As we proceed our sequence for aspiring CFOs, finance chiefs at Fortune 500 and Fortune World 500 firms share how their diversified experiences from undergrad to internships led to a finance path, what they discovered of their first-ever C-suite function, and recommendation they’d give their youthful selves.
Courtesy of TIAA, Medtronic, Analog Gadgets
Prashanth Mahendra-Rajah, EVP of finance and CFO at Analog Gadgets, a multinational semiconductor firm
A profession in finance wasn’t initially in Prashanth Mahendra-Rajah’s plans as each his undergraduate and postgraduate levels are in engineering. But it surely was really his first function as a course of engineer that laid the inspiration for his present management.
“I labored at a plant the place the manufacturing facility supervisor was legendary for his deal with price administration,” Mahendra-Rajah explains. “Regardless of that frugality, in the future there was a big order for a discontinued product and I used to be tasked with restarting the plant, with no expense spared. It amazed me how we spent a lot power on price administration traditionally, and this mentality shifted utterly with the correct revenue alternative.” Coping with provide and demand dynamics was key to his understanding of finance’s affect at a corporation, and compelled him to pursue an MBA at Purdue College.
Previous to becoming a member of ADI in 2017, Mahendra-Rajah was CFO of WABCO Holdings Inc., a world provider of business car applied sciences. He beforehand served as division CFO and in different monetary management roles at Applied Materials, Visa, and United Applied sciences.
“Early in my profession, I had a mentor who taught me that to be an efficient finance chief, you’ll want to generate constructive battle, however in an approachable and constructive method, to enhance decision-making,” he says.
What’s a problem you confronted when getting into your first-ever C-suite job? “You rapidly notice that there’s no one to back-stop you. To place it one other means, you possibly can now not stroll into your boss’ workplace and ask if this sounds proper or incorrect since you can be strolling into the CEO’s workplace. This can be a important shift in mindset, and what I discovered was that you’ll want to believe in your self and belief that the experiences gained all through your profession have ready you for the chance. Whereas it may be intimidating at first, it’s a must to belief your instincts and your group.”
What would you inform your youthful self? “I’ve at all times been a agency believer within the 70-20-10 expertise growth mannequin, which says that 70% of worker growth is pushed by expertise,” Mahendra-Rajah says.
He’s referring to the 70-20-10 rule, a management growth discovering, that folks are inclined to be taught 70% of their information from difficult experiences and assignments, 20% from developmental relationships, and 10% from coursework and coaching.
“Early in your profession, you will need to decide to studying the enterprise fundamentals from the merchandise to the shoppers, not simply the monetary statements,” Mahendra-Rajah says. “You additionally take pleasure in being new, so it’s simpler to ask questions, construct your online business acumen and take the riskier function to achieve totally different experiences. This serves you tremendously later in your finance profession when you’ll want to remedy issues with sample recognition.”
W. Dave Dowrich, senior government vp and CFO at TIAA, a monetary companies group
“I’m first-generation college-educated,” says W. Dave Dowrich. He initially thought he’d be an architect when getting into the College of Toronto. However incomes superior credit from his highschool in Barbados led him to a significant in utilized statistics and actuarial science, and finally to the CFO chair.
Dowrich, who joined TIAA in 2021, handles monetary administration and planning, actuarial, tax, accounting, and monetary reporting. Earlier than TIAA, he served as CFO of worldwide companies at Prudential Financial. He additionally had varied leadership roles at American Worldwide Group (AIG) together with interim CEO of worldwide life and retirement, and several other divisional CFO roles.
Dowrich credit an internship at Manulife in Toronto as offering a strong studying expertise. As well as, the rigor of getting ready for the “intense” actuarial examination course of created camaraderie amongst a bunch of 20 or 30 college students he knew. “In order that gave me consolation; it gave me help,” he says.
“Not solely was I enthralled by what I used to be doing through the day, coursework that included the mixture of math and enterprise, however my internship additionally supplied me with a community that was actually, actually vital,” he explains.
The actuarial neighborhood remained supportive, together with at consulting jobs he had at companies reminiscent of Willis Towers Watson, whereas nonetheless working via the remainder of his actuarial exams, Dowrich says. Senior companions turned each casual and formal mentors. And that kind of mentorship continued all through his profession.
“Each job change that I’ve contemplated, I’ve had any person in my nook to speak to, whether or not it’s an uncle or the CEO of a agency I used to be working for on the time,” says Dorwich, who earned his MBA at The Wharton College.
