Succession planning lands internal talent the top finance spot
Twenty-four new Fortune 500 CFOs took the helm in the first quarter of 2018. This group of newcomers differed slightly from all Fortune 500 CFOs, according to Russell Reynolds Associates' research. For example, 71 percent were promoted internally versus 68 percent of all Fortune 500 CFOs. And 83 percent are male, which, while still a very significant majority, is less than the ranks of all Fortune 500 CFOs, which are 87 percent male.
To see more stats about Fortune 500 CFOs as a group, see the sidebar. Zeroing in on the transitions, of the 500 companies featured in the June 2017 Fortune list, minus those that have since been acquired, here are the 24 CFO transitions Russell Reynolds Associates tracked during the first quarter of 2018:
Mario Rizzo replaced Steven Shebik as CFO at Allstate Corporation. Rizzo was previously CFO for Allstate's Personal Lines business. Shebik, who has held numerous senior roles at Allstate over the last 22 years, will now oversee the company's Life and Retirement, Allstate Benefits, Encompass, Esurance, and Property-Liability Alternatives business segments, as well as its Business Transformation, Finance and a corporate analytics team.
Jennifer A. LaClair was appointed CFO of Ally Financial from her prior role as CFO of PNC's Business Banking segment. LaClair was appointed to succeed Ally's Chris Halmy, who was set to retire.
Electronic component distributor Avnet hired Tom Liguori as its new CFO. Liguori most recently served as CFO for Advanced Energy Industries and replaces Avnet's interim CFO, Ken Jacobson, who assumed the role after the company's previous CFO stepped down from the position.
Michael Santomassimo was promoted to CFO of Bank of New York Mellon after a host of organizational and leadership changes. Santomassimo was previously BNY Mellon's CFO of Investment Services.
Booking Holdings, formerly Priceline Group, named David Goulden as its new CFO. Goulden joined Booking Holdings from Dell Technologies, where he most recently served as president of their Infrastructure Solutions Group. Goulden succeeded Daniel J. Finnegan, who retired at the close of 2017.
Jorge Gomez, most recently the CFO of Cardinal Health's Medical Segment, succeeded Mike Kaufmann as CFO of Cardinal Health. Kaufmann was promoted to the role of CEO.
CDW promoted Collin Kebo to the role of CFO following the planned retirement of Ann E. Ziegler, CDW's CFO for the last ten years. Kebo previously held FP&A and CFO roles for international operations for CDW, an IT provider for businesses.
Chemical company Celanese appointed Scott Richardson as CFO following the resignation of Chris Jensen, Celanese's CFO for the last 12 years. Richardson most recently held the role of senior vice president, Engineered Materials at Celanese.
Dairy and soy food producer Dean Foods named Jody Macedonio as the company's new CFO. Macedonio previously served as the senior vice president of Finance for the North America Laundry and Beauty Divisions of Henkel AG. Macedonio replaced Chris Bellairs, who resigned in late 2017.
Eli Lilly promoted its treasurer, Josh Smiley, to the role of CFO. Smiley succeeded Derica Rice, who retired at the end of 2017.
In its transition to become a fully regulated utility company, FirstEnergy appointed Steven E. Strah to the role of CFO. Strah was formerly the senior vice president of the company's Utilities segment. James F. Pearson, the company's previous CFO, transitioned to an EVP, Finance role.
IBM promoted James J. Kavanaugh to the role of CFO from his prior post of SVP, Transformation and Operations. Kavanaugh replaced Martin J. Schroeter, who will take on the role of SVP, Global Markets.
McKesson Corporation promoted Britt Vitalone to the CFO spot, as the company's former CFO, James Beer, departed the company for another opportunity. Vitalone previously served as CFO, U.S. Pharmaceutical and McKesson Specialty Health.
Semiconductor manufacturer Micron Technology appointed David Zinsner as CFO to succeed retiring CFO Ernie Maddock. Zinsner most recently served as chief operating officer at Affirmed Networks.
Anthony T. Brausen will serve as interim CFO of Mosaic Company as current CFO Rich Mack leaves the company. Brausen will retain his original role as VP, Finance for the agricultural product manufacturer.
Office Depot appointed Joseph T. Lower to the CFO role, succeeding Stephen E. Hare, who is retiring after four years in the role. Lower was most recently CFO at B/E Aerospace Inc.
Truck manufacturer Paccar appointed Harrie Schippers to the role of CFO. Schippers was previously a senior vice president at Paccar.
Dennis Goedken will serve as Patterson Companies' interim CFO in addition to his current role as corporate controller as CFO Ann Gugino transitions out of her role at the medical supply company.
James D. Hope replaced Tom Ondrof as Performance Food Group's CFO. Hope assumed the CFO role after serving as EVP, Operations. Ondrof transitioned to a strategic growth leader role.
Supervalu promoted Rob Woseth to the role of CFO from his role as chief strategy officer and interim CFO. Woseth replaced Bruce Besanko, who resigned from the CFO role amid turmoil in the grocery industry.
Natural gas provider Targa Resources Corp. promoted Jennifer R. Kneale to CFO. Kneale most recently served as VP, Finance. She replaced Matthew Meloy, who was promoted to president.
TravelCenters of America promoted William E. Myers, the company's current chief accounting officer, to be the new chief financial officer and treasurer. Myers replaced Andrew J. Rebholz, who was promoted to CEO.
Tyson Foods named Stewart Glendinning CFO to replace Dennis Leatherby, who planned to leave the company. Glendinning joined Tyson from Molson Coors Brewing Company, where he served as president & CEO, International.
Yum China Holdings appointed Jacky Lo as CFO. Lo most recently served as interim CFO and treasurer of Yum and held several financial roles before that.
By the Numbers
Russell Reynolds Associates analyzed 487 CFOs of Fortune 500 companies and found:
Average age: 53.8 years old
Percentage of male CFOs: 87 percent, which jumps to 90 percent among CFOs at the top quartile of Fortune 500 firms
Percentage of internally promoted CFOs: 68
Average annual cash compensation: $1,747,139 (data available for only 228 companies). Interestingly, compensation was lowest among CFOs at top quartile Fortune 500 companies, at $1,492,452, and highest among CFOs at bottom quartile companies, at $2,371,595. Another counterintuitive finding: Female CFOs earn 2 percent more than their male counterparts. Unfortunately, this positive development runs counter to compensation trends found in most other roles.
|||Average Age||Externally Hired||Internally Promoted||Average Annual Cash Comp|
|Quartile||Avg. Age (years)||Female||Male||Externally Hired||Internally Promoted|
Jenna Fisher leads Russell Reynolds Associates' Global Corporate Officers Practices. With more than a decade in executive search, her clients range from Fortune 1000 corporations to middle-market private equity portfolio companies and highly visible, pre-public venture capital–backed enterprises. Her expertise lies in recruiting CFOs and board directors and audit chairs. Jenna is frequently cited for her expertise in leading business publications, including The Wall Street Journal.