Good morning. The dual role of chief financial officer and chief operating officer is becoming more common, and the experiences of two industry-leading executives demonstrate that the CFO and COO positions can be complementary.

When Gina Goetter joined Hasbro—the largest publicly traded toymaker in the U.S. and one of the largest in the world—in 2023, she was hired as both CFO and COO, a combination that immediately drew her interest. It was her second CFO role, following her time at Harley-Davidson.

Earlier in Goetter’s career at General Mills, she developed the view that finance is inherently operational. “I was kind of born and bred into this mindset that every operational decision is linked to a financial one—they just go hand in hand,” she explained during a panel session at the Fortune COO Summit on Tuesday.

Hasbro has the same philosophy, Goetter said. “When you’re working with a company that is manufacturing a product, that is making real cost decisions—real investment decisions—there is no path that isn’t either operational or financial,” she said.

Panelist Amrita Ahuja, CFO and COO of Block, a Fortune 500 fintech company, shared that during the first half of her career, she was much more of a generalist, starting in strategy and corporate development. The second half of her career focused on finance, where she developed strong analytical skills and a passion for driving insights from data.

Ahuja joined Block in 2019, later adding COO responsibilities in 2023. The company offers customers financial options such as payment plans through Afterpay, various lending choices for Square sellers, and the ability for Cash App users to split paycheck deposits among cash, Bitcoin, or stocks.

In addition to overseeing finance, Ahuja leads the legal and people functions, oversees communications and policy, and serves as chair of Square Financial Services, the company’s industrial bank.

Of the dual CFO-COO role, Goetter explained: “It’s very blended. You can’t do one without the other, and I find combining them actually creates a lot of simplicity across the organization.”

Are there some complexities in serving in the dual role? “The tension in the role is aspiration and discipline,” Ahuja noted. As CFO, you advocate for growth while ensuring responsible capital allocation, she explained. As COO, you enable the business to move quickly but responsibly. “No COO role is alike,” she said.

Some large companies are going beyond the dual CFO-COO role and combining the functions to create a hybrid position. Bridging finance and operations is strategic in an increasingly complex business environment.

You can watch the Fortune COO Summit panel session here.

Sheryl Estrada
[email protected]

This story was originally featured on Fortune.com

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Taking on a dual role may become the norm for chief financial officers—especially those who are also chief operating officers—as companies face increasing complexity.

There’s an increasing trend of CFOs taking on the COO role, and some large companies are combining the functions to create a hybrid position. For Block’s Amrita Ahuja and Hasbro’s Gina Goetter, who both hold COO and CFO titles, it isn’t just about managing numbers—it’s about shaping the future of their companies.

Hasbro, the largest publicly traded toymaker in the U.S. and one of the largest in the world, has a significant manufacturing footprint. Every decision is inherently operational or financial, Goetter said during a panel session at Fortune’s COO Summit on Tuesday with Ahuja and moderated by Next to Lead Editor Ruth Umoh.

“It’s very blended,” Goetter explained. “You can’t do one without the other, and I find combining them actually creates a lot of simplicity across the organization.”

As a CFO, you have the vantage point of the entire company strategy, Goetter explained. The finance chief is one of the few individuals who can connect all the pieces together in both strategy and execution. That strategy is deeply embedded in operations, she said.

Block, a Fortune 500 fintech company, offers customers financial options such as payment plans through Afterpay, various lending choices for Square sellers, and the ability for Cash App users to split paycheck deposits between cash, bitcoin, or stocks. Ahuja provided an example of the value of having the dual CFO-COO role.

She is leading automation efforts, using generative AI and shared platforms to streamline everything from contract management to financial forecasting. “Because our teams are together, we can share infrastructure and insights across the organization,” Ahuja said.

Goetter, who joined Hasbro in 2023, pointed to navigating tariffs and macro uncertainty. By overseeing both operations and finance, she can balance day-to-day supply chain and customer management with the company’s financial health. This helps her make practical, “no regret” decisions—avoiding over-analysis—while ensuring Hasbro doesn’t end up with excess inventory in the wrong places, as happened after COVID.

“I’m confident that we’re not going to be in the same position we were coming out of COVID, where we’re sitting with action figures all over the world,” Goetter said.

But the dual CFO-COO role can be complex. “The tension in the role is aspiration and discipline,” Ahuja noted. As CFO, you advocate for growth while ensuring responsible capital allocation, she explained. As COO, you enable the business to move quickly but responsibly. She added: “No COO role is alike.” At Block, in addition to overseeing finance, she leads the legal and people functions, oversees communications and policy, and serves as chairperson of Square Financial Services, the company’s industrial bank.

Goetter emphasized the importance of finance as an enabler, not a limiter: “We want to build the business.” Wearing both hats actually makes it easier to connect strategy and execution, she said.

