July 2024 witnessed significant changes in corporate leadership, with numerous public companies appointing new Chief Financial Officers (CFOs). This blog post provides a comprehensive analysis of these pivotal hires, examining the backgrounds and qualifications of the incoming CFOs, as well as the strategic implications for their respective organizations. For professional investors, understanding these leadership transitions is crucial, as CFOs play a vital role in shaping financial strategy and driving shareholder value.
Jeffrey Schwaneke, Agilon Health, Inc. (AGL), Start Date: July 1, 2024
Jeffrey Schwaneke has been appointed as the new Chief Financial Officer and Executive Vice President of Agilon Health, Inc., effective July 1, 2024. Schwaneke succeeds Timothy Bensley, who is retiring but will assist in the transition. With 27 years of experience in finance and operations, Schwaneke brings extensive knowledge, particularly in the managed care sector, where he spent 15 years. At Centene Corporation, he served as Executive Vice President, Health Care Enterprises, overseeing a $35 billion pharmacy business that included Medicare Part D, dental, and vision companies, as well as company-owned clinics.
Before joining Agilon Health, Schwaneke held various positions at Centene, including Chief Financial Officer and Treasurer from 2016 to 2021. During his tenure, Centene’s revenues grew from $20 billion to $125 billion, and he played a role in raising capital, leading acquisitions, and integrating newly acquired companies. He also held senior finance and accounting positions at Novelis Inc., SPX Corporation, and PricewaterhouseCoopers. Schwaneke holds a Bachelor’s degree in Accounting from the University of Missouri and is a CPA (inactive). His transition from his role as a director on Agilon Health’s board, which he joined in August 2022, to this new executive position highlights the company’s confidence in his ability to support its financial operations and growth strategy.
Brian Witherow, Six Flags Entertainment Corp. (FUN), Start Date: July 1, 2024
Brian Witherow has been appointed as the Chief Financial Officer (CFO) of Six Flags Entertainment Corp. (FUN), effective July 1, 2024. Witherow brings considerable experience in financial management and leadership to his new role. Prior to joining Six Flags, he served as the CFO at Cedar Fair Entertainment Company, where he played a significant role in guiding the company through various financial transformations and strategic initiatives. In his tenure at Cedar Fair, he oversaw financial operations, capital allocation, and investor relations, providing a solid foundation in managing complex financial environments.
Witherow’s career includes extensive experience within the entertainment and leisure industry. Before his role at Cedar Fair, he held multiple senior financial positions at other prominent companies in the sector, showcasing his expertise in financial planning, risk management, and corporate strategy. Analysts note that his proven track record in driving growth and operational efficiency positions him as a fitting choice for the CFO role at Six Flags. His appointment comes as Six Flags focuses on strategic growth initiatives and enhancing shareholder value, with his skills expected to offer valuable insights as the company seeks to expand its operations and improve its financial performance.
Shane Hostetter, The Chemours Co. (CC), Start Date: July 1, 2024
Shane Hostetter has been appointed as the Chief Financial Officer (CFO) of The Chemours Company, effective July 1, 2024. Hostetter’s career in financial leadership includes a 13-year tenure at Quaker Houghton, where he served as CFO since April 2021. During his time at Quaker Houghton, he held various senior positions, such as Vice President of Finance, Chief Accounting Officer, and Global Controller. His previous experience also includes financial leadership roles at Pulse Electronics Corporation and an early career as an auditor with PricewaterhouseCoopers. Hostetter’s educational background includes an MBA in Finance from Villanova University and a certification as a Certified Public Accountant (CPA).
Hostetter’s appointment comes at a critical time for Chemours, as it follows an internal accounting probe that led to the suspension of three top executives five months prior. The investigation found that previous executives had modified the company’s cash flow targets to trigger executive incentives. This led to the departure of his predecessor, Jonathan Lock, and former CEO Mark Newman. Hostetter’s appointment is viewed as a strategic move by Chemours President and CEO Denise Dignam, who has expressed confidence in his capability to enhance the company’s financial stability and support its future growth.
Dan Foley, Complete Solaria, Inc. (CSLR), Start Date: July 1, 2024
Daniel Foley has been appointed as the new Chief Financial Officer (CFO) of Complete Solaria, Inc. (NASDAQ: CSLR), effective July 1, 2024. Foley brings over 25 years of experience in financial roles, including expertise in Financial Planning & Analysis, Investor Relations, Treasury, and Corporate Finance. His career includes both public and private sector experience, with an early role as an Investment Analyst at Bear Stearns. Foley holds an MBA from the University of Southern California Marshall School of Business and a BS in Economics from the University of Utah.
