JPMorgan Chase Names New CFO; Lake to Head Consumer Lending

Jennifer Piepszak, new CFO of JPMorgan Chase Jennifer Piepszak, JPMorgan’s current CEO of card services, is headed to the office of the CFO. After the markets closed on Wednesday, JPMorgan Chase confirmed that Piepszak would take Marianne Lake’s place as the chief financial officer of the banking...

By Vincent Ryan • April 18, 2019

CFOs Revise Recession Projections

CFOs are pushing out the timing of their recession predictions, according to the latest quarterly Duke University/CFO Global Business Outlook survey. About two-thirds of U.S. CFOs (67%) now believe the United States economy will be in recession by the third quarter of 2020, and 84% think it will ...

By Lauren Muskett • April 17, 2019

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

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Capturing Post-Merger Value, Part Two: Revenue Synergies

The first part of this three-part series looked at Capturing Post-Merger Value from Commercial Integration.An acquisition, especially a major acquisition, provides an ability to not only combine existing capabilities but to reset and adjust the key commercial elements that drive the business’s ec...

By Vincent Ryan • April 15, 2019

Best Buy CFO to Become New CEO

Best Buy named Corie Barry, the company’s chief financial and strategic transformation officer, to the position of chief executive officer, effective June 11, 2019. Barry will also join the board of directors, which will expand to 13.Corie Barry Hubert Joly, Best Buy’s current chairman and CEO, w...

By Lauren Muskett • April 15, 2019

CFOs on the Move: Week Ending April 12

John Haudrich Owens-Illinois promoted John Haudrich to head finance. He replaces Jan Bertsch, who is retiring after holding the top finance spot since 2015. Previously, Haudrich was chief strategy and integration officer.Tom Kelly has been promoted to global CFO at Sony/ATV Music Publishing. He h...

By Joan Urdang • April 12, 2019

Chevron Agrees to Buy Anadarko in $33 Billion Deal

Chevron announced it reached a deal to buy Anadarko Petroleum for $65 per share — a 39% premium to the company’s closing stock price on Thursday.Chevron said Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share, and the deal would have a total ent...

By Lauren Muskett • April 12, 2019

Uber Revs Up for Long-Awaited, $10 Billion IPO

Uber set the stage for the largest initial public offering in years, releasing a prospectus that showed revenue growth in its core ride-sharing business is slowing.The offering could value Uber at around $11 billion, more than four times that of United Airlines’ parent and double that of FedEx. I...

By Matthew Heller • April 12, 2019

More Clients Buying Cyber Coverage: Marsh

Five years ago, not many U.S. companies were buying cyber insurance. Part of the problem was they had a hard time quantifying how large a risk they faced. And the cost-benefit associated with transferring the exposure to insurers wasn’t clear.Apparently, though, many have finally decided it might...

By Vincent Ryan • April 11, 2019

Governments Must Act to Ease Middle-Class Squeeze

Governments need to do more to support their middle-classes as they struggle to maintain their quality of life amid stagnating incomes and rising costs, said The Organisation for Economic Co-operation and Development (OECD).OECD’s report, “Under Pressure: The Squeezed Middle Class,” says the midd...

By Lauren Muskett • April 11, 2019

Companies Are Moving Slowly on ASC 842

The new lease accounting standard, ASC 842, is now effective, but we see that public companies are only slowly progressing toward adoption. The analysis below is based on information in filings by S&P 500 companies between October and December of 2018.Only two of the companies — Microsoft and...

By David McCann • April 10, 2019

Crown Shares Fall After Takeover Talks End

Shares of Australian gaming company Crown Resorts fell 10% in early trading on news that Wynn Resorts was no longer in discussions for a possible buyout.Crown, in a filing with the Australian Securities Exchange on Tuesday, disclosed that Wynn proposed a $7 billion takeover of the company, after ...

By Lauren Muskett • April 10, 2019

KushCo Loss to Double With Earnings Correction

KushCo Holdings, a provider of packaging solutions for the cannabis industry, said it will restate earnings due to accounting errors, resulting in a doubling of its fiscal 2018 loss.In a regulatory filing, KushCo said Tuesday it identified errors in the accounting for certain shared-settled conti...

By Matthew Heller • April 10, 2019

Litigation Funder Strikes Back at Chamber of Commerce

Editor’s note: The author is CEO of litigation funder Validity Finance. The opinions expressed here are his own and do not necessarily reflect those of CFO. The article is a response to the U.S. Chamber of Commerce’s calls for regulation of and transparency around the  controversial litigation fi...

