How One Firm Found Order in the Chaotic World of Cryptocurrency Accounting

Given that cryptocurrency as a financial asset has existed for only about a decade, it may not be surprising to learn that formalization is one of the biggest stumbling blocks for traders who have embraced the industry.“The most difficult part in the entire market is that there is no standard,” s...

By Lauren Muskett • Oct. 18, 2019

Banks Should Shun Aramco IPO, Says Environmental Groups

A coalition of environmental groups including the Sierra Club, Rainforest Action Network, and Friends of the Earth has written to the chief executive officers of leading investment banks, urging them not to work on the initial public offering of Saudi Aramco.In a letter to the CEOs of Goldman Sac...

By Lauren Muskett • Oct. 18, 2019

Explore the Trendline➔

Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

CFOs On the Move: Week Ending October 18

Emily Weaver Industrial equipment manufacturer Gardner Denver named Emily Weaver senior vice president and chief financial officer starting Dec. 1. She succeeds Neil Snyder who is leaving the company “to pursue other opportunities.” Weaver is currently chief accounting officer at Fortive, and has...

By Joan Urdang • Oct. 18, 2019

WH Smith to Buy Marshall Retail Group

U.K. retailer WH Smith made its second push into the U.S. airport retail space with a $400 million deal to buy travel retailer Marshall Retail Group.WH Smith, which sells books, travel accessories, and food, has been aggressively opening new shops at major airports worldwide.Marshall, which was b...

By Lauren Muskett • Oct. 17, 2019

SEC Names White House Aide to PCAOB

The U.S. Securities and Exchange Commission has appointed White House aide Rebekah Goshorn Jurata to the Public Company Accounting Oversight Board, replacing a member who had been seeking a second term.Kathleen Hamm, a cybersecurity expert, was appointed to the PCAOB in December 2017 to fill out ...

By Matthew Heller • Oct. 17, 2019

Not All CFOs Can Handle M&A

Chief financial officers are an indispensable part of a company’s corporate structure, working to strategically increase profitability while ensuring that accounts are managed, taxes are filed, cash flow remains strong, and company leaders and investors are kept in the loop.Although the job of a ...

By Frank Williamson • Oct. 17, 2019

Fintech Takes Root in America’s Farmland

Of all the asset classes that fintech has changed over the past decade, real estate is perhaps the most transformed. Technology’s impact on underwriting efficiency and the ability to crowdfund capital have changed the scope and scale of alternative investments that are available to investors.But ...

By Lauren Muskett • Oct. 16, 2019

The View from Inside a Midsize M&A Deal

Considering some of the mammoth M&A transactions in recent years, a mere $1.2 billion acquisition doesn’t raise many eyebrows. But for Principal Financial Group, its purchase this year of Wells Fargo’s retirement and trust business was something of a game-changer.It was the third-largest acqu...

By David McCann • Oct. 15, 2019

Intel Buys Software Business Smart Edge

Intel agreed to buy software business Smart Edge from Pivot Technology Solutions for $27 million.Smart Edge, a software that helps split data and store it closer to users to make computing devices respond faster, was developed to run on Intel processors.The software can be used to complement 5G t...

By Lauren Muskett • Oct. 15, 2019

Thoma Bravo Offers $3.9B for U.K. Cyber Firm Sophos

U.S. private equity firm Thoma Bravo made an offer to buy Sophos, the U.K.-based maker of antivirus and encryption products, for $7.40 in cash per share, a 37% premium on the Sophos market price at the end of trading Friday, the companies said.Sophos board of directors said they plan to unanimous...

By Lauren Muskett • Oct. 14, 2019

SEC Pulls Plug on Telegram Initial Coin Offering

In what may be the highest-level U.S. enforcement action to date over an initial coin offering, the Securities and Exchange Commission has charged encrypted messaging app Telegram with illegally selling digital assets.Telegram launched its ICO last year by raising about $1.7 billion from sales of...

By Matthew Heller • Oct. 14, 2019

PE Firms Face Growing Scrutiny over Valuations

Recent attention from several quarters has cast a bright light on the private equity business. From accounting treatments to returns to political rumblings for industry overhaul, PE firms are facing scrutiny over their performance and practices.Beyond the headlines, private equity’s role across t...

By David McCann • Oct. 11, 2019

SAP CEO Steps Down

SAP said its chief executive officer, Bill McDermott, is stepping down and being replaced by board members Jennifer Morgan and Christian Klein as co-CEOs, effective immediately.In a statement, the SAP said McDermott had decided not to renew his contract and it was activating its long-term success...

