As CEO of executive search and talent advisory firm Boyden, Chad Hesters hears a lot about what companies are looking for in a CFO. In particular, he works with many midcap, privately held, family-owned companies. We spoke with him about the trends he’s seeing and the skill sets finance professionals should cultivate if they aspire to CFO roles in companies like these.

This interview has been edited for length and clarity.

What skill sets are midcap companies looking for in their CFOs? What are you seeing on job descriptions?

It used to be CFOs just had to be good at finance and accounting. Then over the past 20 years, they really had to start being good at strategy…Now we’re adding technology…. And, oh, by the way, let’s not forget these people are leaders. So they also have to have leadership skill sets…We just keep adding more variables to the equation. It’s becoming a lot.

What does a leader in this environment need to be able to do? It’s three things. CFOs today, maybe more than ever, have to be collaborative, cross-functionally and even externally. They have to learn how to collaborate more with external vendors and thought leaders, especially around the tech space.

They have to be adaptable. I made a comment the other day in an interview that we’re living in the most dynamic geopolitical, macroeconomic, and technological environment humans have ever seen.

Click here for more on what midcaps are looking for in a CFO.—CV

Imagine the movie Hollywood will make about this one.

The former head of accounting at defunct law firm Girardi Keese received a prison sentence of 10 years plus one month for his role in embezzling “millions of dollars” from the firm and its clients, the Department of Justice announced.

US District Judge Josephine Staton sentenced 51-year-old Christopher Kamon to prison and ordered him to pay $8.9 million in restitution last week after Kamon pleaded guilty in October to two counts of wire fraud.

According to a DOJ news release, Kamon worked with celebrity lawyer Tom Girardi to defraud clients of the “once-prominent” Los Angeles-based personal injury law firm out of settlement money. They in turn used the money on payroll, credit card bills, and personal expenses. The scheme reached back “from at least 2010 until December 2020.”

“Mr. Kamon was a willful participant in defrauding Girardi Keese clients out of their rightful lawsuit awards,” Tyler Hatcher, special agent in charge at IRS Criminal Investigation, said in the release. “Not only did he participate in a scheme to embezzle from clients, but Mr. Kamon also embezzled from the firm itself for his own personal use, including to purchase a multimillion-dollar home in the Bahamas.”

For more on Kamon’s sentencing, click here.—AZ

Like cucumber slices in a pitcher of water or fruit flies in the punchbowl, there were hints that market volatility affected an otherwise strong first quarter for Goldman Sachs.

The investment bank reported on Monday a Q1 profit of $4.7 billion, a 15% YoY increase. It reported net revenue of $15.1 billion and net earnings per share of $14.12—both ahead of analysts’ predictions, according to CNBC.

But it seems impossible for most to escape the economic turmoil right now. Goldman Sachs was no exception. The company reported investment banking fees were down 8% YoY, due largely to lower net revenue in its advisory business.

CEO David Solomon said the roller coaster market environment had a bit to do with it. “In investment banking, the volatile backdrop led to more muted activity relative to the levels we had expected coming into the year,” he told investors on an earnings call.

Keep reading here.—AZ