Good morning. CEOs rely on their CFOs greater than ever. And worry them greater than ever, too.
Below mounting strain from almost each course, many chief executives now view their closest strategic associate as a possible menace to their job safety.
That’s one of many key findings of the inaugural BCG CEO Insomnia Index, primarily based on a survey of roughly 500 chief executives at corporations with revenues starting from $100 million to greater than $5 billion, and 5 years of CEO turnover information from the S&P 1200. It affords a window into how CEOs assess their stress ranges—and what’s protecting them up at night time.
Greater than 1 / 4 of CEOs surveyed stated their chief monetary officer poses the best menace to their job safety, forward of each different C-suite function, adopted by the COO. However the threat isn’t essentially all about competitors; it’s additionally about misalignment.
If the CFO will get it incorrect, the CEO pays the worth, in line with Jody Foldesy, world chief working officer of company finance and technique at Boston Consulting Group (BCG). Foldesy views the dynamic much less as rivalry and extra as interdependence. CEOs are relying extra closely on CFOs for determination assist, making it crucial that finance chiefs are central to technique and execution. “It is critical that the CFO be deeply integrated into the development of their agenda and provide the right facts, data, and advice,” he informed me.
That shift displays how the CFO function itself is evolving. “CFOs are less backward-looking bookkeepers and much more forward-looking—developing and analyzing scenarios, providing decision support and business advisory,” Foldesy stated. Whereas many nonetheless come from accounting backgrounds, extra are rotating in from FP&A or enterprise roles.
As AI spending turns into a bigger line merchandise, CEOs are additionally trying to CFOs to steer implementation and guarantee returns. “For every company’s ledger, this is becoming an increasingly large portion of spend—and if you look into the future, it’s only going to grow,” he stated.
However on the identical time, the CFO’s common interplay with the board, on monetary efficiency, forecasts, and threat, can construct credibility and affect, doubtlessly positioning them as a successor. “While having a strong successor should be a part of every CEO’s legacy plan, it’s only human to feel exposed when a replacement is waiting in your own C-suite,” the report famous.
The strain on CEOs is intensifying. The report factors to a median stress rating of 66.7 out of 100, above the edge usually used to point excessive stress. Development targets and value administration rank among the many high issues, and a 3rd say they’ve extra to show to their board now than they did simply two quarters in the past.
Foldesy stated managing that stress requires steadiness—each between short- and long-term priorities and in how CEOs method the function in their very own lives. “This is a role that can easily blot out the sun personally,” he stated. “That’s why you find many CEOs experiencing the very high levels of stress the report communicates.”
Have a restful weekend.
Leaderboard
Fortune 500 Energy Strikes:
Andrew Bonfield, CFO of Caterpillar Inc. (No. 64), has determined to retire efficient Oct. 1, following eight years with the corporate. Caterpillar veteran Kyle Epley was promoted to CFO efficient Could 1, at which era Bonfield will assume an advisory function. Epley brings almost three many years of Caterpillar expertise to the function. He at present serves as senior vp of International Finance Providers. All through his profession, Epley has held a number of senior finance management roles throughout the corporate, together with divisional CFO and company controller.
Hilary Maxson was appointed CFO at Oracle (No. 87) efficient April 6. Maxson was beforehand EVP and group CFO at Schneider Electrical and spent 12 years at AES Company in senior roles throughout finance, technique, and M&A. Doug Kehring will transition out of his function as Oracle’s principal monetary officer. Maxson joins Oracle throughout a interval of “rapid growth as customer demand for cloud infrastructure exceeds supply,” the corporate stated. At Schneider Electrical, she led its world finance group, overseeing capital allocation, enterprise mannequin transformation, and long-term worth creation.
Each Friday morning, the weekly Fortune 500 Energy Strikes column tracks Fortune 500 firm C-suite shifts—see the latest version.
Extra notable strikes this week:
Ben Colabrese was appointed CFO of Main League Baseball’s New York Mets, efficient April 27. Colabrese most not too long ago served as CFO of the NHL’s Ottawa Senators. He beforehand spent six years as EVP of finance and CFO for the Toronto Blue Jays, throughout which he additionally held the function of SVP of finance for Rogers Media.
Sean McSherry was promoted to CFO of Certainly, a job web site and hiring platform. McSherry joined Certainly in 2012 as director of monetary planning and evaluation, the place he constructed the corporate’s FP&A operate and went on to steer gross sales operations and technique. He was promoted to SVP of finance in 2021. Earlier than becoming a member of Certainly, McSherry started his profession in funding banking and later held senior finance management roles at world organizations.
Michael Rogers was appointed CFO and treasurer of Common Logistics Holdings, Inc. (Nasdaq: ULH), efficient June 1. Rogers at present serves as CFO of Conlan Tire Co., Hercules Supplies Holdings LLC and sure of their privately held associates. Earlier than that, he spent roughly 30 years with Ford Motor Firm in quite a lot of finance-related management roles, together with finance director of Canada, Mexico, and South America operations.
Steven E. Pfanstiel will step down from his function of EVP, CFO and treasurer of Neuronetics, Inc. (Nasdaq: STIM), a medical know-how firm. Pfanstiel is pursuing a chance exterior the corporate. He’ll stay via Could 1. Neuronetics has launched a search to determine his successor.
Marcel Teunissen was appointed CFO of Develop Power Company (Nasdaq: EXE), efficient April 6. Teunissen most not too long ago served as president of North America for Parkland Company. He beforehand served as Parkland’s CFO the place he led the corporate’s monetary technique, capital markets, and investor engagement. Earlier than Parkland, Teunissen spent greater than 20 years with Shell plc in roles.
Massive Deal
IPO markets are reopening, however on extremely selective phrases, favoring scale, sector energy, and geopolitical alignment, in line with EY’s International IPO Traits Q1 2026 report.
Demand is concentrated in AI, vitality, and aerospace and protection, favoring very giant, scaled corporations. “As we look forward, the global IPO market is generally open, but it is selective — the bar for access to public listings around the globe has risen as uncertainty and volatility reshape investor risk appetite,” in line with EY International IPO Chief Karim Anani. “Capital is gravitating toward larger, scaled issuers with resilient fundamentals and a clear path to value creation.”
On this surroundings, early preparation could make the distinction between with the ability to IPO or not, Anani advises.
Going deeper
Listed here are 4 Fortune weekend reads:
“‘I hate working 5 days’: Zoom CEO says traditional work schedules are becoming obsolete—and predicts a 3-day workweek by 2031” — Preston Fore
“The Walmart billionaires next door: Quiet backlash is brewing against the heirs who remade the retailer’s hometown” —Jessica Mathews
“As AI reshapes the office, the Fortune Best Companies to Work For are doubling down on the most human perks” —Orianna Rosa Royle
“Who owns ideas in the AI age?” —Francesca Cassidy
Overheard
“It’s hard to imagine the future because it’s going to be much different than the past, but it’ll still be good.”
—Alex Tabarrok, a professor of economics at George Mason College, informed Fortune in an interview on the subject of AI within the office.
