Financial Reporting
Kate Gulliver, Chief Financial Officer of Boston-based furniture retailer Wayfair, noted that amid persistent economic uncertainty, the company's finance team must remain agile, flexibly adjust forecasting processes, and closely integrate with business teams. She emphasized that contribution margin must remain above 15%, while the company is leveraging AI tools to enhance efficiency and plans to continue expanding market share in 2026.
iHeartMedia announced in a securities filing on Monday that Executive Vice President and Deputy Chief Financial Officer Michael McGuinness will be promoted to Chief Financial Officer on January 1, 2025, succeeding Richard Bressler. Bressler, who has served as CFO since 2013 and also as COO since 2015, will continue as President and COO after stepping down from financial duties. McGuinness will report to Bressler. This change contrasts with the recent trend of some companies merging the CFO and COO roles.
Costco CFO Gary Millerchip stated during the fiscal 2025 fourth-quarter earnings call that despite challenges such as tariffs and inflation, the company still regards the $1.50 hot dog combo as a key product, and revealed that capital expenditures for fiscal 2025 were close to $5.5 billion, higher than the same period last year. He expects capital expenditures to continue growing in 2026, while emphasizing that the company has mitigated tariff impacts through various strategies.
Shoe Carnival announced that former CFO Kerry Jackson will resume the role of company CFO on September 28. Jackson served the company for over 20 years, retired in 2023, and returned in June 2025. This appointment comes as the company accelerates the expansion of its Shoe Station brand, with the CEO calling it a "critical moment."
Accel Entertainment has appointed Brett Summerer as Chief Financial Officer, effective Monday. Summerer, who previously held executive roles at Kraft Heinz, General Motors, and Verano, will take full responsibility for financial operations and play a key role in strategic planning, business development, and mergers and acquisitions. The company also disclosed his compensation package and recent financing activities.
Minority staff of the US Senate Permanent Subcommittee on Investigations this week released a 292-page report sharply criticizing KPMG, one of the Big Four accounting firms, for issuing "unqualified" clean audit opinions for Silicon Valley Bank, Signature Bank, and First Republic Bank before their collapse in 2023. The report also disclosed details of behind-the-scenes discussions between auditors and Silicon Valley Bank's chief financial officer and another bank executive during the tense days before the bank run in March 2023, revealing the close relationship between the auditors and the bank.
FASB issued long-awaited new guidance on accounting for internal-use software costs on Thursday, with amendments aimed at simplifying existing rules and improving operability. The new rules apply to costs incurred in developing or purchasing software for internal use and are effective for annual reporting periods beginning after December 15, 2027.
Spend management platform Extend announced the appointment of former PayPal executive Francois Horikawa as its first CFO, along with $20 million in new funding to accelerate profitability and product expansion. Horikawa will be responsible for driving the transformation of the company's economic model and diversifying revenue streams.
The U.S. Securities and Exchange Commission (SEC) responded Monday evening to President Trump's renewed call to eliminate quarterly reporting requirements for listed companies, saying it will prioritize the matter. In a statement, an SEC spokesperson said that at Trump's request, Chairman Paul Atkins and the SEC are prioritizing the proposal to further reduce unnecessary regulatory burdens on businesses. Trump argued on social media for changing the reporting frequency to semi-annual, saying it would save costs and allow management to focus on operations. The SEC implemented a semi-annual reporting system in 1955 and shifted to quarterly reporting in 1970. Analysts noted that under Atkins' leadership, the SEC's rulemaking process may accelerate. Trump also made a similar suggestion during his first term in 2018, and the SEC subsequently issued a request for comment in December of that year, but the matter was quietly shelved in 2021 by then-Chairman Gary Gensler.
Trump reiterated on Truth Social his proposal to eliminate quarterly earnings reports and switch to semiannual reports, claiming it would save costs and allow management to focus on long-term operations. However, accounting and financial experts point out that while this could ease quarterly pressure on CFOs, it may weaken investors' access to information and increase concentrated pressure during semiannual reporting. The SEC rulemaking process is lengthy, but new leadership could accelerate progress.