March 2024 saw a wave of CFO appointments across various industries, with companies strategically selecting financial leaders to navigate the evolving economic landscape. This in-depth analysis examines the backgrounds and track records of these newly hired CFOs, assessing their potential impact on their respective organizations’ financial strategies, risk management, and overall performance. By exploring these key appointments, investors can gain valuable insights into the future direction and financial health of the companies in question.
Doretta Mistras, Viatris, Inc. (VTRS), Start Date: March 1, 2024
Doretta Mistras has been appointed as the new Chief Financial Officer (CFO) of Viatris, Inc. (VTRS). Mistras brings extensive experience in financial management and strategic planning to the role, having previously served as the Executive Vice President and CFO of Allergan plc, where she oversaw a team of over 800 finance professionals and managed a budget of over $1 billion. Prior to her time at Allergan, Mistras held several senior financial positions at Pfizer, Inc., including serving as the Vice President of Finance for Pfizer’s Essential Health Business Unit, which had annual revenues of over $20 billion.
Mistras’s appointment comes at a crucial time for Viatris, which was formed in 2020 through the merger of Mylan N.V. and Upjohn, a division of Pfizer. The company has faced various challenges since its inception, such as regulatory hurdles, competitive pressures, and the ongoing impact of the COVID-19 pandemic. Analysts believe that Mistras’s industry knowledge, financial acumen, and leadership skills will be key in helping Viatris navigate these challenges and position the company for long-term success.
James Miln, Xometry, Inc. (XMTR), Start Date: March 1, 2024
James Miln has been appointed as the new Chief Financial Officer (CFO) of Xometry, Inc., effective March 1, 2024. Miln joins the company from Yelp Inc., where he served as Senior Vice President of Finance and Investor Relations. During his time at Yelp, Miln was instrumental in guiding the company through a period of strong, product-driven growth, which included the launch of new AI-powered search experiences. Prior to Yelp, Miln held key positions at eBay, Yahoo!, and Unilever, where he demonstrated his ability to lead global teams and drive growth and operational efficiencies.
Miln’s appointment comes as Jim Rallo, who has served as Xometry’s CFO since April 2020 and led the company’s public offering on the NASDAQ stock exchange, retires. Rallo will remain as an advisor with Xometry through April to ensure a smooth transition. Xometry’s two-sided marketplace plays a significant role in the rapid digital transformation of the manufacturing industry, offering proprietary technology that streamlines development cycles, drives efficiencies within corporate environments, and helps companies create resilient supply chains.
Craig Aaron, BorgWarner, Inc. (BWA), Start Date: March 1, 2024
BorgWarner, Inc. (BWA) announced the appointment of Craig D. Aaron as its new Chief Financial Officer (CFO) effective March 1, 2024. Aaron brings extensive experience in financial leadership roles within the automotive industry, having previously served as the CFO of Tenneco Inc. from 2019 to 2024. During his tenure at Tenneco, he was involved in financial management, strategic planning, and operational performance. Prior to Tenneco, Aaron held finance positions at Federal-Mogul Corporation, where he gained experience in financial management, mergers and acquisitions, and investor relations.
Aaron’s appointment comes at a crucial time for BorgWarner as the company navigates the evolving automotive landscape, focusing on electrification and sustainability. In December 2022, BorgWarner announced plans to separate its Fuel Systems and Aftermarket segments into a new publicly traded company called PHINIA, allowing BorgWarner to concentrate on its Air Management and e-Propulsion & Drivetrain segments. As the new CFO, Aaron will be responsible for BorgWarner’s financial strategy, risk management, and ensuring the company’s financial stability and growth during this transformative period.
Lindsay Gray, Grocery Outlet Holding Corp. (GO), Start Date: March 1, 2024
Lindsay E. Gray has been appointed as the Interim Chief Financial Officer (CFO) of Grocery Outlet Holding Corp. (GO) effective March 1, 2024, following the departure of the previous CFO. Gray has been with Grocery Outlet, serving as the Senior Vice President (SVP) of Finance, Treasurer, and Investor Relations. Her career spans over two decades, during which she has held various financial positions in different organizations, including Raley’s, a supermarket chain in California, and Deloitte & Touche, a multinational professional services network. Gray’s professional background includes expertise in financial planning, analysis, and reporting, as well as experience in managing investor relations and treasury functions.
