Finance

CFOs spend more time on long-term planning in an age of uncertainty, McKinsey finds

Published

1 year ago

July 22, 2024

CFOs spend more time on long-term planning in an age of uncertainty, McKinsey finds

Good morning. Finance chiefs are starting to look beyond short-term concerns in a way they haven’t in previous years, according to new McKinsey research. Emerging risks to their companies’ growth and a focus on strategy require their attention and management.

“I think CFOs continue to deal with a lot on their plate,” Ankur Agrawal, a partner in McKinsey’s New York office, and co-author of the report, told me. “So in many ways, this survey is consistent with the expanding challenge of the CFO role.”

Supply chain disruptions, weak demand, geopolitics, and also technology disruption are among the challenges finance chiefs say need to be addressed. Fifty-five percent of CFOs surveyed pointed to long-term planning and resource allocation as a top priority for finance, up from 30% in Q1 2023. And 60% now say strategic planning is a top priority, compared to 38% who said the same last year, according to the report.

It’s not that managing the short term has become easier for CFOs. There’s still uncertainty in the macro environment. But there’s a bit “more confidence on visibility in the near term,” Agrawal said. “The variables are more understood than not.”

McKinsey research also points to challenges with implementing technology. Nearly all respondents (98%) say their finance functions have invested in digitization and automation, and believe that gen AI has the potential to create value. However, the majority of CFOs surveyed say just one-quarter or less of their processes were digitized or automated in the past 12 months. And less than half of respondents say they currently have their finance processes automated.

What is causing the slow pace? “I think the biggest challenge and roadblock is, honestly, talent,” Agrawal said.

More than limitations due to infrastructure, tools, and data, CFOs say the main hurdle is finding finance professionals who can really leverage and deploy these advanced technologies, he said.

Another finding is that CFOs are twice as likely than in Q1 2023 to predict their companies’ investment levels will remain unchanged—a departure from the past two surveys, when CFOs predicted an increase in investment. Why does Agrawal think there’s a hesitation in investments? With elections in the U.S. and in other parts of the world and economic volatility still a concern, “you can call it cautious steering,” he said.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Aaron Rosenberg was named CFO at BeiGene, Ltd. (Nasdaq: BGNE), a global oncology company, effective July 22. Rosenberg will succeed Julia Wang, who is departing to pursue external opportunities and will stay with the company through August. Rosenberg has more than 20 years of experience at Merck & Co., Inc., most recently serving as SVP and corporate treasurer. He also held roles such as SVP of corporate strategy and planning and VP and finance lead of Merck Animal Health.

Logan Powell, global president and CFO at Puttshack, a provider of tech-infused mini-golf venues, was promoted to CEO, effective immediately. Powell succeeds Joe Vrankin, who oversaw the company’s growth in the U.K. as CEO and subsequently brought the concept to the U.S. in 2021. Powell and Vrankin have collaborated on this transition, as Vrankin will be moving on from the company. Powell has served as CFO since 2019. Before joining Puttshack, he was a partner at Copper Beech Capital, LLC.

Big Deal

Don’t drown in data debt; champion your Data First culture is a new report released by HFS Research, a global research and analysis firm, in partnership with Syniti, a data management provider. More than 80% of enterprise leaders say that effective data management significantly drives the top line, bottom line, and shareholder value. However, over 40% of their organizational data is unusable and is not trusted, according to the report.

“Many business leaders still take a backseat when setting key data objectives, causing data to remain siloed across departments, and resulting in misaligned expectations across IT and business professionals,” Phil Fersht, CEO and chief analyst, HFS Research, said in a statement. The findings are based on interviews of more than 300 Global 2000 business leaders (49% from the U.S.) across industries to find out how organizations are navigating a complex landscape of data management.

Going deeper

“Here’s how Wall Street and business leaders are reacting to Biden’s exit from the presidential race” is a new report by Fortune’s Jason Ma, in light of President Joe Biden’s announcement on Sunday that he won’t seek reelection. For example, Gina Bolvin, president of Bolvin Wealth Management Group said in a statement: “Biden stepping down is a whole new level of political uncertainty.”

Overheard

“One mistake has had catastrophic results. This is a great example of how closely tied to IT our modern society is—from coffee shops to hospitals to airports, a mistake like this has massive ramifications.”

—Nick Hyatt, director of threat intelligence at security firm Blackpoint Cyber, told CNBC in an interview regarding the botched software update from the cybersecurity company CrowdStrike on Friday that caused a global IT outage.

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Finance

Plano-Based Finance of America Announces $2.5B Partnership with Funds Managed by Blue Owl to Expand FOA’s Home Equity Lending

Published

11 minutes ago

December 12, 2025

Press Room

Plano-Based Finance of America Announces .5B Partnership with Funds Managed by Blue Owl to Expand FOA’s Home Equity Lending

Graham Fleming, CEO of Finance of America [Composite image; source: Finance of America/DI Studio]

Finance of America Companies, a leading provider of home equity-based financing solutions for a modern retirement, and funds managed by Blue Owl Capital, a leading alternative asset manager, announced an enhanced $2.5 billion strategic partnership to accelerate product innovation and distribution for the nation’s fast-growing retirement demographic.

With more than 10,000 Americans entering retirement age every day, the market for home equity access continues to expand. FOA said its collaboration with New York City-based Blue Owl positions it to capture significant share in this rapidly evolving sector.

“This is a pivotal moment not just for Finance of America, but for the senior finance market as a whole,” Graham Fleming, CEO of Finance of America, said in a statement. “By aligning with Blue Owl, we are creating a platform of scale and innovation to better serve one of the fastest-growing demographics in the United States.”

