When Peter Bonfiglio studied accounting as an undergrad, he expected to get a law degree, too, and become a lawyer like his father and grandfather before him. Tax law is complicated, he thought, and would be an appropriate way to apply his education, aptitude, and legacy.
After working in accounting for a few years, though, Bonfiglio discovered he was more interested in finance than law. While he did go on to graduate school, it was to get a finance-focused MBA rather than a JD degree.
Since then, Bonfiglio, now CFO of bankruptcy technology and services provider Stretto, has served in a range of accounting and finance roles with both consumer and business-to-business brands. His positions have included director of financial reporting and accounting for teen fashion retailer Delia’s and vice president and controller of Dutch professional services software solutions provider Wolters Kluwer.
Before joining Stretto as CFO in late 2022, Bonfiglio was the North American division CFO at Danish investment management technology provider SimCorp.
Peter Bonfiglio
CFO, Stretto
- First CFO position: 2015
- Notable previous employers:
- SimCorp
- Wolters Kluwer
- Delia’s
- The New York Times
- Sony Music Entertainment
This interview has been edited for brevity and clarity.
SANDRA BECKWITH: What made you the right candidate for the CFO position at Stretto?
PETER BONFIGLIO: There are several factors, but my industry experience was an important one. My exposure to software, legal, and professional services in previous roles fits well with our products.
I’ve also worked with fast-growing businesses, whether growth has been through organic or inorganic means, and that experience is relevant and helpful here.
How does your background affect how you do your job at Stretto and how might it differ from someone who came to the CFO role there with a different background?
BONFIGLIO: Because of my experience with industry-related specifics such as customer subscription practices, churn rates, and professional services billing rates, my learning curve wasn’t as steep as it could have been without that background.
What has been your primary motivator as you’ve moved from position to position, company to company?
BONFIGLIO: Like most people, I’ve always looked for expanded responsibilities and opportunities to use my skills in industries that I've already worked in or that are tangential to them. Certainly, that was the case with my most recent change, where I moved from a divisional CFO role to a full-fledged CFO position at a standalone entity.
But just as importantly, I want a position where I’m not hitting the snooze button on the alarm because I don’t look forward to going to work. I want a job with a company I find interesting, exciting, and motivating.
Was becoming CFO always the goal?
BONFIGLIO: Not originally. Early in my career, I expected to be a tax attorney. But when I discovered I was more interested in finance than law, I got an MBA and began following a finance track. As I gained experience, the CFO role became attractive.
Would you recommend the path you followed to others in finance hoping to become CFOs?
BONFIGLIO: I would, but you don't just fall into this situation – you have to pursue it. And, because there are fewer CFO positions than other finance roles, competition for them is fierce.
To stand out, speak to CFOs to gain insights into how things work, continue to build your toolkit as your career progresses, work your way into positions of increasing responsibility, and showcase your skill set to people a few rungs up the ladder.
Learn to be a good storyteller, because the CFO is both the interpreter of financial history and the guide to future results.
What part of the CFO’s job is more difficult for you because of your background or experience?
BONFIGLIO: I didn’t follow the certified public accountancy route, so I've learned about taxation through exposure to it in various positions rather than from accounting experience.
I don’t get into the weeds with that as a result – I tend to rely on in-house expertise or outside providers instead. But I think in any role, you always hire to complement your strengths and weaknesses.
What’s the easiest?
BONFIGLIO: I've always been fascinated with process improvement. It's an area I like to jump into any new role I've taken on. I enjoy introducing best practices the team might not be familiar with and finding more efficient ways to get things done.
Looking back on your entire career, what do you think was a pivotal moment … or what “aha” has had a significant impact?
BONFIGLIO: My first role after college was at a high-growth company selling the top-rated “Buns of Steel” exercise videos. I learned quickly that fast-growing companies generate more career-growth opportunities than more mature firms. That experience helped guide my decision-making as opportunities came about.
In addition, my finance MBA studies helped me see a business from a more holistic perspective. That insight now guides my decision-making and makes me a better business partner.