served as VP–Finance.
- Caterpillar has promoted Joe Creed to vice president and interim CFO. He succeeded Mike DeWalt, who retired after more than 35 years with the company. Creed most recently served as Caterpillar's CFO for Energy & Transportation.
- Clorox named Kevin Jacobsen as CFO following the retirement of Steve Robb after 29 years with the company. Jacobsen has served in a variety of finance roles at Clorox, most recently as vice president for Financial Planning & Analysis.
- Consumer products company Colgate-Palmolive appointed Henning Jakobsen as CFO. He followed Dennis Hickey, who stepped into the vice chairman role. Jakobsen had served as vice president and corporate controller since 2017 and first joined the company in 1989.
- Medical device manufacturer The Cooper Companies promoted Brian Andrews to CFO. Andrews succeeded Albert White, who transitioned to the president and CEO roles at the company. Andrews has been at Cooper for 12 years and previously held various corporate and investment banking positions.
- Joseph Nigro has been appointed CFO at Exelon, an energy company. He succeeded Jack Thayer, who became Exelon's senior vice president and chief transformation officer. Nigro was previously CEO at Constellation, an Exelon company, since 2013.
- Frank Pelzer joined the F5 Networks executive team as CFO. He joined F5 from SAP, where he served as president and chief operating officer of the Cloud Business Group. He follows Andy Reinland, who retired from F5 after almost 12 years at the company.
- Helmerich & Payne appointed Mark W. Smith as CFO. He succeeded Juan Pablo Tardio, who retired after 17 years at the oil drilling company. Smith previously served in a variety of finance roles at Atwood Oceanics Inc., an offshore drilling contractor.
- Steve Fieler was named CFO at HP Inc. after serving in a variety of finance and operational roles at the company for the previous 11 years. He succeeded Cathie Lesjak, who became HP's interim chief operating officer.
- International Paper, the manufacturer and distributer of paper and packaging, appointed Tim Nicholls as CFO. He has been with the company since 1999 and has served in several finance roles. He followed Glenn Landau, who left International Paper for personal reasons.
- Kinder Morgan promoted David Michels to the CFO role. He has been with the oil and gas company since 2012 and has been the vice president of Finance and Investor Relations since 2013. He replaced Kim Dang, who transitioned to president at Kinder Morgan.
- Home construction and real estate company Lennar Corp. promoted Diane Bessette to the CFO role. She has been with the firm for 23 years in a variety of capacities. She succeeded Bruce Gross, who had been CFO since 1997 and will now transition to CEO of Lennar Financial Services.
- Macy's hired Paula Price to be CFO. She succeeded Karen Hoguet, who is retiring. Price has 30 years of finance experience, principally in retail and consumer-facing businesses.
- John McCallion was promoted to CFO at
MetLife Inc. He succeeded John C.R. Hele, who announced his retirement. McCallion has served in a variety of roles at MetLife since 2006, most recently as company treasurer.
- Tom L. Tran was appointed CFO of Molina Healthcare. Tran brings over 35 years of healthcare experience to his new role, most recently serving as CFO of Sentry Data Systems Inc. He succeeded Joseph White, who retired after fifteen years with Molina.
- Mosaic Company appointed Clint Freeland as CFO. Freeland has over 26 years of business experience, most recently in his role as CFO at NRG Energy. He follows Tony Brausen, who will continue as a senior advisor to the agricultural products manufacturer.
- Robert Snead was named interim CFO at
Owens & Minor. He succeeds Randy Meier, who left the company to pursue other opportunities. Snead joined Owens & Minor in 2010 and had served most recently as treasurer.
- Patterson Companies appointed Don Zurbay as CFO. Zurbay most recently served as VP and CFO at St. Jude Medical. Zurbay followed Dennis Goedken, who had been serving as interim CFO and will continue as corporate controller.
- PerkinElmer named James Mock as their new CFO. He follows Andy Wilson, who retired after nearly nine years in his position. Mock had previously served for nearly 20 years in a wide array of financial oversight positions at General Electric.
- Sempra Energy promoted Trevor Mihalik to the CFO role. He joined Sempra in 2012 as controller and chief accounting officer, was tapped as senior vice president in 2013 and brings with him more than 27 years of financial experience in the energy industry. Mihalik succeeded Jeff Martin, who has transitioned to the CEO role.
- Southern Company has named Andrew Evans as CFO. He took over the role vacated by Art Beattie, who had announced his plans to retire. Evans joined the organization in 2002 and has held a variety of finance leadership positions.
- SunTrust Banks promoted Allison Dukes to the CFO role. She succeeded Aleem Gillani, who retired from the firm. Dukes has been with SunTrust since 1997, most recently serving as head of Commercial Banking.
- Jason Hollar was appointed CFO of Tenneco. He succeeded Ken Trammell, who will continue in a broader leadership role through the company's transition into two new stand-alone companies. Hollar joined Tenneco in 2017 as SVP–Finance. He previously served as CFO for Sears Holding Corporation.
- Ted Jastrzebski was named CFO at UGI. Jastrzebski most recently served as CFO at the QVC Group of Companies. He replaced Kirk Oliver, who left the company to pursue other opportunities.
- Gerry Laderman will serve as interim CFO at United Continental Holdings. He succeeds Andrew Levy, who resigned from his role at the company. Laderman has held legal and financial positions at United for over 27 years.
- Walgreens Boots Alliance tapped James Kehoe as CFO. Kehoe most recently served as CFO at Takeda Pharmaceuticals and has years of previous experience in consumer goods. He succeeds George Fairweather, who became a senior advisor for business development and finance to the CEO.
By the Numbers
Russell Reynolds Associates analyzed the CFOs at Fortune 500 companies as of June 30, 2018, and found:
The average age of a CFO is 53.5 years.
Women hold just 12 percent of the top finance positions. Interestingly, the CFO ranks of top-quartile firms have slightly more gender diversity than bottom-quartile firms, with 14 percent and 6 percent female CFOs, respectively.
Nearly 35 percent of CFOs are external hires. But internal promotions are more common the higher you climb within the Fortune 500, from 57 percent of bottom-quartile companies to 77 percent of top-tier firms.
Bucking a much larger C-suite trend, female Fortune 500 CFOs earn 2 percent more than their male counterparts.