2020's Economic Uncertainty Has Benefited Internal Candidates Vying for New Roles, Proven by Recent CFO Hires at Ford and JLL

By Eric Herrenkohl posted 10-05-2020 11:21 AM

Times of volatility and economic uncertainty provide an advantage to internal candidates vying for the CFO role. This idea has been proven in recent months by companies, including Ford, Jones Lang LaSalle, Occidental and Altria, prioritizing internal candidates for their CFO hires - see today's Wall Street Journal for the full article. For internal candidates, their deep knowledge of their businesses gives them an edge - real and perceived - against outsiders. So what do our CFO Alliance Members do about this? 

Our Alliance Members are A-players. They know how to combine the financial (the numbers) with the interpersonal (relationships) in ways that impact and influence the business for good. They are always connecting the dots between how the enterprise can tighten its belt TODAY and best position itself to propel growth TOMORROW. This perspective that puts the tactical today in the context of the strategic tomorrow is critical.

In parallel, the top finance leaders we know take the time to communicate these plans with leaders across the business. They ask others for their perspectives, both because they want to learn and because they know that by involving others you earn their support and their buy-in.  These conversations also provide our members with the opportunity to share their view of the story behind the numbers and help others to both see and act on this story as well.  In so doing, they demonstrate that this is the right time to have an insider who knows the business in the top finance role.  And, they help their peers to succeed in their jobs, which is good for the business and in building internal allies who support their ascent to the C-suite.