Foley’s appointment comes at a significant time for Complete Solaria, a company that specializes in solar technology and installations. Operating out of Utah’s Solar Valley, the company focuses on facilitating the transition to energy-efficient solutions through its digital platform and premium solar products. Despite notable revenue growth of 28.84% over the past year as of Q1 2024, Complete Solaria is contending with challenges such as a quarterly revenue decline of 39.8% and a substantial debt burden. Foley will report directly to CEO TJ Rodgers and is expected to leverage his financial expertise to navigate these challenges and help drive the company’s growth in the competitive solar market. The market will be watching to see how Foley’s strategic planning impacts the company’s financial health and future performance.
Ayako Hirofuji, Shiseido Co., Ltd. (4911), Start Date: July 1, 2024
Ayako Hirofuji has been named the Chief Financial Officer (CFO) of Shiseido Co., Ltd., effective July 1, 2024. In this role, Hirofuji will oversee the company’s financial strategy, ensuring that fiscal decisions align with Shiseido’s medium-to-long-term growth plans outlined in their SHIFT 2025 and Beyond strategy. Her responsibilities will include steering the company’s financial health and supporting the execution of its ambitious objectives.
Hirofuji’s appointment comes after a series of executive roles within Shiseido, where she gained extensive experience and insight into the company’s operations and financial landscape. Her career has been marked by involvement in financial management, strategic planning, and leadership, crucial for managing a global cosmetics enterprise. Additionally, her role as Chief DE&I Officer reflects Shiseido’s commitment to diversity, equity, and inclusion, as part of a broader restructuring effort to enhance global competitiveness. The company’s leadership is focused on leveraging diverse perspectives to drive strategic goals, with Hirofuji’s expertise seen as integral to this initiative.
Kirk Andrews, Consolidated Edison, Inc. (ED), Start Date: July 8, 2024
Kirkland B. Andrews has been appointed as the new Chief Financial Officer (CFO) of Consolidated Edison, Inc., effective July 8, 2024. Andrews comes to Con Edison with a notable background in the energy sector, having served as CFO at Evergy, Inc. since 2021. Before his role at Evergy, he was the CFO at NRG Energy, Inc., where he also held a director position for NRG Yield, a publicly-traded subsidiary. His career includes a significant 15-year period in investment banking, where he held leadership roles such as managing director and co-head of investment banking for the Power & Utilities—Americas group at Deutsche Bank Securities and managing director and head of the Power Mergers & Acquisitions group at Citigroup Global Markets Inc.
Andrews’ appointment follows the retirement of Robert Hoglund, who served as Con Ed’s CFO for over two decades and was known for guiding the company to consistent financial performance. This transition is part of Con Edison’s planned succession strategy, with Andrews set to report to Chairman and CEO Tim Cawley. Andrews holds a bachelor’s degree in philosophy from Wake Forest University and an MBA from the Darden School of Business at the University of Virginia. He also serves on the Board of Directors of RPM International Inc., which specializes in high-performance coatings, sealants, and specialty chemicals. Analysts have noted that Andrews’ deep industry knowledge and financial expertise may be important as Con Edison continues its focus on clean energy initiatives in New York.
Paul Vogel, VF Corp. (VFC), Start Date: July 8, 2024
Paul Vogel has been appointed as the new Chief Financial Officer (CFO) of VF Corporation, effective July 8, 2024. Vogel succeeds Matt Puckett, who is stepping down after over 23 years with the company. Vogel joins VF Corporation with extensive experience in finance and operational roles, notably serving as CFO at Spotify Technology S.A. During his tenure at Spotify, Vogel was involved in the company’s transformation into an EBIT profitable business, nearly doubling its revenue and growing its user base from 270 million to over 600 million users.
Before his role as CFO at Spotify, Vogel held various positions within the company, such as Head of Financial Planning & Analysis, Treasury, and Investor Relations. In these roles, he led Spotify’s direct listing and helped build its investor base. Vogel’s background also includes two decades in the investment community, where he served as a Managing Director and Head of the Internet and Media Equity Research team at Barclays and as Global Sector Head for Consumer, Media, and Internet Investing at AllianceBernstein. He began his career as a Research Analyst at Morgan Stanley and DLJ. His appointment at VF Corporation occurs amidst the company’s efforts to boost sales, following a reported 13% decline in fourth-quarter revenue and a 10% drop in full-year revenue. Analysts suggest his extensive experience may help VF strengthen its financial positioning and drive growth across its portfolio of brands, including Vans, The North Face, Timberland, and Dickies.
