Drugstore large Ceremony Support wanted a brand new chief—and so it turned to its trusted Chief Monetary Officer Matt Schroeder, naming him CEO in September. In doing so, Ceremony Support grew to become simply the most recent massive company to elevate its finance chief to the highest job—a follow that seems to be gaining steam in company America. Fortune identifies beneath 9 present CFOs who seem to have what it takes to comply with Schroeder’s instance.
First, some necessary context: The C-suite development of CFO-to-CEO didn’t occur in a single day, and its rising reputation is the results of a number of components. These embody financial uncertainty, and the evolution of the CFO function from a back-office operate to a frontrunner of firm technique.
In keeping with Scott W. Simmons of the chief search agency Crist Kolder Associates, CFOs have a novel vantage level since work crosses all segments of the corporate. What’s extra, the standard CFO at this time has publicity to board members and is aware of methods to talk with them in a approach others of the chief management group might not. CFOs are additionally averse to taking an excessive amount of danger throughout instances of uncertainty. “That kind of mindset could be valuable as a CEO,” he stated.
For a chief monetary officer to maneuver into the highest job, they need to not solely have the CFO function, however ought to purchase operational expertise, and know methods to run a enterprise inside an organization. That’s so “they really get the commercial orientation tested more so than they could within a finance-only function,” Simmons stated. He added that CFOs trying to transfer up ought to personal the revenue and loss (P&L) report as basic supervisor, and possess efficient communication and emotional intelligence.
So which huge firm CFOs possess these qualities? Fortune requested Simmons for his tackle present Fortune 500 CFOs who might probably step right into a CEO function within the subsequent three years. Right here, in alphabetical order, are his high 7 decisions—plus two extra names chosen by Fortune.
Pascal Desroches; courtesy of AT&T
Pascal Desroches, senior govt vp and CFO, AT&T
In 2016, AT&T reached a deal to purchase Time Warner. On the time, Pascal Desroches was the CFO of Turner Broadcasting Programs, Inc., owned by Time Warner. He then grew to become CFO of WarnerMedia and the Administrative Officer of Turner. He was answerable for all of WarnerMedia’s monetary operations in addition to working Turner’s world communications, human sources, authorized, technique and analysis, safety and know-how organizations.
Desroches would ultimately turn out to be the strategic associate of AT&T CEO John Stankey in bringing the corporate again to its telecommunications roots. Desroches grew to become CFO of AT&T in 2021 and helped to steer the corporate in finishing a DirecTV spinoff that 12 months, after which a by-product of WarnerMedia for a merger with Discovery, Inc., in 2022. Concerning management, Desroches instructed Fortune in a earlier interview it’s necessary to “get out of your comfort zone, learn new skills, and expose yourself to different areas of the business.”
Yanela Frias; courtesy of Prudential
Yanela Frias, EVP and CFO, Prudential Monetary
Yanela Frias started her tenure in March as EVP and CFO of Prudential succeeding Ken Tanji. Frias is the insurance coverage large’s first feminine CFO and has constructed a 27-year profession at Prudential.
“This is a deep-rooted Pru person,” Simmons stated. her monitor file, she ran companies and labored in worldwide markets, he stated. Along with her finance management roles throughout her time on the firm, she additionally led the Funding & Pension Options enterprise inside Prudential Retirement, served as president of Prudential Retirement, and was appointed president of Group Insurance coverage in 2021. Through the years, she gained expertise central to the CFO function, like working a P&L.
The corporate has clearly invested in her for the CEO function sooner or later in her profession, Simmons stated.
Kevin Jacobs; courtesy of Hilton
Kevin Jacobs, CFO and president, world growth, Hilton
Kevin Jacobs is CFO and president of worldwide growth for Hilton and leads the corporate’s finance, actual property, company technique, growth and structure and development features globally. He joined the corporate in 2008 ,and have become CFO in 2013. Earlier roles embody SVP of company technique, treasurer, and EVP and chief of workers.
“At a hotel company, arguably the most important operating role is to run development,” Simmons stated. Jacobs has “incredibly strong” management chops and has spent important time constructing technique, he stated. “I can see him being tapped for CEO,” Simmons added.
Dan Janki; courtesy of Delta Air Strains
Dan Janki, EVP and CFO, Delta Air Strains
Dan Janki joined Delta, a Fortune 100 firm, as finance chief in July 2021. He was beforehand at Basic Electrical(GE), the place he labored since 1992. At GE, he most lately served as president and CEO of GE Energy Portfolio and SVP of GE. His greater than twenty years of expertise at GE additionally consists of all kinds of senior roles at GE Vitality, GE Capital, GE World Operations and GE Company.
