CFOs On the Move: Week Ending May 7

Sherry House Lucid Motors appointed Sherry House as chief financial officer, where she will focus on the electric vehicle automaker’s transition to a publicly traded company. House joins the company from Alphabet’s self-driving unit Waymo, where she was treasurer and head of investor relations fo...

By Lauren Muskett • May 7, 2021

CFOs Ponder Remote Work Possibilities

When we talked to CFOs about their plans for a post-pandemic workplace for our October 2020 story, “Is Remote Work Working?” two messages came through loud and clear.First, CFOs told us that telework would permanently expand to more positions than before March 2020, when companies abruptly sent e...

By Sandra Beckwith • May 7, 2021

U.S. Economy Adds Only 266,000 Jobs in April

U.S. employers added far fewer jobs in April than expected, signaling that the labor market is still reeling from the coronavirus pandemic though not dimming economists’ hopes for a strong recovery.The Labor Department reported Friday that the economy added 266,000 new jobs last month, far short ...

By Matthew Heller • May 7, 2021

Crypto Exchange Kraken Ordered to Provide User Records to IRS

The U.S.-based crypto exchange Kraken will now be obliged to provide the Internal Revenue Service (IRS) with details about its users engaged in cryptocurrency transactions equivalent to $20,000.What Happened: A court order ruled that the IRS was authorized to serve a John Doe Summons on Kraken, s...

By Lauren Muskett • May 6, 2021

GE Kicks the Factoring Habit

Carolina Dybeck Happe General Electric is serious about getting better at working capital management. On April 1, the industrial giant discontinued a majority of its factoring programs, a significant change in its management of the timing of incoming cash.GE’s industrial businesses started loweri...

By Vincent Ryan • May 4, 2021

S&P Launches Bitcoin, Ethereum, Crypto Mega Cap Indexes

S&P Dow Jones Indices launched its first three crypto indexes on Monday, according to a report from CoinDesk.What Happened: The three indexes will measure the performance of digital assets listed on registered open exchanges.The S&P Bitcoin Index tracks the performance of the leading digi...

By Lauren Muskett • May 4, 2021

Time for CFOs to Spark Up Relationships in China

If anyone hoped for a quick thaw in China relations under President Joe Biden, they’ve already been disappointed. The early rhetoric on China coming from the White House has remained tough. The Biden administration is in no hurry to ease the Trump tariffs and investment restrictions that...

By Lou Longo • May 4, 2021

Former U.S. Treasurer Joins Ripple’s Board Amid SEC Skirmish

Blockchain technology giant Ripple announced that it appointed Rosa Gumataotao Rios, the 43rd U.S. treasurer under former President Barack Obama, as a member of its board of directors.What Happened: Ripple announced Tuesday that it appointed Rios to its board of directors and Kristina Campbell to...

By Lauren Muskett • May 4, 2021

Metric of the Month: Total Cost to Process T&E Reimbursements

Business travel took a serious hit in 2020, dropping by an unprecedented 97%. As the world economy forges ahead in 2021, many experts anticipate an immediate spike in travel demand that will increase rates for airfare, hotels, restaurants, and rental cars. It’s understandable if your travel and e...

By Perry D. Wiggins • May 3, 2021

Remote Work Could Bring Google $1B in Annual Savings

Google parent Alphabet could save a whopping $1 billion annually if employees continue to work from home the rest of the year and not travel, book trips, and hotels online due to the COVID-19 pandemic, according to a company filing.What Happened: Google saved $268 million in expenses from company...

By Lauren Muskett • April 29, 2021

You’ve Decided to Adopt RPA. Now What?

The pandemic has had a profound and lasting impact on how work gets done, where work gets done, and the size of the workforce to get the work done. This is pervasive across all areas of an organization, from sales to manufacturing to R&D, and, in particular, finance. At the same time, some co...

By Lauren Muskett • April 29, 2021

Where Are Tesla’s Profits Coming From?

Tesla shares were trading lower Tuesday despite the electric vehicle manufacturer reporting better-than-expected results for its fiscal year 2021 first quarter.The tepid investor reaction to the earnings report may have to do with the fact that the company’s profits are more reliant on non-core a...

By Lauren Muskett • April 27, 2021

Getting a Jump on Climate Change Disclosures

The Securities and Exchange Commission recently announced its intention to review all corporate climate-related financial disclosures, with plans to update its current guidance on the subject. The update is primarily driven by the commission’s foresight in anticipating the need for change, given ...