Fred Cromer, Spirit Airlines, Inc. (SAVE), Start Date: July 8, 2024
Fred Cromer has been appointed as the Chief Financial Officer (CFO) of Spirit Airlines, effective July 8, 2024. Cromer’s career spans three decades in the aviation industry, with roles encompassing financial management, strategic planning, treasury, and operations. His most recent position was as CEO and previously CFO of Xwing, Inc., a company focused on developing autonomous regional cargo aircraft. Before his time at Xwing, Cromer held key leadership roles including President of Bombardier Commercial Aircraft from 2015 to 2020, President of International Lease Finance Corporation from 2008 to 2015, and CFO and Vice President at ExpressJet Airlines from 1998 to 2008.
Cromer steps into his new role following a period of transition for Spirit Airlines. He succeeds Scott Haralson, who moved on to join Hertz Global Holdings. Cromer will collaborate with Spirit’s Interim CFO, Brian McMenamy, to ensure a smooth transition, with McMenamy remaining in a senior finance role within the company. Analysts note Cromer’s extensive background in financial leadership as an asset for Spirit, especially as the airline navigates industry changes and implements its transformation strategy. His appointment comes at a crucial time for Spirit, which is adjusting its business model following a failed merger with JetBlue Airways and other operational challenges. Cromer’s academic credentials include a Bachelor’s degree in Economics from the University of Michigan and an MBA in Finance from DePaul University.
Damon Lee, C.H. Robinson Worldwide, Inc. (CHRW), Start Date: July 8, 2024
Damon Lee has been named the new Chief Financial Officer (CFO) of C.H. Robinson Worldwide, Inc. (CHRW), effective July 8, 2024. Prior to this role, Lee served as Vice President and CFO of GE Commercial Engines and Services, the largest division of GE Aerospace, starting in 2021. During his tenure at GE, he focused on continuous improvement and operational finance, contributing to the company’s transformation efforts and achieving significant financial milestones.
Lee’s career spans over 25 years and includes senior operational finance roles at several large companies. Before his time at GE, he held key finance leadership positions at Aptiv PLC, Precision Castparts Corporation, and Eaton PLC. His earlier roles at Newell Brands Inc., Ingersoll Rand Inc., and Mattel, Inc. reflect a progression of increasingly complex finance responsibilities at respected organizations. This breadth of experience has provided him with a deep understanding of operational finance, Lean processes, and strategic leadership. Lee’s appointment comes as Mike Zechmeister, the current CFO, transitions out of the role and plans to retire after the second quarter of 2024. Analysts view Lee’s hiring as a strategic move to support C.H. Robinson’s new operating model and enterprise strategy, with expectations that his leadership will help accelerate changes and strengthen the company’s competitive position.
Brian Dykes, United Parcel Service, Inc. (UPS), Start Date: July 9, 2024
Brian Dykes has been appointed as the new Chief Financial Officer (CFO) and Executive Vice President of United Parcel Service, Inc. (UPS), as announced on July 9, 2024. Dykes has a long tenure with UPS, spanning over 25 years, starting his career at the company in 1999. Over the years, he has held various positions of increasing responsibility within the finance and accounting departments, along with roles in corporate treasury, mergers and acquisitions, business intelligence, and business development. Most recently, he served as Senior Vice President of Global Finance and Planning since April 2023, giving him broad exposure to the financial operations of the company.
Dykes’ extensive experience at UPS includes strategic leadership roles both domestically and internationally, covering a wide array of financial functions such as financial planning, treasury, tax, financial reporting, and investor relations. This diverse background has provided him with the financial expertise and business insight necessary to lead UPS’s global finance organization. UPS CEO Carol B. Tomé noted Dykes’ potential to drive shareholder value and help implement the company’s “Better and Bolder” strategy, which focuses on enhancing customer satisfaction, employee engagement, and operational efficiency. In his new role, Dykes will develop and implement financial strategies that align with UPS’s business goals, with his compensation package including a base salary of $725,000, performance-based incentives, and stock options.
Gordon Brooks, Eli Lilly & Co. (LLY), Start Date: July 15, 2024
Gordon Brooks has been appointed as the interim CFO of Eli Lilly & Co. (LLY), starting July 15, 2024. Brooks, who has been with Eli Lilly for 29 years, has held various senior roles, including senior vice president and chief procurement officer. His extensive experience within the company has provided him with a thorough understanding of its financial and operational functions. This internal familiarity is expected to aid him as he steps into the interim CFO role.