Gray’s appointment as interim CFO comes after the resignation of the previous CFO due to personal reasons. The board of directors unanimously agreed to appoint Gray as the interim CFO, indicating the company’s confidence in her abilities to lead the financial operations during the transition period. As an internal candidate with a strong financial background and leadership skills, Gray is positioned to ensure continuity and stability during the leadership transition at Grocery Outlet Holding Corp.
Eimear Bonner, Chevron Corp. (CVX), Start Date: March 1, 2024
Eimear Bonner has been appointed as Chevron Corp.’s new Chief Financial Officer, bringing with her over 20 years of experience in various strategic, financial, and operational roles within the energy sector. Prior to joining Chevron, Bonner served as the Vice President and CFO of BP’s Alternative Energy division, where she was instrumental in guiding the company’s transition towards renewable energy sources. Her career at BP began in 1999 as a Financial Analyst, and she subsequently progressed through a series of positions with increasing responsibility, including roles in corporate finance, business development, and strategic planning.
Bonner’s appointment as Chevron’s CFO follows an extensive search process, as she succeeds the outgoing CFO who had held the position for more than a decade. According to Chevron’s CEO, Michael Wirth, Bonner’s selection was based on her extensive industry experience, deep financial expertise, and commitment to driving shareholder value. As Chevron navigates an increasingly complex and dynamic energy landscape, Bonner’s ability to balance financial objectives with sustainability goals, as demonstrated during her tenure at BP, is expected to be a valuable asset in her new role.
Hitesh Lath, C3.ai, Inc. (AI), Start Date: March 1, 2024
Hitesh Lath has been appointed as the new Chief Financial Officer (CFO) of C3.ai, Inc., effective March 1, 2024. C3.ai is a provider of Enterprise AI software for digital transformation, offering a platform that supports various industries with prebuilt, configurable AI applications. The company’s software is used by organizations such as Shell, Bank of America, the U.S. Air Force, Koch Industries, and ENGIE to solve complex problems at scale.
Prior to joining C3.ai, Lath held various leadership roles in finance, strategy, and mergers and acquisitions during his tenure at Oracle Corporation. His experience in financial planning, analysis, and operations contributed to Oracle’s growth and expansion in the enterprise software market. Lath’s appointment comes as C3.ai continues to expand its market presence and offer new AI applications and services. In fiscal year 2023, the company generated total revenue of $456.3 million, a significant increase from $183.2 million in fiscal year 2021. C3.ai also expanded its customer base and partner ecosystem across multiple industries globally.
Philip Johnson, Jazz Pharmaceuticals Plc (JAZZ), Start Date: March 1, 2024
Philip Johnson has been named the new Chief Financial Officer (CFO) of Jazz Pharmaceuticals Plc (JAZZ), effective March 1, 2024. Johnson brings a wealth of experience to the role, having held various leadership positions in both public and private pharmaceutical companies. Most recently, he served as the Executive Vice President and CFO at Xyphos Biosciences, Inc., where he was instrumental in shaping the company’s financial strategy and operations. Prior to that, Johnson was the CFO at Anacor Pharmaceuticals, playing a significant role in the company’s acquisition by Pfizer in 2016.
Johnson’s appointment comes at a crucial time for Jazz Pharmaceuticals as the company navigates the evolving pharmaceutical landscape and continues to invest in research and development. His extensive background in financial management, corporate development, and strategic planning is expected to be valuable in helping Jazz Pharmaceuticals achieve its long-term growth objectives and deliver value to shareholders. The circumstances surrounding Johnson’s appointment have not been explicitly stated, but his hiring follows the retirement of the previous CFO, who served the company for several years and contributed to its growth and success.
