Financial Reporting
Targa Resources announced in a filing with the U.S. Securities and Exchange Commission the appointment of Benjamin J. Branstetter as Chief Financial Officer, effective September 1, along with a substantial long-term incentive. Current CFO William Byers will retire, and the company has also adjusted other executive positions.
Artificial intelligence is transforming traditional manual tasks such as financial modeling, but Ian Schnoor, Executive Director of the Financial Modeling Institute (FMI), cautions that CFOs must establish governance and ethical processes around AI, clarifying how AI is used and the extent of human involvement, to maintain model credibility and mitigate risks.
On August 13, Enovix announced that CFO Ryan Benton would also serve as interim CEO, succeeding Raj Talluri, who resigned for personal opportunities. Chairman T.J. Rodgers took on the role of Executive Chairman, emphasizing that the company's strategy and product roadmap remain unchanged. In an investor call, Benton stated that he would draw on his transition experience at Exar to drive growth in three major markets with a 'financially prudent' approach. The company reaffirmed its Q3 revenue guidance of $9 million to $10 million, with net loss narrowing to $29 million to $32 million. Despite Q2 revenue growing 21%, the net loss was $43 million, and shares fell 13% on Tuesday to $12.52.
Bakkt announced the appointment of Matt White as CFO, effective August 14, succeeding Karen Alexander, who has departed. White, who previously spent seven years at CoreCard, will oversee the company's transition to stablecoin infrastructure.
The crisis alpha of trend-following strategies is typically considered to have only defensive value, but recent research reveals that approximately 76% of their risk and 78% of their excess returns come from beta timing decisions. By replacing the relative value component with strategies of higher Sharpe ratios, it is possible to retain most crisis alpha characteristics while improving average returns, especially during stock market booms.
Most companies' accounts payable profiles are not the result of strategic design but rather the accumulation of piecemeal supplier negotiations over the years. Bank of America's Commercial Card Advisory team found 95 different combinations of payment terms and methods at one client—some suppliers on net 30 days, some on net 45, some paid by check, others via ACH. This disorder is quietly eroding working capital. A joint Visa and Bank of America survey at the end of 2025 showed that 80% of finance leaders ranked improving cash and working capital forecasting as a high priority for the coming year, yet checks still account for 12% of total commercial payments. Virtual cards and electronic accounts payable are becoming the mainstream direction for releasing funds, with their payment share expected to rise from 8.1% to 10.4% over the next 12 months.
Zoetis announced on Thursday the appointment of former GE Healthcare CFO Jay Saccaro as the newly created CFO and COO, effective August 17. Current CFO Wetteny Joseph will transition to special advisor until February 28, 2027, or an agreed termination date. Saccaro will receive an annual salary of $1 million and multiple long-term incentives.
Best Buy announced on Monday that it has appointed Anne Bramman, 58, as CFO, effective August 19. Bramman has held financial executive roles at companies including Nordstrom and Circana, with a compensation package including an annual salary of $950,000 plus additional incentives. Analysts generally view the appointment favorably, noting that her experience complements incoming CEO Jason Bonfig.
Warner Music Group (WMG) announced in a press release and securities filing on Friday that Chief Financial Officer and Chief Operating Officer Armin Zerza has stepped down effective immediately for personal reasons. The company has begun a search for a permanent successor, and Zerza will remain "available" until the end of the fiscal year to ensure a smooth transition. Global Controller and Chief Accounting Officer Lou Dickler has been named interim CFO, and Co-Chairman and Warner Records COO Tom Corson will serve as interim COO. CEO Robert Kyncl expressed gratitude for Zerza's contributions.
Reader surveys and expert interviews from CFO Dive show that hiring pressure at large accounting firms has eased, but small and mid-sized firms, specific industries, and rural areas still face severe accounting talent gaps.