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CFO Dive provides in-depth journalism and insight into the most impactful news and trends shaping finance. The daily email newsletter and website cover topics such as strategy, operations, budget and cost analysis, forecasting and planning, compliance and more. CFO Dive is a leading industry publication operated by Industry Dive. Our business journalists spark ideas and shape agendas for 13+ million decision-makers in the most competitive industries.
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Updates
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After the Federal Trade Commission demanded information on pricing strategies from eight companies earlier this week, CFOs should prepare for potentially tougher enforcement actions when it comes to pricing, Michael Keeley, an attorney with law firm Axinn, Veltrop & Harkrider LLP said. CFOs should be mindful of three pricing practices that might draw regulatory scrutiny, Keeley said in an interview, including the use of sensitive, non-public data in a company’s pricing system or algorithm. #pricingstrategies #dynamicpricing https://lnkd.in/gb83mwsG
3 risky ‘surveillance pricing’ practices to avoid
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CFOs are funneling billions into generative AI in anticipation of the likely payoff, but while the technology has helped finance chiefs improve customer service or software upgrades, finance chiefs also face a challenge when it comes to accurately forecasting its ROI, experts say. “It’s hard without any prior knowledge to evaluate the potential return on investment,” EY-Parthenon Chief Economist Gregory Daco told CFO Dive. In the second of his reports on the challenge of measuring return on investment from generative artificial intelligence, CFO Dive's Jim Tyson spoke with experts including Daco, Workhelix co-founder Daniel Rock and Glenn Hopper, CFO at Eventus Advisory Group, LLC to determine seven tips CFOs can follow to cut through the forecasting haze and seize the potential payoffs. #generativeai #digitaltransformation #ROI #data https://lnkd.in/eZ7kCe2X
7 CFO tips for yielding high ROI during the rush into generative AI
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The Detroit Riverfront Conservancy is suing its former CFO, William Smith, after he was charged by federal prosecutors with stealing about $40 million from the nonprofit in a years-long embezzlement scheme. Smith falsified bank records and financial statements, transferred DRC funds into his own personal account, fraudulently misrepresented that he was authorized to open a line of credit on behalf of the nonprofit, and enlisted family members to help cover up the scheme, according to the complaint, filed Wednesday in Michigan’s Third Circuit Court for the County of Wayne. The nonprofit requested the full amount of monetary relief that it is entitled to receive. #fraud #embezzlement #CFO https://lnkd.in/gdAs5kQE
Detroit nonprofit sues ex-CFO over alleged $40M embezzlement
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CFOs should carefully consider the risks of using technology-driven personalized pricing, Michael Keeley, partner and chair of the antitrust group at Washington D.C.-based law firm Axinn, Veltrop & Harkrider LLP, said in an interview after the Federal Trade Commission demanded information on pricing strategies from eight companies earlier this week. Finance chiefs using data tools to determine what they charge their customers ought to be mindful of three practices that could draw regulatory scrutiny, Keeley said. These include the perception that they’re deceiving customers who may not be aware of the ways in which their data is being used to set prices for goods they’re considering buying; any connection between dynamic pricing and higher prices; and the use of sensitive, non-public data in a company’s pricing system or algorithm, according to Keeley. #dynamicpricing #surveillancepricing https://lnkd.in/gb83mwsG
3 risky ‘surveillance pricing’ practices to avoid
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Jaime Martinez, the SVP of finance for the reliability group at electronic manufacturing service provider Flex, will step in as its interim CFO, after the departure of finance chief Paul Lundstrom effective July 31, the company announced in a Wednesday securities filing. Martinez, a 20-year alum of the Austin, Texas-based company, will assume the interim CFO seat effective Aug. 1, according to the filing. Flex has begun an executive search process to find a permanent successor, and Lundstrom will assist in the “orderly transition” of his responsibilities to Martinez, according to a press release. Flex provides manufacturing and design services for industries including the cloud, industrial and automotive fields, according to its website, including semiconductor and robotics manufacturing. #cfo #tech https://lnkd.in/gvuv8RD5
Flex appoints 20-year company alum as interim CFO
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The Estée Lauder Companies Inc. is promoting its corporate controller Akhil Shrivastava, a nine-year company veteran, to succeed CFO Tracey Travis, whose plans to retire next year were announced earlier this month, according to a company release and securities filing Tuesday. Since joining the beauty products maker in 2015, Shrivastava, 51, has held numerous roles including treasurer, and he has also overseen the operational piece of the company’s ongoing restructuring initiative. He will become finance chief on Nov. 1, with Travis staying on as an executive vice president and senior adviser until June 30 of next year to help with the transition. #CFO #retail #consumer https://lnkd.in/gQUvSEsJ
Estée Lauder controller lands CFO seat amid restructuring
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Google parent Alphabet Inc. expects to deliver operating margin expansion for the full year of fiscal 2024 compared with 2023, but the third quarter could be negatively impacted by depreciation and higher expenses, partly due to artificial intelligence investments, departing CFO Ruth Porat told investors Tuesday. The tech giant’s capital expenditures in the second quarter totaled $13 billion, and its spending for the rest of 2024 is expected to reach about $12 billion quarterly, Porat said during her final earnings call as Alphabet’s finance chief. “The primary driver of this, as you know well, is to support the opportunities we see in AI across the company,” she said. #AI #CFO #Bigtech https://lnkd.in/gifir5TP
Alphabet investors get mixed news from departing CFO Ruth Porat
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As Onestream shares began trading on the NASDAQ Wednesday, OneStream CFO Bill Koefoed remained focused on the long game as the cloud-based financial software provider wrapped up its initial public offering. “We’re going to keep our heads down and continue to execute” against new products OneStream announced several months ago, including machine learning technologies and sales or performance management, Koefoed told CFO Dive during what is shaping up to be a banner week for U.S. IPOs. #IPOs #NASDAQ #cfo https://lnkd.in/gYizUBzb
KKR-backed OneStream sees $4.6B valuation following $490M IPO
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Spotify shares jumped about 12% Tuesday as the music streaming company reported operating income of €266 million from an operating loss of €247 million in the year earlier period. This marks the company’s third consecutive quarter of profitability and comes after Spotify has recently raised its prices and cut staff. While it remains "early days" after the company's price hikes, "we’re encouraged by all of the right signals that one would expect to see,” interim CFO Ben Kung said of customer churn during Spotify's earnings call. #musicstreaming #pricehikes #customerchurn https://lnkd.in/exmjnfzS
Spotify profit jumps amid ‘early days’ of price increases
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