Tom Okray, Nikola Corp. (NKLA), Start Date: March 4, 2024
Tom Okray has been appointed as the new Chief Financial Officer (CFO) of Nikola Corp. (NKLA) effective March 4, 2024. Okray brings his experience as the former CFO of Universal Hydrogen, where he spent over four years. His appointment comes at a time when Nikola Corp. has experienced significant turnover in its senior executive team, with changes in the positions of CEO, CFO, head of the energy business, and others throughout 2023.
Nikola Corp., an electric truck maker, has faced challenges such as stock prices under $1 and the need for stabilization. CEO Steve Girsky, who took over in August 2023, has emphasized the importance of stability and trust within the leadership team. Girsky has brought in experienced executives, including Mary Chan as COO and Steve Schindler as Chairman, to support the company’s goals. The appointment of Okray as CFO is expected to contribute to Nikola’s financial management and growth strategies as the company works towards a stronger future.
Owen Morris, CyrusOne, Inc. (CONE), Start Date: March 11, 2024
CyrusOne, Inc., a prominent data center provider, has recently appointed Owen Morris as its new Chief Financial Officer (CFO). Morris brings extensive experience in finance, real estate, and operations to his new role, having previously held leadership positions at several notable companies. Most recently, he served as the Executive Vice President and Chief Financial Officer at American Tower in Europe and Africa, where he oversaw the financial operations of the company in these regions. His background in the telecommunications industry, particularly in infrastructure and real estate, is expected to be an asset to CyrusOne as it continues to expand its data center portfolio.
Morris’s appointment comes at a crucial time for CyrusOne, as the company was recently mentioned as the data center provider for EnLink Midstream, LLC in March 2022, highlighting its growing presence in the energy sector. His expertise in financial discipline and flexibility is expected to help CyrusOne navigate the challenges and opportunities in the data center industry while maintaining its competitive edge. As part of the company’s broader strategy, Morris will focus on strengthening CyrusOne’s financial position and ensuring cash flow stability as the company pursues prudent and profitable growth.
Sami Siddiqui, Restaurant Brands International, Inc. (QSR), Start Date: March 14, 2024
Restaurant Brands International (RBI) announced on March 2024 that Sami Siddiqui has been appointed as the company’s new Chief Financial Officer (CFO), succeeding Matt Dunnigan. Siddiqui brings extensive experience from his previous roles within RBI, having initially joined the company as head of finance and investor relations before taking on the positions of Brand CFO for Tim Hortons and later Burger King. Before his tenure at RBI, Siddiqui worked at Blackstone and holds an MBA from Harvard Business School.
Siddiqui’s appointment as CFO is part of a broader leadership shift at RBI, which also includes the appointment of Thiago Santelmo as President of International and Jeff Klein as President of Popeyes US and Canada. These changes are intended to support RBI’s long-term growth strategy, which aims to achieve a minimum of $40B in system-wide sales and $3.2B in Adjusted Operating Income by 2028. During his eight-year tenure as brand President of Popeyes, Siddiqui played a key role in the brand’s success, overseeing record levels of sales, restaurant growth, and profitability, which helped establish Popeyes as the second-largest chicken player in the US.
Gary Millerchip, Costco Wholesale Corp. (COST), Start Date: March 15, 2024
Gary Millerchip has been appointed as the Chief Financial Officer (CFO) at Costco Wholesale Corp., a leading membership warehouse club in the United States. Millerchip brings with him a wealth of experience from his previous role as the Group Chief Financial Officer at Sainsbury’s, a major British supermarket chain. During his tenure at Sainsbury’s, Millerchip was instrumental in shaping the company’s financial strategy and overseeing its operations.
Millerchip’s transition to Costco comes after a remarkable 34-year career with the company, during which he held various leadership positions. His long-standing association with Costco has equipped him with a deep understanding of the company’s business model, which is centered around providing exceptional member service and value. Millerchip’s promotion to the role of CFO reflects Costco’s recognition of his contributions and its confidence in his ability to drive financial performance and support the company’s growth strategies.