Finance is often viewed as the red tape you have to get through before everyone can achieve their hopes and dreams, Goetter commented. It’s unfair to characterize finance as the “‘no people’,” she added.

This story was originally featured on Fortune.com

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Good morning. Aon, the $80 billion global professional services firm and insurance broker, is accelerating its growth strategy and redefining its role in the industry. At the center is a focus on technology-enabled, client-centric solutions, according to CFO Edmund Reese.

For the first time in two decades, Aon hosted an investor day on Monday. “We have something unique and differentiated, and in fact, it is very important for the insurance industry—risk capital management and human capital solutions,” Reese told me. “We think that’s what more senior executive clients are looking for.”

Aon CEO Greg Case, Reese and Aon’s executive committee have been spearheading a three-year, client-centric “3×3 Plan,” supported by the company’s $1 billion investment in talent and technology, to be completed by 2026. Over the past 10 years, Aon has outpaced the S&P 500, returning about 15% annually, Reese said.

“There’s a macroeconomic cycle about every 10 years, and you have to be able to win both when it’s depressed and when it’s elevated,” he said. Aon has to do that for its clients and itself.

‘Refine our story’

It was time to tell the company’s story externally, Reese said. Modern CFOs have the task of crafting compelling narratives that explain the story behind the numbers, making complex information accessible and relevant to a wide range of stakeholders.

“When we decided to hold an investor day, I told the eight members of the executive leadership team to expect about 49 meetings in preparation,” Reese said.

The team told the board that after 15 years of implementing the Aon United strategy, the company has been accelerating growth through the 3×3 Plan, which is now halfway complete. Aon used the event to provide an update on its progress and set the stage for its long-term vision. “This process is helping us refine our story, so it resonates clearly with all stakeholders—employees, clients, and shareholders,” Reese said.

Aon isn’t your grandfather’s insurance broker. Instead of only talking to risk strategy managers, the company now engages with CHROs, CFOs, and, in some cases, boards, explaining how trends are connected, Reese said. One of Aon’s key roles is to provide AI-enhanced data to better understand risk and match capital to that risk, he said.

Take weather-related events, for example. If a hurricane hits and a company doesn’t have full insurance, it absorbs the losses in its own P&L. Companies are now looking for other sources of capital to offload some of that risk at an economically attractive cost, Reese explained. In such cases, Aon’s solutions go beyond property insurance—they might include benefits for employees, such as direct payments if a hurricane destroys an office for more than 10 weeks.

In the first quarter of 2025, Aon’s total revenue increased 16% year over year to $4.7 billion, with organic revenue growth of 5%, and the company completed seven acquisitions. Aon also reaffirmed its guidance. 

Earlier this year, I talked with Reese about corporate trends. Now, I asked him what companies are increasingly asking Aon for help with—navigating trade policy uncertainty and tariffs, and seeking advice on issues ranging from political risk insurance to supply chain restructuring, he told me.

Companies in retail and other supply chain–focused industries are “where we’re seeing pressures,” Reese said.

Sheryl Estrada
[email protected]

This story was originally featured on Fortune.com

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Good morning. Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role.

The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction. Gunnar Wiedenfels, CFO since 2022, will become CEO of global networks, the new company that will include cable channel businesses CNN, TNT, TBS, Discovery, and more.

David Zaslav, president and CEO of Warner Bros. Discovery (No. 114 on the Fortune 500), will lead the streaming and studios company, which will oversee movie properties and the HBO Max streaming service. Both Wiedenfels and Zaslav will remain in their current roles until the split, expected by mid-2026.

“By operating as two distinct and optimized companies, we’re giving these iconic brands the focus and flexibility they need to compete in today’s evolving media landscape,” Zaslav said in a statement.

As of Q1 2025, Warner Bros. Discovery’s debt is about $37.4 billion. A $17.5 billion bridge loan from JPMorgan will help refinance existing debt ahead of the split. Wiedenfels will oversee a large portion of this debt as CEO of global networks. “It’s safe to assume that the majority of the debt is going to live with global networks and a smaller—but not insignificant—portion with streaming and studios,” he told investors on Monday during a call.

Once the separation is complete, neither company will face restrictions on pursuing new transactions. Global networks will retain up to a 20% stake in streaming and studios.

“We have long viewed exploring strategic alternatives, including today’s announced spin, as the best way to unlock the company’s significant unrecognized value,” wrote Jessica Reif Ehrlich, a Bank of America Securities research analyst, in a Monday note. BofA Securities maintains a buy rating and a $14 price target for the stock.

From CFO to CEO

Before the April 2022 merger that created Warner Bros. Discovery, Wiedenfels was CFO at Discovery, Inc., joining in 2017 after serving as CFO of ProSiebenSat.1 Media in Germany. This will be his first CEO role.

Zaslav referred to him as “hugely talented” on Monday’s call, noting his broad and diverse skill set and significant impact both financially and strategically. Wiedenfels thanked Zaslav and the board for their confidence in him.

