What Year-End CFO Moves Say About Finance Role’s Evolution

The year end is often a time for chief financial officer (CFO) appointments, resignations or transitions.

And as the 2024 fiscal year draws to a close, a flurry of C-suite announcements from companies including Miracle-Gro, Humana, Chipotle, Dollar Tree and more reveal an intriguing narrative: the CFO role is undergoing a seismic shift and evolving beyond financial stewardship to encompass strategy, digital transformation and risk management at the highest levels.

Chipotle CFO Jack Hartung, who has been at the company since 2002, was originally planning on retiring after nearly 25 years but decided to stay on “indefinitely” as president of strategy, finance and supply chain after the company switched CEOs.

Healthcare company Humana announced Tuesday (Dec. 3) that it was bringing on as its new CFO the former finance chief of Global Infrastructure Partners (GIP), an infrastructure fund manager recently acquired by BlackRock. Humana’s new CFO, Celeste Mellet, was formerly CFO, MD and EVP at investment banking advisory firm Evercore; CFO at Fannie Mae; and before that was global treasurer at Morgan Stanley.

Both Dollar Tree and Miracle-Gro have announced CFO departures and started executive searches. In the meantime, Dollar Tree’s COO has taken on CFO responsibilities, while Miracle-Gro has elevated its current treasurer.

The common thread linking the various executive announcements is their underlying message that the CFO role is no longer confined to the back office. It is a front-line position, driving strategy, innovation and resilience in an era of constant change.

Read also: Why There Are No Sacred Cows for Today’s CFOs

From Number Cruncher to Strategic Partner

Historically, CFOs were perceived as gatekeepers of financial discipline, focused primarily on balance sheets, compliance and cost management. While that all remains true today, the CFO is increasingly seen as a strategic partner to the CEO, a change agent driving organizational growth.

“Different industries have seen transition happen at different paces, but 20 years ago, the CFO was the senior accountant at the company … but now, the majority of companies need their CFO to be a strategic leader and trusted adviser, a crucial player in shaping the direction of the organization,” XiFin CFO Erik Sallee told PYMNTS in June for the series “A Day In The Life of a CFO.”

One of the most significant drivers of this shift is digital transformation. With technologies like artificial intelligence (AI) and real-time data analytics reshaping industries, CFOs are expected to spearhead initiatives that integrate these tools into financial operations. According to the PYMNTS Intelligence report “60 CFOs Can’t Be Wrong … AI Can Help Accounts Payable,” technology has reshaped CFOs’ responsibilities, necessitating a broader skill set and a more strategic approach to financial management.

Creating data visualizations or reports is the most common use of generative AI, according to findings detailed in a separate PYMNTS Intelligence report, “Most CFOs See Limited ROI From GenAI, but Boost Its Investment.”

“The finance department exists to fuel decision frameworks,” ABBYY CFO Brian Unruh told PYMNTS in June, noting that the “timely, accurate and multidimensional data” finance teams provide daily to the rest of the business is ultimately what helps define and accelerate internal growth drivers.

Read more: How CFOs Are Managing the Year of Regulatory Anxiety

Eye on 2025: Key Strategic Areas for Finance Teams

Finance teams are continually tasked with navigating a complex and dynamic business environment. To remain competitive and drive growth in 2025, CFOs are focusing on several key areas, including cybersecurity, digital transformation, compliance and risk management, talent development and upskilling, real-time liquidity and working capital management, and cross-border expansion.

As PYMNTS Intelligence found in the first two editions of “The 2024 Certainty Project” has found, the top four concerns of today’s middle-market financial leaders and their businesses include:

Managing for economic uncertainty

Overcoming accounts receivable (AR) inefficiencies

Mitigating the business cost of uncertainty

Embracing the need for strategic AR optimization

Companies grappling with slowing growth, supply chain disruptions and inflationary pressures are looking to CFOs to ensure financial stability while fostering innovation. As we enter 2025, the CFO role will likely continue to expand in scope and influence as corporate and enterprise operations demand dynamic and adaptable financial leadership.