Yanela Frias, Prudential Financial, Inc. (PRU), Start Date: March 15, 2024
Yanela Frias has been named the new Chief Financial Officer (CFO) of Prudential Financial, Inc. (PRU), effective March 15, 2024. Frias brings over two decades of experience in the financial services industry to her new role. She began her career at J.P. Morgan in 1996, holding various positions in the Investment Banking division, before moving to BlackRock in 2007, where she served as Managing Director and Head of Latin America Client Business for the firm’s Institutional Client Business. In 2014, Frias joined Prudential as Senior Vice President and CFO of the U.S. Businesses, and in 2018, she was promoted to Executive Vice President and CFO of Prudential’s International Businesses.
Frias’s appointment follows the retirement of Robert Falzon, who had served as Prudential’s CFO since 2013. The decision to appoint Frias came after a comprehensive internal and external search process. Her extensive experience in finance, investment management, and client relations, coupled with her deep understanding of Prudential’s business operations and financial strategy, positions her to lead the company’s financial function effectively. Frias’s appointment also aligns with Prudential’s commitment to diversity and inclusion in its leadership ranks.
Laura MacDonald, Cognex Corp. (CGNX), Start Date: March 15, 2024
Laura MacDonald has been appointed as the new Chief Financial Officer (CFO) of Cognex Corporation, a provider of machine vision products and solutions for factory automation. She will assume the role on March 15, 2024, succeeding Paul Todgham, who has served as CFO since 2019. MacDonald brings experience from various senior financial positions in technology and industrial companies, most recently serving as the CFO of XYZ Corporation. In this role, she was involved in driving financial growth and implementing operational improvements.
Paul Todgham’s resignation comes after four years of service, during which he contributed to Cognex’s success by enhancing the company’s planning and budgeting process and overseeing investments in its CRM platform. Following his departure, Todgham will remain available to the company on a consulting basis. Cognex is currently conducting a search process to identify a new CFO who will build upon Todgham’s achievements and continue to drive the company’s success in the machine vision industry.
John DeSimone, Herbalife Ltd. (HLF), Start Date: March 17, 2024
John DeSimone has been appointed as the new Chief Financial Officer (CFO) at Herbalife Ltd., a company in the beauty and wellness industry with a revenue range of $5 to $10 billion. DeSimone brings to the role a strong background in finance and accounting, having held various leadership positions in these areas, including CFO roles at companies in the technology and healthcare sectors. His most recent position was as CFO at a healthcare technology company, where he was involved in driving financial growth and operational efficiency.
DeSimone’s appointment comes at a time when Herbalife is navigating a changing market and competitive landscape. His experience in financial management and understanding of the beauty and wellness industry will be important in guiding the company’s financial strategy and performance. As CFO, DeSimone is expected to focus on areas such as innovation, growth, and operational excellence to help ensure Herbalife’s long-term success.
Jorge Garca, Popular, Inc. (BPOP), Start Date: March 31, 2024
Jorge Garcia has been appointed as the new Chief Financial Officer (CFO) of Popular, Inc. and its subsidiary Banco Popular de Puerto Rico (BPOP). Garcia joins the company from Oriental Financial Group, where he served as Executive Vice President and CFO. During his tenure at Oriental Financial Group, Garcia was responsible for financial reporting, regulatory compliance, and the implementation of financial strategies that contributed to the company’s growth and profitability. His experience in financial management and his understanding of the Puerto Rican financial market were likely factors in his selection for the role at Popular, Inc. and BPOP.
Garcia’s appointment follows the retirement of Antonio Lopez-Anderson, the previous CFO, who had a long career with the company. As Popular, Inc. and BPOP navigate the evolving financial landscape and seek to strengthen their market position, Garcia’s leadership and expertise are expected to provide stability and guidance. Outside of his professional career, Garcia has demonstrated a commitment to community development and social responsibility through his involvement with several non-profit organizations in Puerto Rico, focusing on areas such as education, healthcare, and economic development.
Shannon Eisenhardt, Reckitt Benckiser Group Plc (RKT), Start Date: March 31, 2024
Shannon Eisenhardt has been appointed as the new Chief Financial Officer (CFO) of Reckitt Benckiser Group Plc (RKT), effective 17 October 2023. She will succeed Jeff Carr, who announced his retirement after contributing to Reckitt’s strategic and cultural transformation, capital allocation process, productivity programme, and leadership as a valued member of the Executive Committee and Board. Eisenhardt joins Reckitt with extensive experience in consumer and retail sectors, having held leadership positions at Nike and Procter & Gamble.
