There are plenty of good reasons to make sure your finance department is properly staffed, but now you can add another one to the list: Your job may depend on it.

Material weaknesses may be linked to CFO turnover. Around 22% of US-listed companies that reported no material weaknesses on their financial statements in the past 12 months through June had CFO turnover, the Wall Street Journal reported, citing data from Hudson Labs. But that percentage rises to 28% for US-listed companies that had material weaknesses due to a lack of accounting staff in the past 12 months.

Over the past couple of years, some large companies have changed CFOs in the wake of problems related to a shortage of accounting staff, according to the Wall Street Journal. Contract manufacturer Sanmina replaced CFO Kurt Adzema last year after a lack of finance personnel contributed to its over- and underestimating revenues, leading to restatements. Tupperware CFO Mariela Matute resigned following several months of accounting issues at the company, including delays in reporting quarterly and annual results and potentially understating its income during 2020 through 2022. And Advance Auto Parts replaced CFO Jeff Shepherd following reporting delays.

For the past three years, material weaknesses attributed to the accounting shortage have been on the rise.

Click here for more on how the accounting shortage is impacting CFO tenure.—CV

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We’ve officially reached the point in summer when it’s socially acceptable to look back. Lazy pool days in June and those barbeques in July feel more and more like hazy memories.

But since we’re CFO Brew, instead of looking back at marvelous vacation pics, we’re finally ready to look back at what companies have said about consumer weariness in summertime earnings calls and other public remarks. Because for us, that sounds like a good time.

Well, maybe not fun-fun, but at least useful: A growing number of execs have started ringing the warning bell about a pullback in consumer spending, and CFOs need to take note.

“It truly is a moment of the cup half full or the cup half empty, depending on…which bit of the world you want to look at. In aggregate, there’s still a very robust global economy out there and robust consumer spending in total,” James Quincey, Coca-Cola’s CEO and chairman, said at a late June consumer conference, adding that while “there’s some pretty strong consumer spend out there” plenty of that spend “is under pressure.”

He specifically called out the inflation pressure felt by many consumers on the “lower end of the income spectrum in the US,” noting that “you can see that pressure coming through, saw that pressure coming through in [quick-service] restaurants and a number of areas where…basket size was under pressure and, of course, consequent behaviors like looking for affordability.”

Click here for more on how consumers are feeling.—NP

While the rest of the market was melting down on Monday, Tyson Foods had some positive nuggets to share with investors.

America’s largest meat company has improved how it runs its massive poultry business, including better demand forecasting, CEO Donnie King said on an earnings call, and that’s “enabling us to benefit from the market tailwinds” like falling grain prices for chicken feed.

It all made for a much better-than-expected quarter for Tyson, which posted adjusted earnings per share of 87 cents for the June quarter, “almost six times higher than a year earlier,” according to Bloomberg on August 5.

Where’s John? Interim CFO Curt Calaway was on the call to share results with investors while the permanent CFO, John Tyson, remains suspended since his charge, in June, for driving while intoxicated. It was the second alcohol-related charge that Tyson, whose great-grandfather started the company, has faced since taking the CFO role in 2022.

For more on how Tyson improved its performance, click here.—GD

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