By Joe Euteneuer • April 27, 2021

SPAC Activity Slows Down

Last week was slow for the SPAC market, with three deal announcements and only a couple of rumored deals. There also were no new SPAC offerings during the week — unusual for a market segment that has been so hot over the last year.SPAC DealsFinancial payment card and crypto storage company CompoS...

By Lauren Muskett • April 26, 2021

CFOs On the Move: Week Ending April 23

Matt Puckett VF, the parent company of Vans, Timberland, and The North Face, promoted Matt Puckett to chief financial officer. Puckett has worked at VF since 2001 and has held a series of finance positions with increasing responsibility including CFO of VF’s sportswear coalition, CFO of Timberlan...

By Lauren Muskett • April 23, 2021

SmartRent Going Public in SPAC Deal

A category-leading smart home technology company is going public in a SPAC deal announced Thursday morning.The SPAC Deal: SmartRent announced a SPAC merger with Fifth Wall Acquisition valuing the company at $2.2 billion.There are no SPAC warrants involved in the deal, which means less dilution to...

By Lauren Muskett • April 22, 2021

Driving Engagement in a Remote Work World

Well, we’re living it, again and again, and again. Still stuck at home and still working from home.And even as more of us receive vaccinations, a return to life in the office as we used to know it is doubtful. A remote and socially distanced workplace is the new normal or huge part of it.Knowing ...

By Chris McChesney • April 22, 2021

GE’s Long Turnaround Attempt: Timeline

Former GE CEO Jeff Immelt’s book, “Hot Seat,” recounts the many missteps that occurred during his time as head of the conglomerate. But even after Immelt retired, the company struggled as new management failed to act quickly to chart a new course. Here’s how a famous American company known as a p...

By Lauren Muskett • April 21, 2021

Remotely Successful?: The Quiz

Not too many months after the COVID-19 pandemic’s onset, executives called the shift to working from home a boost to productivity.Whether or not it is advantageous to workers in the long term is an unsettled question. While remote working allows employees to do more “deep work,” it can also lead ...

By CFO Editorial Staff • April 21, 2021

CFOs On the Move: Week Ending April 16

Leanne Cunningham Jack Daniel’s parent company Brown-Forman promoted Leanne Cunningham to finance chief, effective July 2. Cunningham has worked at the spirits and wine company for more than 25 years, most recently as senior vice president, shareholder relations officer, global commercial finance...

By Lauren Muskett • April 16, 2021

The Global Chip Shortage: Worst-Hit Industries

The global chip supply shortage has snowballed into a major problem for companies, cutting across sectors and necessitating concerted efforts from governments and industry.The Miscalculations, Politics Behind Chip Shortage: The COVID-19 pandemic deceived foundry partners and packaging manufacture...

By Vincent Ryan • April 15, 2021

CFOs Still Clinging to Corporate Cash

With vaccinations on the rise and the pandemic’s end possibly in sight, economists are raising their U.S. GDP forecasts for 2021. In March, for example, the Organisation for Economic Co-operation and Development (OECD) more than doubled its GDP growth projection for the domestic economy for 2021 ...

By Vincent Ryan • April 14, 2021

Coinbase Shares Hit $100B Valuation on Debut

Cryptocurrency exchange Coinbase Global, which debuted on the Nasdaq through a direct listing, made history of sorts in its first session.What Happened: Coinbase shares were given a reference price of $250 a piece by the Nasdaq after the exchange chose to take the direct listing route instead of ...

By Lauren Muskett • April 14, 2021

SEC Could Reclassify SPAC Warrants And Hold Up New Filings: Report

The Securities and Exchanges Commission has been vocal about making changes to the SPAC industry. The latest change from the SEC could center around how SPAC warrants are classified.What Happened: Warrants, which are typically issued for SPACs when units begin trading, could be reclassified by th...

By Vincent Ryan • April 13, 2021

CFOs On the Move: Week Ending April 9

Bill Wafford Bill Wafford was appointed CFO at Thrasio, a startup that helps consolidate and scale companies that sell products mostly on Amazon’s marketplace. Wafford joins Thrasio from JCPenney, where he was CFO and led turnaround and transition efforts for the retailer. Wafford was formerly ch...

By Lauren Muskett • April 9, 2021