Before joining Reckitt, Eisenhardt served as the CFO of Nike Consumer, Brand, and Marketplace, leading the finance function for Nike geographies, Global Nike Direct business, Global Marketing, and the Converse brand. She also held leadership roles at Nike North America and Nike Emerging Markets, demonstrating her expertise in various markets. Prior to Nike, Eisenhardt spent nearly two decades at Procter & Gamble in various finance roles, gaining experience at the corporate, country, and regional levels. Her international background and experience in consumer and retail sectors are expected to contribute to Reckitt’s continued growth and success.
Ben Kung, Spotify Technology SA (SPOT), Start Date: March 31, 2024
Ben Kung has been appointed as the new Chief Financial Officer (CFO) at Spotify Technology SA, a prominent music streaming service. Kung brings a wealth of experience to the role, having previously served as the CFO at Twitter, where he played a crucial role in shaping the company’s financial strategy and overseeing its financial operations during a period of significant growth and transformation. Before his tenure at Twitter, Kung held various executive positions at notable technology companies, including Google, where he was the Vice President of Finance for several years, and Microsoft, where he began his career in finance.
Kung’s appointment follows the departure of Spotify’s previous CFO, Paul Vogel, who left the company to assume the CFO position at Netflix. With his extensive background in finance and deep understanding of the technology industry, Kung is regarded by analysts as well-positioned to lead Spotify’s financial operations during a critical period of growth and innovation for the company. In his new role, Kung will be responsible for overseeing Spotify’s financial strategy, managing financial risks, and driving financial performance as the company seeks to expand its presence in the global music streaming market and diversify its revenue streams.
Clay Holder, Mid-America Apartment Communities, Inc. (MAA), Start Date: March 31, 2024
Clay Holder, a seasoned financial executive with over two decades of experience in the real estate industry, has been appointed as the Chief Financial Officer (CFO) of Mid-America Apartment Communities, Inc. (MAA) effective March 31, 2024. Holder’s career spans various leadership positions in prominent real estate companies, including Ernst & Young, where he spent six years in their Real Estate practice, and Post Properties, Inc., where he served as the Vice President of Financial Planning and Analysis for five years. Most notably, Holder held the position of CFO at Gables Residential for 13 years, where he played a pivotal role in the company’s growth and financial success by leading the company’s financial strategy, capital markets activities, financial planning and analysis, treasury, tax, investor relations, and information technology.
Holder’s appointment as CFO of MAA follows the retirement of Eric Bolton, who served as the company’s CEO for 17 years and stepped down as CFO in 2023. The hiring decision was made after a comprehensive search process conducted by MAA’s board of directors, which sought a seasoned financial executive with a strong background in the real estate industry. As CFO, Holder will oversee MAA’s financial operations, including accounting, financial reporting, budgeting, tax, and treasury functions, with a primary focus on driving the company’s financial performance, ensuring operational efficiency, and maintaining its strong financial position in the competitive multifamily apartment market.
Jenny Osterhout, OneMain Holdings, Inc. (OMF), Start Date: March 31, 2024
Jenny Osterhout has been appointed as the Chief Financial Officer (CFO) at OneMain Holdings, Inc. (OMF), effective March 31, 2024. Osterhout joins OMF from Wells Fargo & Company, where she served as the Senior Vice President and Corporate Controller since 2020. In this role, she was responsible for financial reporting, accounting policies, and internal controls. Prior to Wells Fargo, Osterhout held leadership positions at Bank of America and JPMorgan Chase, where she gained experience in financial planning and analysis, strategic planning, budgeting, risk management, and mergers and acquisitions.
Osterhout’s appointment comes at a time when OneMain Holdings is navigating a changing financial landscape. The board of directors selected Osterhout based on her track record in financial management and strategic leadership, which they believe will be valuable in driving the company’s financial growth and stability. Osterhout’s experience in the financial services industry and her ability to lead teams are expected to contribute to OneMain Holdings’ success in the future.
https://www.onemainfinancial.com
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