Good morning. Betsy Ward, the primary girl to develop into CFO at MassMutual, will retire on the finish of this 12 months—after 30 years on the firm.
However MassMutual, a Fortune 500 firm, will nonetheless have a lady on the helm of finance. Mary Jane (MJ) Fortin was named the subsequent CFO, efficient Jan. 1. Fortin was beforehand the president and chief business officer at Thrivent Monetary, a Fortune 500 firm. Earlier than that, she served as president of Allstate Monetary and led the event and execution of the go-to-market technique for the life insurance coverage, retirement and advantages companies.
Fortin’s 35 years of expertise within the monetary providers business “will likely be invaluable” to the corporate, Roger Crandall, MassMutual chairman, president and CEO mentioned in a press release.
She is going to succeed Ward who over time, labored in a number of management positions, together with chief enterprise threat officer and chief actuary at MassMutual earlier than changing into CFO in 2016.
Courtesy of MassMutual
“Betsy has performed a key function in main MassMutual by means of durations of unprecedented progress, serving as a driving power throughout a number of transformative transactions to assist ship long-term worth to our coverage homeowners,” Roger Crandall, MassMutual chairman, president and CEO mentioned in a press release. Throughout this time, the corporate reached “file ranges of capital and maintained glorious monetary power and suppleness,” Crandall mentioned.
As a pioneering chief at MassMutual, I requested Ward if she had any recommendation for younger girls starting a profession in finance. “Stay intellectually curious and work on technical abilities to be taught the drivers of the enterprise intimately,” Ward mentioned. “This detailed studying will assist later in your profession with strategic decision-making.”
I requested her how companies can create a expertise pipeline that may result in extra girls in management roles. A dedication to meritocracy and improvement, she advised me.
“With regards to meritocracy, I consider that organizations have to be clear with goal metrics about success in addition to managers’ considerate distribution of alternatives for all staff to show themselves,” in accordance with Ward. And there needs to be a dedication to improvement that may assist girls’s trajectory by means of the expertise pipeline and into senior roles, she mentioned.
“We have to assist our feminine colleagues acquire extra of a strategic perspective,” Ward mentioned. And encourage relationship constructing with others who can assist that perspective.
Concerning constructing a pipeline for girls leaders in finance, it takes funding that ought to align with the monetary roadmap and the corporate’s mission, she defined. “Finance wants to speak numbers into a transparent message that conjures up our colleagues to align and set objectives that reinforce our technique,” Ward mentioned.
Have a superb weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
Upcoming occasion: Be a part of us for our subsequent Rising CFO occasion, offered in partnership with Workday, on Nov. 20, 11 a.m. to midday ET. The subject is “Staying forward in a hypercompetitive market.” On this digital dialogue, we’ll sit down with prime CFOs who’re taking daring dangers to outpace their rivals, and investing in innovation and data-driven insights to steer their industries. Audio system will embody Antonio Carlos Garcia, EVP and CFO of Embraer and Claire McDonough, CFO of Rivian. You possibly can register for the occasion right here.
The next sections of CFO Each day have been curated by Greg McKenna
Leaderboard
Some notable strikes this week:
Mahmoud Reza Banki is the brand new chief monetary officer of Elon Musk’s X Corp, a social media platform. Banki, a former CFO and chief technique officer at Tubi, ending his tenure in July 2023, joined X in November, in accordance with his LinkedIn web page. Banki was pardoned by former President Donald Trump in January 2021 in a case during which he was charged for making false statements in 2010, the Wall Avenue Journal first reported.
Travis Swenson was appointed CFO of Two Harbors Funding Company (NYSE: TWO), a mortgage REIT, efficient Might 5. Previous to that date, he’ll function deputy to interim CFO William Dellal, who will then resign from the function. Swenson arrives from Colliers Mortgage Holdings, the place he had served as CFO since 2020.
Lance Tucker was named CFO of Jack within the Field Inc. (Nasdaq: JACK), efficient Jan. 13. Tucker is at the moment CFO of Davidson Hospitality Group whereas having additionally served as CFO at CKE Eating places Inc. and Papa John’s Worldwide, Inc. Tucker beforehand served as CFO of Jack within the Field from March 2018 to July 2020.
Arlen Shenkman was named CFO at know-how firm UKG, efficient Jan. 6. Shenkman has greater than 25 years of expertise as a worldwide know-how govt. Beforehand, Shenkman was EVP and CFO of Citrix Techniques, Inc., and he held a number of govt roles at SAP, together with CFO of SAP North America and EVP and world head of enterprise improvement and ecosystems.
Cathy W. Liles was promoted to CFO of Previous Level Monetary Company (Nasdaq: OPOF), in addition to EVP and CFO of Previous Level Nationwide Financial institution, efficient instantly. She has served because the Virginia financial institution’s interim CFO since July after becoming a member of the corporate in Might as SVP and chief accounting officer.
James Richardson was appointed CFO and chief accounting officer of Impressed Leisure (Nasdaq: INSE), a gaming know-how firm, efficient Jan. 1. He arrives from Manchester Airports Group, the place he served as group business finance director.
Julie Whalen has agreed to step down from her function as CFO of on-line journey firm Expedia (Nasdaq: EXPE), efficient upon her appointment of a successor, and has additionally resigned from the corporate’s board of administrators. She is going to stay with the corporate by means of Feb. 17 to facilitate a clean transition, Expedia mentioned.
Karian Wong was promoted to CFO of iRobot (Nasdaq: IRBT), the maker of robotic flooring vacuum Roomba, efficient Dec. 2. She is going to succeed Julie Zeiler, who will retire and is predicted to stay with the corporate in an advisory function by means of Mar. 28, 2025.
Huge Deal
The worth of financial institution mergers and acquisitions by means of the primary ten months of 2024 have already surpassed that of all such offers in each 2022 and 2023, respectively, in accordance with a brand new report from S&P International Market Intelligence.
There have been 108 U.S. financial institution offers value $13.07 billion introduced by means of Oct. 31, together with 14 transactions final month. That included Atlantic Union Bankshares Corp. shopping for fellow mid-Atlantic lender Sandy Spring Bancorp for $1.6 billion, the 12 months’s third-largest financial institution deal. Three of the October offers concerned credit score union consumers.
Going deeper
Listed below are 4 Fortune weekend reads:
“How Elon Musk grew to become essentially the most highly effective particular person in enterprise,” by Jessica Mathews
“60 direct stories, however no 1-on-1 conferences: How an unconventional management type helped Jensen Huang of Nvidia develop into some of the highly effective individuals in enterprise,” by Jeremy Khan
“Right here’s what comes subsequent for Tapestry and Capri after the loss of life of their main vogue merger,” by Phil Wahba
“One factor Trump wants from Ukraine? Its anti-drone tech,” by Andriy Dovbenko
Overheard
“The economic system isn’t sending any alerts that we must be in a rush to decrease charges. The power we’re at the moment seeing within the economic system provides us the flexibility to method our selections fastidiously.”
— Jerome Powell, chair of the Federal Reserve, mentioned in ready remarks for a speech in Dallas following the central financial institution’s quarter-point lower final week, the Related Press reported.