By Lauren Muskett • Oct. 11, 2019

CFOs On the Move: Week Ending October 11

Jason Cardew has been promoted to lead the finance function at automotive technology company Lear, effective Nov. 1. Current finance chief Jeffrey Vanneste is retiring effective the previous day, but will serve as a consultant through February of next year. Cardew has been at the firm since 1992 ...

By Joan Urdang • Oct. 11, 2019

Evolving Finance to Support Innovation

CFOs and finance teams play an increasing role in enterprise innovation, but the truth is that not all are set to take on the job. Why is innovation such a critical area for finance folks to be thinking about? Most companies view innovation as essential to survival. But without the right leadersh...

By Lauren Muskett • Oct. 10, 2019

CFTC Chairman Says Cryptocurrency Ether is a Commodity

Cryptocurrency ether is a commodity and thus falls under the jurisdiction the Commodity Futures Trading Commission (CFTC), said the commission’s chairman Heath Tarbert at a conference in New York. Tarbert also said ether futures will begin trading in U.S. markets in the near future.“We’ve been ve...

By Lauren Muskett • Oct. 10, 2019

You’ve Landed a New CFO Job…. Now What?

The first 60 days at a new company can make or break the tenure of an incoming CFO. Here are some tips for tackling the priorities.

By Ramona Dzinkowski • Oct. 10, 2019

CFOs to Watch 2019: Will They Sink or Swim?

Several themes pop out in our fifth annual lineup of CFOs who we’ll be observing closely in the next year.First, all of the finance chiefs hail from companies that face powerful competitors and tumultuous industry changes: Walgreens Boots Alliance, Macy’s, Ford, to name three. Second, all of thei...

By CFO Editorial Staff • Oct. 9, 2019

U.S. Steel Divulges New Cost-Cutting Plan; CFO to Retire

U.S. Steel said it is planning an enhanced operating model and organizational structure to cut costs, and its CFO will resign.The company’s new operating model is scheduled to start in 2020. The company hopes to save $200 million of annual fixed costs by 2022.“These initiatives reduce costs and m...

By Lauren Muskett • Oct. 9, 2019

Twitter Says Personal Info Shared with Advertisers

Twitter, on Tuesday, disclosed it had allowed some users’ personal information, including email addresses and phone numbers, to be “inadvertently” used for advertising purposes through its “Tailored Access” program.The company said no personal data was shared with its third-party partners, and th...

By Lauren Muskett • Oct. 9, 2019

Special Report: Government Fixes for the Retirement Problem

Companies want their older employees to afford a timely, secure retirement. That’s not simply altruism: such workers tend to be highly paid, consume more health care, and miss work more often than others, and block the upward mobility of younger high achievers who may become frustrated and leave ...

By Lauren Muskett • Oct. 9, 2019

Should the Chairman and CEO Roles Be Held Separately?

The question of whether the roles of chairman and chief executive officer should be held by separate individuals has long been a source of conversations, and sometimes conflicts, in boardrooms and among shareholders.Zuckerberg: Faced ouster as chairman Only last May, Facebook CEO and co-founder M...

By David McCann • Oct. 8, 2019

Cannabis Operator Nixes Deal, Fires CFO

Cannabis dispensary company MedMen Enterprises announced Tuesday it has terminated the deal to acquire multi-state cannabis operator Pharmacann. The company is also terminating its chief financial officer, Michael Kramer.In a conversation with Benzinga, MedMen CEO Adam Bierman explained the compa...

By Vincent Ryan • Oct. 8, 2019

Boeing to Invest $20 Million in Virgin Galactic

Boeing’s venture arm Horizon X is investing $20 million in Virgin Galactic, the space-tourism venture founded by Richard Branson. Virgin Galactic has invested $1 billion to develop reusable spaceflight systems to create space tourism.The investment comes as Virgin Galactic prepares to list public...

By Lauren Muskett • Oct. 8, 2019

U.S. Supreme Court Denies Amazon Bid to Block Worker Suit

The U.S. Supreme Court has declined to hear a petition by Amazon and a contractor, Integrity Staffing Solutions, that sought to dismiss a lawsuit from warehouse workers who were seeking pay for the time they spent in post-shift security screenings.In their 2010 lawsuit, the workers said the scree...

By Lauren Muskett • Oct. 7, 2019