While he reports to CFO Mark Jacobs, a former investment banker who had joined the company a month earlier, Livengood says the two have "complementary skill sets." The company redefined the controller role when Livengood joined, aggregating previously disparate accounting functions under him. And given Reliant's recent spin-off from its parent company, more than $5 billion worth of debt maturing within the next nine months, and SEC investigations to respond to, Livengood says he's got plenty to keep him busy.

Thanks to Sarbanes-Oxley, he notes, "I think all executives have been sent back to the books, even CEOs."

Tips for Staying on Top

Some useful career advice for CFOs grappling with the demands for tighter accounting.

Make sure you have outstanding outside counsel — you must have access to people who are smarter than you and are spending every waking moment watching for what's coming out of Washington and the exchanges." —Peter Crist, vice chairman, Korn/Ferry International

When facing an internal shake-up, negotiate a mutually acceptable title while you're deciding what to do. If you accept a lower title, it doesn't do your résumé a whole lot of good." —Pam Lassiter, executive consultant and principal, Lassiter Consulting

Hire a great controller." —E. Peter McLean, vice chairman and head of Spencer Stuart's CFO recruitment practice

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