One task the C-suite faces time and again is where and how to make spending cuts. And, often, discussions of such cuts put CFOs in a bind. According to EY’s 2023 DNA of the CFO survey, 50% of CFOs plan to reduce or pause spending in areas that are long-term organizational priorities in order to meet short-term earnings targets. 67% of CFOs said “there are tensions and disagreements within [their] leadership team on how to balance short-term and long-term priorities.”

Resolving conflicts over spending cuts can be a challenge, but there are steps CFOs can take to do so productively.

Speak up. One key thing CFOs need to do, Myles Corson, EY Global and EY Americas Strategy and Markets Leader, Financial Accounting Advisory Services, told CFO Brew, is to make sure their voices are heard.

“You get better outcomes through diversity of perspective,” he said, and CFOs, “have this fantastic purview and perspective, based on their understanding of what has driven business performance historically, and how that is likely to impact performance going forward.”

Due to geopolitical upheaval and economic shocks, such as the pandemic, he said, it is “important that CFOs and their finance teams are much more actively engaged in business operations.”

Keep reading.—CV

Behold, the fundamental philosophical question of our age. Really—think about it. People are working from home, from the pool, and (occasionally) from the office. Workspaces as we’ve known them for the last 100 years are over with a capital O.

So, how can you make sure your hybrid work environment is…well…working?

Say hello to Cisco. They can help you supercharge your hybrid work solutions, whether you’re looking for strategies on employee engagement or searching for ways to reimagine your office and workplaces.

Above all, Cisco understands that hybrid work is NOT a one-size-fits-all game. That’s why they offer tons of customizable solutions that can be perfectly tailored to your biz—no matter how big or small.

Get more out of your hybrid office.

Andrew DeFrancesco was only the chairman of electronics retailer Cool Holdings for nine months, but he managed to rack up $3 million in SEC-imposed penalties for his time there. Four and a half years after serving as chairman of the company, DeFrancesco avoided jail for an alleged pump-and-dump scheme, but now owes a pile of cash, and is barred from serving as an officer or director of a public company.

DeFrancesco didn’t admit wrongdoing as part of consenting to the court’s judgment against him.

According to prosecutors, DeFrancesco accumulated a stake in the firm while the share price was low through accounts in others’ names. His holdings eventually peaked at “more than 32% of Cool’s outstanding shares.” Prosecutors say he then filed false statements in the company’s financial disclosures, and hired a six-figure promoter to get positive articles written about the firm.

The SEC alleged in January that he secretly funded the publication of false news articles that claimed, among other things, “that Cool’s stores were more profitable per square foot than retailers such as Tiffany & Co. and Michael Kors, and that Cool planned to expand the number of its Apple-product-focused stores from nine locations in March 2018 to 200 locations by 2020.”

In reality, according to the 50-page complaint, Apple was unhappy about unpaid invoices in late 2017, and terminated deals with the company in 2018, and at the same time, DeFrancesco’s company was more than $75,000 behind on rent payments for its corporate headquarters.

Keep reading.—SW

Neha Krishnamohan is CFO and EVP of corporate development, at Kinnate Biopharma Inc., a company that develops targeted treatments for cancer.

This interview has been lightly edited for length and clarity.

How would you describe your job to someone who doesn’t work in finance?

The CFO is an integral senior leader who makes important financial decisions with a strategic impact on the organization. They oversee and drive financial operations and plan for the future of the business including raising capital and informing capital allocation decisions to drive the company’s growth.

How do you think the CFO role has changed over the past five to 10 years, both for you, and in general?

The role of CFOs has undergone a remarkable transformation in response to the ever-changing and intricate macro business environment. In particular, CFOs have shifted gears from solely concentrating on operational finance to becoming strategic business partners and master storytellers. Nowhere is this more evident than in the biotech sector, where storytelling plays a vital role in conveying the investment thesis and showcasing what differentiates your company within the context of the competitive landscape. As a CFO in biotech, you weave scientific narratives to help your key stakeholders understand the future potential of the company.

Other aspects of the expanded CFO role involve taking on additional areas such as business development and investor relations and working closely with leaders of key business units to make strategic decisions. Overall, the evolving CFO role encompasses strategic leadership, technology adoption, risk management, and sustainability advocacy.

Continue reading.—CV

Stat: $14.5 billion. That’s JPMorgan Chase’s second-quarter profit, which marks a 67% jump on the back of the bank’s acquisition of First Republic. (Yahoo)

Quote: “For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness.”—US Secretary of Education Miguel Cardona, as the Biden administration announced it would cancel $39 billion in debt for more than 800,000 borrowers. (CNBC)

Read: Microsoft and Activision may abandon some control of their UK cloud gaming unit in order to placate regulators and carry through with their $69 billion merger on time. Whatever it takes, apparently! (Bloomberg)

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