By Ralph Sutton • April 9, 2019

U.S. Threatens New Tariffs on EU

The Trump administration is proposing tariffs on hundreds of goods worth $11 billion per year to European countries in retaliation for European Union subsidies to Airbus.The dispute goes back to 2004, when EU authorities said Boeing got $19 billion in unfair subsidies from state and federal gover...

By Lauren Muskett • April 9, 2019

Scammers Target ACH Transactions

Automated clearinghouse (ACH) transactions are often considered safer and more difficult to compromise than paper checks and wire transfers, but that reputation might not last.In 2018, 33% of organizations were subject to ACH debit fraud and 20% were subject to ACH credit fraud, each up several p...

By Vincent Ryan • April 9, 2019

Pinterest Prices IPO to Raise More Than $1.2B

Pinterest has priced its initial public offering conservatively, giving it a valuation that is lower than its last round of private-equity funding.In an amended prospectus, the social media platform said it would sell 75 million shares to the public at between $15 and $17 per share. Underwriters ...

By Matthew Heller • April 9, 2019

Chuck E. Cheese’s Parent to Go Public Through Merger

CEC Entertainment, the parent company of family entertainment center Chuck E. Cheese, has agreed to a merger with Leo Holdings through which the company will return to the public markets.In a statement, the companies said they believe the new public company, which will be renamed Chuck E. Cheese ...

By Lauren Muskett • April 8, 2019

Former Tech Exec Settles with SEC

The Securities and Exchange Commission announced that the former chief executive officer of Jumio, Daniel Mattes, agreed to pay $17 million to settle charges he defrauded investors in the private mobile payments company.According to the complaint filed in federal court in California, Mattes repor...

By Lauren Muskett • April 5, 2019

CFOs on the Move: Week Ending April 5

Intel has chosen George Davis to lead the finance function. He had been head of finance at Qualcomm since 2013.Brittany Bagley Sound-equipment manufacturer Sonos appointed Brittany Bagley to the top finance spot, effective April 22. She succeeds Mike Giannetto, who is retiring in June. Most recen...

By Joan Urdang • April 5, 2019

Ex-Trucking Firm CFO Charged in $245M Fraud

The former CFO of Roadrunner Transportation Systems has been charged with using “cushion” accounting and other deceptive accounting methods to manipulate the trucking company’s earnings so it could meet Wall Street estimates.The U.S. Securities and Exchange Commission said Peter Armbruster was pa...

By Matthew Heller • April 4, 2019

U.S. Layoffs Jump, But Payrolls Expected to Grow

U.S. job layoffs jumped to 190,410 in the first quarter of 2019, a 35.6% increase year-over-year, according to the outplacement firm Challenger, Gray & Christmas. It was the worst first quarter since 2009 by that metric. But the Department of Labor’s nonfarm payrolls report, which will be pub...

By Lauren Muskett • April 4, 2019

Capturing Post-Merger Value from Commercial Integration

This is the first article in a three-part series. The second part is Capturing Post-Merger Value: Revenue Synergies.Acquisitions (mergers, carve-outs, bolt-ons, and tuck-ins) are important to many companies as they manage their overall corporate development. Success depends upon (1) selecting acq...

By Vincent Ryan • April 4, 2019

U.K. Lawmakers Urge Full Breakup of Big Four

The pressure for a restructuring of the Big Four accounting firms’ U.K. operations intensified as lawmakers called for a complete breakup amid a series of high-profile audit failures.The business, energy and industrial strategy (BEIS) committee of Parliament said in a report that a “full structur...

By Matthew Heller • April 3, 2019

Trump Nominates Allison Lee to SEC

The Trump Administration nominated Allison Lee to the Securities and Exchange Commission for a five-year term ending June 2022.Lee served in a number of different senior roles at the SEC between 2005 and 2018 and was previously counsel to former SEC Commissioner Kara Stein.Trump appointed the SEC...

By Lauren Muskett • April 3, 2019

Qualcomm CFO Davis Moves to Rival Intel

Qualcomm CFO George S. Davis is leaving the chipmaker after a six-year tenure to fill the finance chief position at rival Intel that has been vacant since Bob Swan was promoted to CEO.Davis’s departure from Qualcomm was effective as of Tuesday, with David Wise, a longtime veteran of the company a...

By Matthew Heller • April 3, 2019