Janki has confirmed his adaptability and ran important companies together with having a excessive business acumen, Simmons stated.
Mark Mason; courtesy of Citi
Mark Mason, CFO, Citi
Mark Mason has constructed a profession monitor file that may place him as a future Fortune 500 CEO, Simmons stated. CFO of Citi since 2019, he joined the financial institution in 2001.
Mason has held a number of senior operational, strategic, and monetary govt positions, together with CFO and head of technique and M&A for Citi’s World Wealth Administration Division, CEO of Citi Non-public Financial institution, and CFO of institutional shoppers group.
In 2023, Fortune spoke with Mason about his career-defining moments. He recognized one as engaged on a joint enterprise between Citi’s Smith Barney and Morgan Stanley that created a wealth administration enterprise in 2009. He then grew to become CFO of Citi Holdings and, shortly after was appointed COO of Citi Holdings the place he ultimately grew to become CEO of the division.
Breaking down silos and issues with a one-firm perspective has been “true whether I’m in a CFO role or a CEO role,” he stated.
Jess Merten; courtesy of Allstate
Jess Merten, EVP and CFO, Allstate
“If you look at Jess’s rotations, he checks the boxes,” Simmons stated. Merten grew to become CFO of Allstate in 2022. However he joined the insurance coverage firm in 2012 as a senior vp in finance overseeing Allstate Monetary. Merten later grew to become Allstate Monetary’s chief monetary officer, serving to reposition the enterprise and enhance its efficiency. He moved on to turn out to be treasurer of Allstate, then chief danger officer overseeing all company danger and return actions. Merten then took on the function of president of Allstate Monetary Merchandise, proudly owning a P&L.
“Jess is named a really sturdy chief, “ Simmons stated. Merten might be thought of an inside candidate to ultimately succeed Allstate CEO Tom Wilson, Simmons stated.
Kathryn Mikells; courtesy of ExxonMobil
Kathryn Mikells, SVP and CFO, ExxonMobil
Kathryn Mikells joined ExxonMobil in 2021 as SVP and chief monetary officer. Earlier than Exxon, Mikells spent six years as CFO for London-based Diageo. She is Exxon’s first official CFO; earlier than her appointment, members of the administration group shared the finance duties. Mikells is the primary lady to affix the administration committee of Exxon, the U.S.’s largest publicly traded oil and fuel firm. Mikells can also be listed amongst Fortune’s Most Highly effective Girls.
Mikells’ expertise spans a number of industries. She started her profession at Basic Electrical as an funding analyst. She moved on to a 16-year profession at United Airways, the place she served in a number of company planning and monetary roles earlier than being appointed senior vp and chief monetary officer in 2008. After that, she went on to function chief monetary officer at ADT Included and Xerox Holdings Company earlier than becoming a member of Diageo in 2015.
Jamie Miller; courtesy of PayPal
Jamie Miller, EVP and CFO, PayPal
“Jaime Miller is a strong leader who has rotated outside of finance and has run significant businesses at companies of scale. She also has experience in a variety of industries,” Simmons stated.
Miller has labored throughout industries and guided each private and non-private firms via dynamic environments and transformation over the course of her 30-year profession. Miller started the CFO function at PayPal in 2023.
Earlier than that, she served as world CFO of EY, having joined to spin off its technique, tax, and consulting enterprise and lead an IPO. Miller was additionally beforehand CFO of Cargill, the place she additionally assumed company technique and enterprise growth duties. Miller earlier spent 12 years at Basic Electrical (GE), serving most lately as SVP and CFO. Amongst her roles on the firm was CEO of GE Transportation and chief info officer at GE.
Ewout Steenbergen; courtesy of Reserving Holdings
Ewout Steenbergen, EVP and CFO, Reserving Holdings
Ewout Steenbergen joined Reserving Holdings in March of this 12 months. However in Simmons’s opinion, Steenbergen can have a CEO function sooner or later. His profession expertise consists of working areas and enterprise models as division CEO, Simmons stated. Steenbergen additionally has deep working expertise and understands how companies work, he stated.
As CFO at S&P World, Steenbergen was additionally answerable for the S&P World Engineering Options Division and Kensho Applied sciences. Earlier than S&P, he was EVP and CFO of Voya Monetary, Inc., and served in different management roles at ING Group, like chief danger officer for ING Asia, across the globe.
He has expertise main world operations and managing groups throughout the EU, Asia, and North America, Simmons stated.
