Some CFOs find a champion in their nonexecutive chairs. Jack Healey, CFO of Industrial Distribution Group since 1997, has worked with nonexecutive chairman Rich Seigel through the tenures of three CEOs. The two forged a strong relationship when Seigel first took the post along with an interim CEO title in 1999. Seigel relied on the CFO's expertise to run the Atlanta — based provider of maintenance, repair, operating, and production products and services while he searched for a new CEO. When a subsequent CEO later challenged Healey's profit forecasts to the board, the CFO found Seigel more than willing to hear both sides.
"When I called Rich, he never asked me to prove my numbers; he just asked me to sit tight," says the CFO. After sounding out other board members and managers, Seigel ultimately put his trust in Healey and the management staff. The CEO later resigned from his post.
Having a nonexecutive chairman "is a lot harder on my staff, because you put a lot more in writing, and you cannot have him surprised," says Healey. But having a boss who also has a boss, he adds, "gives me a little more leeway."
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