Major oil company makes rare move from CTO to CFO
Major oil company makes rare move from CTO to CFO
From CTO to CFO: Chevron’s Unique Leadership Path
Could your chief technology officer be the next CFO? That’s the case at Chevron Corporation, but it’s not a traditional path. Eimear P. Bonner, the vice president and chief technology officer (CTO) at the oil giant, has been appointed the next CFO, effective March 1, 2024, the company announced on Sunday.
Bonner, who made history as the first woman to become CTO in 2021, will become the second woman to take on the role of finance chief at Chevron. The current CFO, Pierre Breber, will retire from Chevron in 2024 after 35 years at the company. Patricia E. Yarrington, the previous CFO, served from January 2009 until her retirement in March 2019.
Bonner, 49, has an impressive track record with Chevron. She has been with the company since 1998 and has held several leadership, operating, and strategy positions. Notably, she served as the general director of Chevron’s largest joint venture, Tengizchevroil (TCO), in Kazakhstan from 2018 to 2021. During her tenure, Bonner was responsible for TCO’s operational and financial performance and led an organizational transformation.
One might wonder how a CTO transitions to the role of CFO. According to executive recruiters and experts, it is not a common career path. Executives like Bonner are often appointed in smaller and privately held companies, unlike Chevron, which is a large and publicly traded company.
Jenna Fisher, managing director and head of the CFO practice at Russell Reynolds Associates, says that going from a CTO to CFO is a “very nontraditional path.” Typically, CFOs come from finance-related roles like treasurer, controller, or VP of finance, rather than technology-focused positions. However, companies are increasingly seeking finance chiefs who are tech-savvy, as CFOs now play a central role in digital transformation.
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Chevron’s CEO, Mike Wirth, believes that Bonner is the right person for the job, stating that she has “a proven track record leading large, complex organizations.” As the digitalization of business and the finance function continues, future CFOs must be digitally savvy and use technology tools to optimize business performance.
Bonner’s appointment as CFO in 2024 will undoubtedly bring fresh perspectives on how technology can optimize business performance and drive success. With her diverse experience and proven leadership abilities, she is well-positioned to navigate the evolving landscape of finance and technology.
In a separate survey conducted by Cengage Group, the impact of artificial intelligence (A.I.) on workforce readiness was examined. The report revealed that over half (52%) of recent graduates feel competition from A.I. has made them question their preparedness for the workforce. Furthermore, 65% of graduates expressed eagerness for training on working alongside A.I.
Employers, on the other hand, have recognized the growth of A.I. and its influence on job requirements. 59% of surveyed employers stated that the rise of A.I. has prompted them to prioritize different skills when hiring. Additionally, 68% believe that their employees will need to learn new skills within the next three to five years.
Interestingly, half of the employers surveyed have eliminated degree requirements for entry-level roles. This adjustment reflects a shift in focus towards skills and experience rather than formal education qualifications.
The findings highlight the need for both graduates and employers to adapt to the changing workforce landscape influenced by A.I. Graduates must ensure they are adequately equipped with the necessary skills to thrive in an environment enhanced by technology, while employers need to reassess hiring criteria to accommodate skill sets that align with the demands of an AI-driven world.
In a recent Wharton business journal article, authors Peter Fader, Bruce Hardie, and Michael Ross emphasized the importance of understanding customers’ buying behavior. The authors argue that companies should ask critical questions to evaluate their level of understanding in order to better serve their customers.
Effective customer analysis is vital for businesses to optimize their marketing strategies and tailor their product or service offerings specifically to meet customer needs and preferences. By gaining deeper insights into customer buying behavior, businesses can identify opportunities for growth, assess the effectiveness of marketing campaigns, and optimize pricing strategies.
By implementing customer analytics solutions, businesses can gather and analyze vast amounts of data to gain a comprehensive understanding of their customer base. Utilizing techniques such as segmentation, profiling, and predictive modeling, companies can identify patterns and trends, enabling them to make strategic decisions that drive business success.
Understanding customers’ buying behavior requires ongoing analysis and monitoring to ensure that companies can adapt to the changing needs and preferences of their customers. By keeping a finger on the pulse of their target audience, businesses can establish competitive advantages and enhance customer satisfaction.
While Chevron’s unique leadership path and the impact of A.I. on the workforce have been the focus of discussion, notable changes in the executive landscape are also worth highlighting. Several companies have recently announced the appointment of new CFOs.
One of these companies is Zaxby’s, a popular restaurant chain known for its chicken dishes, which named Donny Lau as its CFO, effective July 25. Lau brings over 20 years of experience to the role, with previous positions at Dollar General and Yum! Brands.
Another significant appointment is Diego Reynoso as CFO and treasurer at The Boston Beer Company, Inc. (NYSE: SAM), effective September 5. Reynoso has more than 25 years of experience in finance and operations in the alcoholic beverage and food industries.
These changes in leadership positions illustrate the constant evolution within organizations as they seek experienced professionals who can contribute to their growth and financial success.
In conclusion, Chevron’s decision to appoint Eimear P. Bonner as CFO showcases the company’s commitment to embracing novel leadership paths. Bonner’s transition from CTO to CFO demonstrates the increasing importance of technology in the finance function. Furthermore, the impact of A.I. on the workforce readiness of recent graduates and the evolving skill requirements of employers highlight the need for continuous adaptation in the face of technological advancements. By understanding customers’ buying behavior and making strategic executive appointments, companies can position themselves for success in an increasingly digital and competitive landscape.
Author: Sheryl Estrada