Dowrich is presently one in every of few Black CFOs at Fortune 500 and S&P 500 firms, and reviews to Thasunda Brown Duckett, the primary lady to change into CEO of TIAA, and one in every of two Black girls who’re presently chief executives of a Fortune 500 firm. “Thasunda has at all times mentioned that expertise is created equally however alternative will not be,” he explains. “So we have to maintain creating alternatives, not simply within the C-suite however up and down organizations to maintain this pattern transferring ahead.”
Karen Parkhill, EVP and CFO at Medtronic, a world producer of medical gadgets and therapies
“Rising up in Springfield, Illinois, the daughter of a health care provider and a nurse, I initially needed a profession in medication,” Karen Parkhill explains. “It wasn’t till three semesters into my undergraduate research at Southern Methodist College in Dallas that I actually acknowledged my love of math, which in the end led me to shift gears into pursuing a profession in finance.”
Throughout summers in school, Parkhill first labored within the county clerk’s workplace submitting and serving to course of misdemeanor tickets. She then later landed an internship within the installment mortgage division at a neighborhood financial institution. “It was there that I started to know just a little the world of finance—or not less than lending,” Parkhill says.
When exploring careers towards the tip of school, she realized probably the most coveted and tough job to land post-college was in funding banking. “I’m one who frequently seeks the subsequent highest problem,” says Parkhill who earned an MBA on the College of Chicago. She joined JP Morgan in 1992, rose to CFO for the business banking enterprise, then moved to Comerica as vice chairman and CFO.
“I don’t assume I’d be the place I’m as we speak in my profession—or my private life—with out the mentorship I’ve obtained via the years,” she says. Parkhill presently serves as the chief sponsor for Medtronic’s Girls’s VP Community.
What’s a problem you confronted when getting into your first-ever C-suite job? “Early on in my profession, I encountered male domination in funding banking. My profession and private life each began to flourish concurrently and after marrying my husband, we made plans to begin a household. Sadly, again at the moment in funding banking, there have been only a few senior girls function fashions, and virtually an unstated rule that you simply shouldn’t begin a household earlier than you had been a vp. I did comply with this cue and fortuitously, issues turned out fantastic for me and we’ve been blessed with our stunning household—however one of many issues that I inform girls now’s, ‘By no means, ever put your private life on maintain in your skilled life.’”
Tune in tomorrow for Half 4 of our sequence for aspiring CFOs. Ahead this e mail to the aspiring CFOs in your circle—they’ll sign up for the newsletter here.
See you tomorrow.
Sheryl Estrada
sheryl.estrada@fortune.com
Large deal
A brand new Gallup report, “6 workplace finding leaders need to navigate this year,” explores the place leaders and managers must focus their efforts. One of many findings: Though nearly all of workers favor hybrid work, it has merely put extra on their supervisor’s plate. From the each day coordination of workers who’re on totally different schedules and dealing from totally different locations to not having the ability to observe all the real-time interactions of the group they’re managing, has introduced new challenges. Consequently, hybrid managers are actually extra burned out than their direct reviews and their bosses, Gallup finds.
Going deeper
“Despite layoffs, it’s still a workers’ labor market,” a report in Harvard Enterprise Evaluation, explains that the U.S. labor market stays tight and hiring stays tough. Staff are scarce, and recruitment will stay a problem.
Leaderboard
Jonathan I. Lieber was named CFO at Rallybio Corporation (Nasdaq: RLYB), a clinical-stage biotechnology firm, efficient Feb. 1. Lieber succeeds Jeffrey Fryer, Rallybio’s co-founder and CFO. Following a transition interval, Fryer will depart the corporate on Feb. 15. Most just lately, Lieber served because the CFO of Utilized Genetic Applied sciences Company. Earlier than that, he was a managing director at Danforth Advisors, a personal equity-backed agency, the place he supplied CFO companies. Lieber additionally served as CFO at companies together with Histogenics, Repligen, Xcellerex (acquired by GE Healthcare), and Altus Prescription drugs.
Justin Goldstein was named SVP and CFO at Brightmark, a world waste options firm. Goldstein joins Brightmark after an intensive profession in sustainable finance at Goldman Sachs, the place he just lately served as VP of the general public sector and infrastructure banking group of its funding banking division. For over 20 years, he suggested shoppers from public-private partnerships to utilities and infrastructure on fairness financing, derivatives, commodities, structured merchandise, and strategic transactions. He created an power transition group that oversaw the agency’s first financing initiatives for renewable pure gasoline and superior recycling shoppers.
Overheard
“There can be super promoting stress for the danger markets, and we may simply see a 1,000-point drop within the Dow instantly.”
—Wharton professor Jeremy Siegel wrote in a weekly market commentary, a potential end result if the Fed goes too massive with its subsequent fee hike, Fortune reported.