I asked Scott Simmons, co-managing partner at executive search firm Crist Kolder Associates, what companies look for in leadership during spinoffs. “The most important requirements for success in a spinoff are the ability to stand up functions and build strong teams,” he said. “Executives at spinoffs are focused on establishing a new identity for the company.” He also noted that Wiedenfels’ move from CFO to CEO reflects a broader trend. “CFOs continue to evolve into broad-based operating leaders, far from the ‘bean counter’ image of the past,” he said.

Wiedenfels appears ready for the challenge. “I truly cannot wait to get started, and I’m as excited as ever to hit the ground running,” he said on the call.

Sheryl Estrada
[email protected]

***
Upcoming event: Emerging CFO: Agentic AI and the Future of Finance

Join us on Thursday, June 12 from 11 a.m. to noon ET for our next Emerging CFO webinar. AI agents are transforming the workplace and reshaping the boundaries of innovation, driving a new era of efficiency and providing finance leaders with essential tools to innovate and create value across their organizations. In this session, we’ll explore what CFOs need to know about this technology, the opportunity costs involved, and how to effectively use agentic AI to streamline workflows, improve decision-making, and augment human productivity at scale. Featured speakers include Jamie Miller, chief financial officer and operating officer of PayPal; Matt Castonguay, CFO of Team Car Care; and Silvio Savarese, EVP and chief scientist at Salesforce AI Research.

Fortune, in partnership with Workday, convenes this series to support and inspire emerging CFOs and senior finance leaders. You can find out more information and register here.

This story was originally featured on Fortune.com

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Good morning. Attracting and retaining employees remains top of mind for C-suite leaders—and for JPMorgan Chase, this includes newly recruited recent graduates.

The largest bank in the U.S. has warned incoming analysts that they will be fired if they accept another job offer within a year and a half of joining, Fortune’s Eleanor Pringle reports. This reinforces CEO Jamie Dimon’s view grads accepting an analyst role at JPMorgan but intending to leave for private equity within a few years is behavior that is unethical.

An email sent last week by JPMorgan’s co-heads of global banking to welcome new graduates starting this summer had a stern warning: “If you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end.”

The email was sent only to new employees in the U.S., Pringle writes, mostly because the issue of talent accepting future roles is more prevalent stateside than in other geographies. The policy aims to protect the bank from conflicts of interest and leaks of confidential information, while also making internal career advancement more attractive. Prior to last week’s update, the bank already maintained a robust stance on talent moving elsewhere.

While job-hopping remains a visible trend, especially among younger workers, it no longer guarantees a significant salary boost or career advantage as it did in previous years. Many recent graduates are also concerned about the uncertain economy.

According to the recent 2025 State of the Graduate report from the employment website Monster, three out of four (75%) graduates worry that the economy will impact their job prospects, up from 69% last year.

Meanwhile, 80% of graduates surveyed are concerned about job security while seeking employment in the current market, compared to 77% in 2024. The findings are based on a survey of 1,000 U.S. adults who are new and impending college graduates.

The research also found that business (24%) is the most popular field in which graduates intend to pursue a career. Other top areas include healthcare (18%), computer technology (18%), finance (17%), education (16%), and artificial intelligence (15%).

This reflects strategic career planning based on sectors that showed resilience during recent economic challenges, noted Giacomo Santangelo, an economist at Monster.

So, seemingly, many junior analysts landing a coveted role at JPMorgan may not be looking to jump ship very quickly. However, for younger employees in general, there are still factors that could prompt them to leave—47% would quit a job if their workplace became toxic, and 39% would leave to seek a healthier work-life balance, according to Monster.

JPMorgan does want to make itself an attractive place for young talent to grow their careers. For instance, analysts can now be promoted to associate after just two and a half years in the training program, instead of the previous three-year timeline, Pringle reports.

How are you working to retain early career, high-potential finance and accounting talent? I’d love to hear your strategies—send me an email.

Sheryl Estrada
[email protected]

Upcoming event: Emerging CFO: Agentic AI and the Future of Finance

Join us on Thursday, June 12 from 11 a.m. to noon ET for our next Emerging CFO webinar. AI agents are transforming the workplace and reshaping the boundaries of innovation, driving a new era of efficiency and providing finance leaders with essential tools to innovate and create value across their organizations. In this session, we’ll explore what CFOs need to know about this technology, the opportunity costs involved, and how to effectively use agentic AI to streamline workflows, improve decision-making, and augment human productivity at scale. Featured speakers include Jamie Miller, chief financial officer and operating officer of PayPal; Matt Castonguay, CFO of Team Car Care; and Silvio Savarese, EVP and chief scientist at Salesforce AI Research.

Fortune, in partnership with Workday, convenes this series to support and inspire emerging CFOs and senior finance leaders. You can find out more information and register here.

This story was originally featured on Fortune.com

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