The appointment comes after the resignation of the previous CFO, Anat Ashkenazi, who is leaving to pursue opportunities outside the pharmaceutical sector. Ashkenazi will remain until the end of July to assist with the transition. Analysts suggest that Brooks’ long tenure and deep knowledge of the company will play a key role in ensuring stability during this period. In his new role, Brooks will oversee Eli Lilly’s financial strategy, risk management, and strategic initiatives, drawing on his previous experience as controller and corporate strategy group vice president to manage these responsibilities effectively.
Read more on Eli Lilly’s website
Will Byers, Targa Resources Corp. (TRGP), Start Date: July 22, 2024
Will Byers has been appointed as the new Chief Financial Officer (CFO) of Targa Resources Corp., with his tenure beginning on July 22, 2024. Byers arrives at Targa Resources with a substantial background in financial leadership, having previously served as the CFO of Manchester Energy, LLC. His tenure at Manchester Energy was marked by his involvement in navigating the company through various financial challenges and strategic initiatives. Analysts have noted his financial acumen and extensive experience in the energy sector as key factors in his selection for this role.
Byers’ appointment is part of a broader organizational strategy at Targa Resources Corp. aimed at enhancing its financial management and strategic planning capabilities. The company has been making significant changes to its executive leadership team to better address the evolving demands of the energy industry. Reporting directly to CEO Jen, Byers will oversee all financial aspects of the company, including strategic planning, financial reporting, and risk management. His history of leveraging peer advisory groups to drive strategic vision is expected to be beneficial as Targa Resources navigates the complexities of the energy market.
https://www.targaresources.com
Edmund Reese, Aon Plc (AON), Start Date: July 29, 2024
Edmund Reese has been named the new Executive Vice President and Chief Financial Officer (CFO) of Aon plc, starting on July 29, 2024. Reese brings with him over 25 years of experience in the financial services, payments, and technology sectors. Before joining Aon, he was the CFO of Broadridge Financial Solutions, a global fintech company with a market capitalization of $24 billion. His responsibilities at Broadridge, where he began in 2020, included overseeing the firm’s finance function and capital allocation strategy. Reese’s career also includes significant roles at American Express, such as Senior Vice President and CFO of the Global Consumer Services Group and head of Investor Relations. Additionally, he has held CFO positions at Merrill Lynch’s U.S. Advisory Group and Citigroup Smith Barney’s Corporate Client Group and Stock Plan Services.
Reese’s appointment at Aon follows an extensive search process, both internally and externally. He will take over from Christa Davies, who is transitioning into a senior advisory role before her retirement. As the new CFO, Reese will manage Aon’s finance function and capital allocation strategy, aligning with the company’s 3×3 Plan aimed at accelerating its Aon United strategy and driving growth. Reese’s compensation package includes a $1 million annual salary, potential annual incentives, long-term incentive awards, and a sign-on bonus. Analysts have noted that his extensive background in finance and technology positions him as a strategic fit for Aon’s future objectives.
Anat Ashkenazi, Alphabet, Inc. (GOOGL), Start Date: July 31, 2024
Anat Ashkenazi is set to join Alphabet Inc. as the new Chief Financial Officer (CFO) and Senior Vice President, effective July 31, 2024. Ashkenazi comes to Alphabet from Eli Lilly and Company, where she has accrued over 23 years of experience in finance, strategy, and operations. Most recently, she served as the Executive Vice President and CFO at Eli Lilly since 2021. During her tenure, she oversaw significant sales growth for key drugs like Mounjaro and Zepbound, and the company achieved $34 billion in revenue in 2023. Ashkenazi’s leadership at Eli Lilly also coincided with the company’s rise by 15 spots on the Fortune 500 list.
Ashkenazi’s career at Eli Lilly has involved various strategic and financial roles, including Senior Vice President, Controller, and CFO of Lilly Research Laboratories. She also served as the financial head of several global divisions such as Oncology, Diabetes, Global Manufacturing & Quality, and Research & Development. Her expertise in long-term investment and growth strategies has been noted by analysts as aligning well with Alphabet’s vision for the AI era. Ashkenazi’s appointment follows Ruth Porat’s promotion to President and Chief Investment Officer of Alphabet and Google. Porat will continue as CFO until Ashkenazi takes over and will manage the company’s Q2 earnings. Ashkenazi will be based in the Bay Area and will report to Sundar Pichai, CEO of Google and Alphabet, as she steps into her new role.
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