FEI - St. Louis is the premier organization for financial executives in the St. Louis area. 

CFO to CEO: Tips for Finance Leaders Who Want A Shot At The Corner Office

FEI Daily | 07/14/2023

by Ranga Bodla

Eight percent of the 681 CFOs surveyed at Fortune 500 and S&P 500 companies were promoted to the role of CEO. The modest increase from roughly 5 percent a decade ago, indicates a clear trend.

In the early 2000s, the COO role was the most common steppingstone to becoming a CEO. Today, with rising interest rates, inflation, and tight margins at the forefront for most organizations, CFOs have embraced more strategic responsibilities and are well positioned for the corner office. In fact, eight percent of 681 CFOs at Fortune 500 and S&P 500 companies surveyed in the first half of 2022 were promoted to the role of CEO. That’s a modest increase from roughly 5 percent a decade ago, but the numbers have steadily increased, and the trend is clear. 

Please join us in welcoming these financial leaders to FEI-St. Louis!

Mike Grzesiowski

CFO at Beckwood Press Company

Boyan Lalov

Managing Director Treasury, Assistant Treasurer

Jay Link

CFO at UniGroup

John Pins

Vice President, Accounting at ADB Companies

Kimberli Moore

CFO at Emmaus Homes

SEC and Clawback Compliance Changes

Clawbacks of executive compensation have been prominently featured in the news throughout 2023. Last month, the Securities and Exchange Commission gave its final approval of executive compensation clawback listing standards and relevant amendments first proposed by the New York Stock Exchange and the Nasdaq Stock Market. As FEI sponsor Husch Blackwell noted in a recent update, listed companies will have until December 1, 2023, to adopt a compliant clawback policy.

Relatedly, in a fascinating podcast discussion, Husch Blackwell attorneys examined a recent SEC order that found McDonald’s had violated Section 14(a) of the Exchange Act and Exchange Act Rule 14a-3 because it “failed to disclose that the company exercised discretion” in firing its former CEO without cause in conjunction with the execution of a separation agreement valued at more than $40 million, despite McDonalds ultimately suing its former CEO to claw back $100 million-plus in compensation.

Husch Blackwell is a nationwide law firm with an industry-centric approach giving us a deep understanding of what our clients face every day.

Contact Craig Adoor today to learn what gold sponsor Husch Blackwell can do for your business!

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