Good morning. This year, I’ve explored how the modern CFO approaches strategy. And finance chiefs have been sharing their perspectives.
I recently sat down with Chris Nagy, the new CFO of Salesloft, and its CEO, David Obrand, to get their take. “I think of the financial plan as being the core structure that supports strategy,” said Nagy, who joined the software company in September. This helps create a connected vision, but also an execution plan where you can hone in on the things that matter to become successful, he said.
Salesloft, an AI revenue orchestration platform, helps sales teams to automate their workflows and connect with prospects. The AI also guides a salesperson to the next best actions to take. The company, founded in 2011, reached a $1.1 billion valuation in January 2021. Vista Equity Partners took a majority position of its business in December of that year, a deal that raised its valuation to $2.3 billion. Among the company’s clients are Google, 3M, IBM, Shopify, Square, and Cisco. Earlier this year, Salesloft acquired Drift, a buyer experience and conversational AI company.
Nagy has over 25 years of experience with an extensive background in private equity-backed technology companies. He’s worked across financial services, software, data, and technology sectors. Nagy enjoys helping companies grow to the next stage, he told me. In joining Salesloft, he’s getting back to working with high-growth enterprise software that helps companies engage with their customers, he said.
I asked Obrand, CEO since 2023, his thoughts about his strategic partnership with Nagy.
“You really want a CFO that shares the same ethos as you in terms of how you build the business, the values of the organization, how you show up and execute every day,” Obrand said.
But you also want someone that can challenge you with different perspectives, he said. “Otherwise, you just end up in what probably feels like a great echo chamber, but ultimately doesn’t actually push the envelope of what you can do as an organization,” Obrand said.
Salesloft will reach full profitability by the end of this year, Orbrand said. When you’re a business generating hundreds of millions in revenue, there are nuances in balancing driving profitability through growth, he said.
“That is where Chris and I get to focus a lot of our time and attention,” Orbrand noted. For example, choosing the right investments, and determining the timing and expectation of those returns, “in what I think many of us feel is a fairly uncertain macro environment today,” he said.
Have a good weekend.
Sheryl Estrada
[email protected]
Upcoming event: The 2024 Fortune Global Forum, the premier gathering of CEOs and leaders of the world’s largest multinational companies, alongside policymakers, thought leaders, and investors, will take place Nov. 11-12, in New York City. Guest speakers include John Stankey, CEO of AT&T and Kristin Peck, CEO of Zoetis. Request your invitation here.
Leaderboard
Some notable moves this week:
Stephanie Lemmerman was named CFO at Kraken, a crypto platform. Current CFO Carrie Dolan announced her intention to step down earlier this year. Lemmerman was previously CFO at Dapper Labs, a blockchain and NFT space. Before that, she served as CFO at Recharge Payments and EVP of Finance at Headspace. Lemmerman spent seven years at Activision Blizzard in roles overseeing global teams in corporate planning and accounting.
Rik Powell was promoted to CFO at Shutterstock, Inc. (NYSE: SSTK). Current CFO Jarrod Yahes is stepping down to pursue a new opportunity, effective Nov. 1, according to an SEC filing. Powell has been SVP of finance and investor relations since June. Before Shutterstock, he was SVP of finance and investor relations at Shake Shack. Powell was also previously CFO of Getty Images.
Robin Kramer was promoted to CFO of Biogen (Nasdaq: BIIB), a biopharmaceutical company focused on neurological and neurodegenerative diseases, effective Feb. 28, 2025. She will succeed Michael McDonnell, who plans to retire from the company. Kramer joined Biogen in 2018 and has served as SVP and chief accounting officer since 2020. She previously held senior finance roles at Hertz, Fisher Scientific, and Gillette, and she has also served as an audit partner at Deloitte, EY, and Arthur Anderson.
Jay Stasz was named CFO of Planet Fitness, Inc. (NYSE: PLNT), effective Nov. 15. Stasz will join the company on Nov. 4 and work with current CFO Tom Fitzgerald until assuming the role. Stasz has 25 years of experience. He most recently served as CFO at Savers Value Village. Before that, he was CFO at Ollie’s Bargain Outlet.
J. Michael Bruff was named CFO at Envision Healthcare, a medical group, effective Oct. 28. Bruff most recently served as CFO of ChenMed. Before that, he served as CFO of Lifestance Health and as CFO of Varian Medical Systems. Bruff also spent 19 years in domestic and international roles across finance and business functions at Dell Technologies.
Christoph Brackmann was named CFO at Novocure (Nasdaq: NVCR). Brackmann will join Novocure as a senior financial advisor and will transition to the role of CFO on Jan. 1 when the current CFO, Ashley Cordova, becomes CEO. Brackmann joins Novocure from Moderna, Inc. where he served as SVP of finance since 2019.
Big Deal
Silicon Valley Bank (SVB), a division of First Citizens Bank, has released its Future of Fintech 2024 Report. The data shows that while fintech faces hurdles with high interest rates and tightening capital, AI is emerging as a defining force. Native AI fintechs are delivering nearly 1.5 times more value per investment dollar than legacy models, according to SVB. Also seed rounds in U.S. fintech are set to drop another 24% year over year, signaling a pivot toward highly selective, high-potential investments, according to the bank.
Going deeper
Here are a few Fortune weekend reads:
“Election warning: Zelle CEO says elderly Americans and their families need to be on ‘heightened state of alert’ against scams” by Michael del Castillo
“Meta tops revenue targets but warns of ‘significant’ cap ex spending next year” by Kali Hays
“This $1.4 million luxury villa offers breathtaking views, a private plunge pool—and citizenship in the Caribbean” by Alicia Adamczyk
“Daylight saving time is ending. 4 ways to keep the time change from wreaking havoc on your sleep” by L’Oreal Thompson Payton
Overheard
“We have some cleanup to do, is the way I would describe it.”
Starbucks’ new CEO, Brian Niccol, said of simplifying customized drink orders, during the company’s earnings call on Wednesday. To make things easier for customers and employees, the company will add “commonsense guardrails” to customizations on its mobile app, Fortune reported.
