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CFO Brew // Morning Brew // Update
How the pandemic transformed the CFO role.

Hello, and welcome to Thursday. The MLB is deep into its postseason, and we hope y’all have been taking full advantage of all those (pricey) vendor relationships by scoring some nice seats at the games.

In this issue:

The mother of reinvention

Coworking

AI octane

Jesse Klein, Beck Salgado

STRATEGY

The pandemic was a landmark moment in the evolution of the CFO role

FG Trade/Getty Images

The Covid-19 pandemic transformed the role of the CFO.

In 2020, the CFO was already evolving into a strategic partner of the CEO, involved in many business decisions. But the pandemic put that evolution in overdrive.

The work of CFOs and their teams—scenario planning, cash management, FP&A, digital transformation—became key to businesses’ survival when the world went into lockdown and the global economy came to a screeching halt.

CFO Brew spoke with pandemic-era CFOs in a variety of industries, including a toilet paper company, fast food chain Chipotle, a multicity church, and others. They told us stories from the first days of shutdowns, how they planned on the fly, and what they learned from the pandemic.

Here’s CFO Brew’s oral history of the Covid-19 pandemic, as told by finance and accounting professionals.

Keep reading.JK

Presented By DeleteMe

CFOVILLE

A portrait of Upwork's CFO Erica Gessert.

Erica Gessert

While Erica Gessert, the CFO of Upwork, has been on the finance teams of some big household name brands including PayPal and Sprint, this is her first time in the CFO chair.

Gessert describes herself as an operational CFO, who oversees everything “end to end, from product and production to delivery, adoption, and financial outcomes.”

CFO Brew asked her about prioritizing revenue streams, preparing for a possible recession, and how AI is impacting her industry.

How is being the CFO of Upwork different or similar to your role at PayPal?

One of the things that attracted me to Upwork from PayPal is that they are two-sided networks. Upwork’s a marketplace. PayPal is what we call a network, but it has two sides: merchant and consumer. [At Upwork], it’s client and knowledge worker or talent. That’s where the similarities end.

Keep reading.JK

STRATEGY

A laptop with a cell  phone displaying the OKTA logo.

Nurphoto/Getty Images

Identity is a tricky concept. It can encompass personal signifiers, core beliefs, and other distinctive qualities. For an industry-leading identity security company like Okta, it’s much more straightforward: It ensures you are who you say you are when navigating IT infrastructure.

Now, thanks to AI, Okta has built a completely new AI agent product, a response to growing customer demand for nonhuman identity protection. In the days before AI, that meant machines or servers; now, it means digital agents.

Here’s how Okta retooled its teams to take advantage of a burgeoning revenue stream.

Read the whole story on Revenue Brew.BS

Together With Oracle NetSuite

MARKET FORCES

market forces chart

Francis Scialabba

Today’s top finance reads.

Stat: 44%. That’s how much Morgan Stanley’s investment banking revenue rose YoY in Q3, CEO Ted Pick told analysts on an earnings call Wednesday. (Reuters)

Quote: “If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it. If we move too slowly, there may be unnecessary losses—painful losses—in the employment market.”—Fed Chair Jerome Powell. (CFO Dive)

Read: The electric-vehicle transition isn’t happening as fast as world leaders had hoped. Following the US’s lead, countries are rolling back regulations, while companies like GM are reporting poor financial performance in the EV segment. (Wall Street Journal)

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*A message from our sponsor.

JOBS

Skip the noise and cut to the jobs that matter. CollabWORK curates openings from top employers and shares them directly in trusted spaces like CFO Brew—click here to see the full list for readers like you.

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