The enhanced partnership includes, per FOA:

$2.5 billion commitment for new product innovation, providing scale and liquidity to support origination growth across multiple asset classes
$50 million equity investment in Finance of America, enhancing long-term alignment between the companies and supporting FOA’s continued growth initiatives
Joint innovation and product-development initiative focused on the continuous rollout of new, differentiated financial products tailored for people looking to maximize freedom, security, and opportunity throughout their retirement

This product expansion will complement FOA’s existing industry-leading reverse mortgage product suite while strengthening the company’s commitment to innovation and its role as a leader in delivering powerful financial solutions for retirees.

FOA said it continues to empower retirees with responsible, flexible access to capital to support aging in place, healthcare expenses, and lifestyle goals.

The partnership reinforces Finance of America’s mission to provide comprehensive, retirement-focused financial solutions, with the goal of expanding beyond reverse mortgages to become the nation’s leading, full-spectrum home equity lending platform, the company said.

“We believe Finance of America is uniquely positioned to redefine how financial products are delivered to retirees,” said David Aidi, senior managing director and co-head of Asset Based Finance at Blue Owl.

“This partnership provides the capital, the strategic alignment, and the innovation engine to build category-defining products at scale,” added Ray Chan, senior managing director and co-head of Asset Based Finance at Blue Owl.

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Finance

Bérangère Michel announced as BBC Group Chief Financial Officer

Published

12 hours ago

December 12, 2025

Press Room

Bérangère Michel announced as BBC Group Chief Financial Officer

The BBC has announced that Bérangère Michel has been appointed to the role of Group Chief Financial Officer.

Bérangère brings extensive experience from her 16-year career at the John Lewis Partnership, where she held senior roles including Chief Financial Officer, Customer Service Executive Director, Operations Director and Finance & Strategy Director.

Prior to joining the John Lewis Partnership, Bérangère spent 11 years at the Royal Mail Group in a number of finance, change and strategy roles, including as Finance Director of the property division.

In an expanded role as BBC Group Chief Financial Officer, Bérangère will be responsible for the overall BBC Group financial strategy, with a remit across BBC Public Service, BBC Studios and the BBC’s commercial subsidiaries. She will play a leadership role and will sit on both the Executive Committee and, for the first time, the Board.

This position will strengthen the BBC’s financial leadership, support its transformation, and make the best use of the licence fee and commercial opportunities. Bérangère will report to the Director-General and will take up the role in early January.

Director-General Tim Davie says: “Bérangère brings a wealth of experience from her time at the John Lewis Partnership and will play a critical role in shaping our new financial strategy. I’m pleased to welcome her to the BBC, and to both the Executive Committee and Board.

“Bérangère’s appointment to this expanded role comes at an important time for the BBC, as we look ahead to Charter renewal and continue to accelerate our transformation to deliver outstanding value for our audiences.”

BBC Chair Samir Shah says: “The role of Group Chief Financial Officer will be hugely important as we build a BBC for the future, and I look forward to welcoming Bérangère to the Board.”

Bérangère Michel says: “I am delighted to be joining the BBC, an institution whose purpose and mission I have always admired. It’s a privilege to be part of shaping its exciting future at such a crucial moment and I cannot wait to get started.”

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Finance

ATI Promotes Longtime Leader to CFO and SVP of Finance

Published

1 day ago

December 11, 2025

Press Room

ATI Promotes Longtime Leader to CFO and SVP of Finance

Rob Foster, incoming CFO of ATI Inc., effective Jan. 1, 2026 [Photo: ATI}

ATI Inc., a Dallas-based manufacturer of high-performance materials for the aerospace and defense industries, announced that James Robert “Rob” Foster will be promoted to senior vice president of finance and chief financial officer, effective January 1, 2026.

Foster succeeds Don Newman, who will serve as strategic advisor to the CEO beginning January 1. As previously announced, Newman will retire on March 1, 2026, and serve in an advisory capacity in that time to allow for a smooth transition.

“Rob is a proven P&L leader with enterprise-wide experience in the areas that matter most to ATI’s continued growth,” Kim Fields, president and CEO, said in a statement. “He brings deep expertise not only in finance but also as an operational leader. Rob played a pivotal role in the successful Specialty Rolled Products transformation, consistently helping ATI to deliver strong returns and shareholder value. I look forward to partnering with him as we enter our next phase of profitable growth.”

Foster, a longtime ATI leader, brings both operational expertise and financial discipline to the CFO role, the company said. He most recently served as president of ATI’s specialty alloys & components business, where he improved efficiency, grew capacity, and advanced the company’s role as a global leader in exotic alloys. Foster previously served as vice president of Finance, Supply Chain, and Capital Projects, overseeing ATI’s global finance organization, capital deployment processes, and enterprise supply chain performance. Earlier in his career, he led Finance for both ATI operating segments and the Forged Products business.

“I’m honored to become ATI’s next CFO,” said Foster. “ATI is well-positioned with a strong balance sheet, focused strategy, and significant opportunities ahead. I look forward to working with our team to drive disciplined investment, operational excellence, and long-term value creation for our shareholders.”

Newman added, “Rob is an exceptional leader who understands ATI’s strategy, operations, and financial drivers. He has delivered transformative results across the organization. I look forward to supporting a seamless transition as we pursue this next step in our succession planning.”

Before joining ATI in 2012, Foster held senior finance roles at API Technologies Corp. and Spectrum Control Inc., where he led ERP implementations, acquisition integrations, and internal control enhancements. He began his career as an auditor at Ernst & Young (EY).

ATI produces high-performance materials and solutions for the global aerospace and defense markets, and critical applications in electronics, medical, and specialty energy.