Role of the CFO

CFO comings and goings: May

We round up this month in CFO moves.
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3 min read

It feels like summer is now in full swing and with the earnings season behind us, CFOs can take a little time to breathe. We’re personally lining up our vacation plans now and—spoiler alert—they involve a digital detox and lime-based alcoholic drinks.

But before we disappear into a beach blanket, we have news about CFO moves in the last month. CFOs at Unilever and Workday are retiring, while Nestlé’s long-time CFO is leaving in search of new professional adventures. Lyft is hiring a new CFO, while WeWork is bringing on a fourth CFO in as many years.

Sweet deal. Nestlé brought on Anna Manz as CFO to replace the food and beverage company’s veteran CFO Francois-Xavier Roger. Manz is joining Nestlé from the London Stock Exchange Group, where she has served as CFO since November 2020. She will join Nestlé as “as soon as she is released from her present duties” and will also join the board as an executive vice president, according to a Nestlé press release.

Manz spent 17 years at Diageo, a British alcoholic beverage company, in a variety of roles. Former Nestlé CFO Roger is leaving “to pursue new professional challenges,” according to the company’s press release.

Salary: TBA

Long goodbye. Long-time Unilever CFO Graeme Pitkethly announced his retirement from the British company. Pitkethly has been with Unilever since 2002 and its CFO since 2015. The company announced that he will stay on through May 2024. Unilever has not named a successor and is conducting an internal and external search for their next CFO. Pitkethly’s retirement follows the announced departure of Unilever CEO Alan Jope, who is leaving the company at the end of this year.

Salary: TBA

Moving on. Workday, the enterprise software platform provider, announced that Zane Rowe was appointed CFO to replace retiring CFO Barbara Larson. Rowe spent the last seven years as CFO at VMware. Rowe will be responsible for the “company’s overall finance and accounting functions, internal audit, and investor relations, and advise on Workday’s business strategy and product development,” according to a company press release. Larson is retiring to spend more time with her family, according to the same release.

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Salary: $700,000 base, with a $2 million signing bonus and a variable annual incentive plan of up to 50% of base salary.

Clean sweep. WeWork chief financial officer Andre Fernandez is following CEO Sandeep Mathrani out the door at the coworking provider. Fernandez is resigning right at his first anniversary and is the third CFO to leave the company in the last four years. Fernandez’s departure “is not the result of any disagreement with the company with respect to any matter relating to financial controls, financial statements or any other operations, policies or practices of the company,” according to a WeWork SEC filing. Kurt Wehner, WeWork’s current Chief Accounting Officer, will assume the CFO role on June 1. Wehner has been with WeWork since October 2020.

Salary: TBA

On a ride. Lyft named Erin Brewer to replace departing CFO Elaine Paul. Brewer will take over the CFO chair on July 10 according to a company press release. Brewer was most recently SVP of enterprise finance at Charles Schwab & Co. Paul has served as the rideshare company’s CFO since January 2022 and will continue as an advisor with the company until November.

Salary: $650,000 base, $650,000 signing bonus, and approximately $18 million in restricted stock.

News built for finance pros

CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.