Leadership
Former Wayfair CFO and Gartner CEO Michael Fleisher currently serves on the boards of four companies, including recently being appointed as the audit committee chair of wholesale retail platform Faire. He believes that a board role that merely attends four meetings a year and provides oversight is 'not truly interesting,' and he seeks to practically help business teams improve. This article explores his philosophy of board engagement, experience with growth stages, and advice for CFOs joining a board for the first time.
The "CEO Insomnia Index" report released by Boston Consulting Group (BCG) indicates that more than a quarter of CEOs (26%) view the CFO as the biggest threat to their job security within the C-suite, with the COO (24%) and CCO (20%) following closely. The report analyzes that the CFO's frequent interactions with the board make them a "natural successor" to the CEO, heightening CEO unease. Meanwhile, the trend of CFOs being promoted to CEO reached a ten-year high last year, with over 10% of new CEOs coming from finance executives.
The University of Connecticut has appointed Anthony Rini as its new Chief Financial Officer, effective April 27. Rini previously served at Northeastern University in Boston for 14 years, most recently as Chief Operating Officer. He will succeed Jeffrey Geoghegan, who has served as Chief Financial Officer and Executive Vice President for Finance at both the university and UConn Health since 2022, and transitioned to full-time Chief Financial Officer for UConn Health last summer. Rini takes on the role as the university faces increased pressure from federal and state governments, with rising risks to financial stability.
The Dallas Mavericks announced on Thursday the appointment of Kieran Kelly, a senior executive from the Chicago Bulls, as the team's new Chief Financial Officer. Kelly spent 12 years with the Bulls, where he led the 2020 NBA All-Star Game and the launch of the Windy City Bulls (G League team) in 2016. Mavericks CEO Rick Welts stated that Kelly's financial expertise and NBA experience will play a significant role in the team's future development. Kelly is a certified public accountant, worked at Deloitte for nine years, and served the Bulls from 2014 to March 2026. He will be involved in the preparation for the team's new arena and the exploration of new revenue streams.
Ad tech company The Trade Desk experienced major board changes this week: former CFO Alexander Kayyal resigned as a director on March 19, following the abrupt termination of his five-month CFO tenure in January; Reddit CFO Andrew Vollero joined the board and audit committee, succeeding Gokul Rajaram, who is set to leave on April 3; director Kathryn Falberg resigned on March 23, leaving the company temporarily non-compliant with certain Nasdaq listing rules.
Idaho Governor Brad Little signed HB 563 on Wednesday, adding an alternative pathway for Certified Public Accountant (CPA) licensure. Starting July 1, 2026, candidates can obtain a license through a bachelor's degree plus two years of work experience and passing the CPA exam, without needing to complete 150 college credits. The state also retains the traditional pathway of 150 credits or a master's degree. This move makes Idaho join over 30 states nationwide in reform efforts aimed at alleviating the accounting talent shortage.
Brown-Forman announced on Monday the appointment of Jim Peters, a former finance executive at Whirlpool, as its chief financial officer, effective March 31. Peters will succeed Leanne D. Cunningham, who announced her retirement after four years in the role and will officially step down on May 1.
Waste Management paid former Chief Financial Officer Devina Rankin a $1 million cash bonus on March 13 as she was about to step down from her role as executive advisor, in recognition of her contributions to the CFO transition and the integration of the healthcare solutions business.
Rhode Island and Louisiana have become the latest states to join the national movement for Certified Public Accountant (CPA) licensure reform, with legislators in both states introducing bills in late February to eliminate the 150-credit education requirement and establish three alternative pathways. This continues a nationwide trend that began with Ohio's pioneering reform last year, aimed at alleviating the accounting talent shortage. Currently, only Maine, Wyoming, and North Dakota have not actively pursued similar legislation.
Travel platform Navan faces a proposed class action lawsuit, with plaintiffs alleging that its IPO registration documents contained material misstatements and omissions, failing to adequately warn of negative trends such as a surge in sales and marketing expenses and the departure of the CFO. Since its IPO last fall, the company's stock price has fallen nearly 60%.