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When the Federal Reserve raised rates for the 11th time since March 2022, the Fed said the economy was expanding at a “moderate pace.” Still, the labor market is “very tight,” according to Fed Chair Jerome Powell, but, hey, these CFOs found new jobs.
New letters in the alphabet. Google and Alphabet’s longest-serving CFO, Ruth Porat, is stepping down—but she’s not going anywhere. Instead, Porat will take on an entirely new position: president and chief investment officer of both Google and Alphabet. Her new title becomes effective September 1, per a company release.
Porat, who took over as CFO in 2015, will continue in that role while the company searches for her successor. As president and chief investment officer, Porat will be responsible for Alphabet’s “Other Bets” portfolio, as well as the company’s global investments.
Her long tenure at Alphabet follows an equally impressive résumé elsewhere. Weeks before the stock market crashed in 1987, she started her finance career at Morgan Stanley, where she later advised major tech companies, including Google, on their IPOs. It was also Porat who crafted “the debt financing that saved Amazon from near-collapse during the dot-com crash in 2000,” according to Forbes.
Salary: N/A
Permanent fixture. Amid a glut of interim CFOs, at least some of these temporary gigs turn intopermanent posts. HanesBrands promoted Scott Lewis, who’s been serving as interim CFO for the apparel company, to take over the role on a permanent basis, effectively immediately, per a company release.
In January of this year, it was announced that the company’s former CFO, Michael Dastugue, would be stepping down in February for “family reasons.” Lewis was appointed interim CFO “until a successor for Dastugue is named,” and that name now happens to be Lewis. He’s been with HanesBrands for 17 years, and during that tenure, he also served as the company’s chief accounting officer for eight years.
“The consummate team player, Scott has done an excellent job filling in as our Interim CFO on two separate occasions,” Steve Bratspies, HanesBrands CEO, said in a statement. “With the experience and skillsets he brings, Scott is ideally suited to help position the company for future success.”
Salary: $750,000 base, $750,000 annual incentive plan award, $1.50 million long-term incentive program award, $293,650 in restricted stock.
(Non) dairy good. The company behind your oat milk lattes, Oatly, appointed Marie-Jose David as its next CFO, effective October 1, according to a company release. She’ll take over from Christian Hanke, who has served as CFO since 2020 and helped with the search process. Hanke will serve as CFO through September 30 to assist with the transition, the company said.
David has deep operational experience with other consumer brands. Most recently, she served as CFO at Mars Veterinary Health International, a division of Mars Petcare. Before that, she was CFO Americas for the jewelry brand Pandora.
Salary: N/A
Onward and upward. In a quick turnaround, FedEx announced John W. Dietrich will take over as CFO starting August 1, per a company release. That announcement arrived just one month after the company said it would be searching for a new finance chief to replace former CFO Michael Lenz, who’s retiring. Lenz will transition out of his role at the end of July, but he’ll stay on as an advisor until December 31 to help with the transition.
Dietrich has a thorough range of experience in the aviation and air cargo industries, serving in various leadership roles at Atlas Air Worldwide since 1999. In 2020, he served as president and CEO of the company—a role he accepted after serving as COO since 2006. Before his time at Atlas Air, Dietrich worked for 13 years at United Airlines.
“[Dietrich] is an accomplished and seasoned leader in the transportation industry whose unique combination of financial and operational expertise is a strong complement to the existing executive leadership team at this important time for the company,” Raj Subramaniam, FedEx president and CEO, said in a statement.
Salary: $919,000 base, $200,000 signing bonus, $1.6 million in restricted stock.
Puff, puff, pass. Cannabis company MedMen simultaneously appointed a new CFO and CEO. On the finance side, Amit Pandey will take over as finance chief, effective July 24 per a company release. Prior to joining the company, Pandey held a variety of finance roles at cannabis, consumer goods, and fintech companies, according to MedMen.
Most recently, he served as executive vice president of finance and interim CFO at Clever Leaves International, a global cannabis company which he joined in its early years.
“Amit’s considerable background and experience in both the public and private capital markets in cannabis and CPG sectors will be critical to MedMen’s short-term restructuring and long-term growth,” Michael Serruya, MedMen’s chairman, said in a statement.
Salary: $300,000 base, $300,000 in restricted stock.