Financial Reporting
British American Tobacco announced on Tuesday that Chief Financial Officer Soraya Benchikh has stepped down after only about 15 months in the role, with Javed Iqbal appointed as interim CFO. The company has initiated a search process for a permanent successor, and Benchikh will remain until December 31 to ensure a smooth transition.
Walmart and Target both announced expanded AI initiatives during their latest earnings calls, emphasizing their potential value. Walmart CEO Doug McMillon noted that enthusiasm for AI continues to grow, with the company having built a strategy around four major "super agents"; Target COO and incoming CEO Michael Fiddelke revealed that over 10,000 AI licenses have been deployed to improve forecast accuracy and team efficiency. Both companies face tariff pressures or declining sales but remain committed to technology investment to address these challenges.
Korn Ferry's latest survey shows that 46% of companies have initiated internal discussions to adjust annual incentive compensation, and 55% are taking a wait-and-see stance on tariff impacts. CFOs play a key role in compensation strategy, and companies need to re-examine the link between executive pay and performance.
Laura LaPeer, a CPA with a bachelor's degree in accounting from the University of Michigan-Flint, joined UHY as CFO after a month as Plante Moran's treasurer. She previously worked at PricewaterhouseCoopers and spent nearly 13 years at ProQuest, specializing in simplifying financial information for non-accountants. At UHY, she will drive growth through mergers and acquisitions, aiming to exceed $1 billion in revenue within five years while optimizing operational centralization.
A five-judge panel of the First Judicial Department of the New York State Appellate Division ruled on Thursday (August 21, 2025), overturning the requirement that Allen Weisselberg, the former chief financial officer of the Trump Organization, repay $1 million in severance, and vacating the over $500 million fine against defendants including Donald Trump and his businesses. The court found the fine constituted an "excessive penalty" in violation of the Eighth Amendment to the U.S. Constitution, but upheld the non-monetary penalties and sanctions set by Judge Arthur Engoron in his February 2024 ruling, including lifetime bans on Weisselberg and former comptroller Jeffrey McConney. The New York State Attorney General's Office said it would seek an appeal.
A survey released by Accordion on August 11 shows that 98% of PE investors require CFOs to prioritize AI adoption, but 68% of CFOs indicate hesitation mainly due to a lack of direction. The two sides also diverge on value creation and investment timing, while macroeconomic uncertainty intensifies cautious sentiment.
Dollar General announced on Wednesday that it has appointed Donny Lau, a financial executive who previously served at the company for many years, as Chief Financial Officer, effective October 20. Lau, who previously served as CFO at restaurant chain Zaxby's, returns nearly three years after leaving Dollar General. Current CEO Todd Vasos will serve as principal financial officer during the transition period.
Home Depot executives said during the Q2 2025 earnings call that despite tariffs raising costs on some imported goods, the company remains confident in the current macroeconomic environment and expects customer demand to stay healthy. Meanwhile, the U.S. housing market remains weak, and economic uncertainty is curbing large renovation projects.
Upwork CFO Erica Gessert said in an interview that the company is building 'macro-insensitive business levers' through AI-related acquisitions and internal integration. Second-quarter net profit rose 47% year-over-year to $32.7 million, with AI-related services gross transaction volume up 30%. Gessert emphasized that profitability provides capital flexibility for M&A, but integration requires attention to cultural alignment and system unification.
BDO's Tax Strategist Survey shows that tax departments are deeply involved in corporate strategic decision-making: 92% of tax leaders say CFOs invite them to participate in important strategic dialogues, and 90% say CFOs promote cross-functional collaboration between tax and other departments. Geopolitical uncertainty, tariff policy adjustments, and new tax legislation are driving the tax function's transformation from compliance execution to strategic advisory.