TIPSLIFEHACKS

For decades, the Chief Financial Officer (CFO) role has been synonymous with financial stewardship, reporting, and strategic planning. But the modern CFO is evolving, increasingly expected to be a business partner, a technology driver, and a leader with broad operational understanding. John Rettig's remarkable career journey exemplifies this transformation, demonstrating how a seasoned finance executive can successfully pivot to a Chief Operating Officer (COO) role.

With a 25-year career steeped in strategic finance leadership, Rettig has witnessed firsthand the profound changes reshaping the CFO position. Currently serving as President and COO of Bill, a leading finance software company, his story isn't just a personal success tale; it's a roadmap for finance leaders aspiring to broader leadership roles.

The Evolving Role of the CFO

Rettig’s experience highlights a crucial shift. Traditionally, the CFO was primarily focused on ensuring financial accuracy, compliance, and reporting to stakeholders. While these responsibilities remain vital, the modern CFO is now expected to be a proactive driver of business growth. They're expected to leverage data analytics, understand technological advancements, and contribute to operational efficiency – often blurring the lines between finance and operations.

This expansion of responsibility is driven by several factors: increasing regulatory complexity, the rise of data-driven decision-making, and the need for businesses to adapt quickly to a rapidly changing market. Finance leaders who can bridge the gap between financial performance and operational execution are increasingly in demand.

Rettig's Transition: A Case Study in Adaptability

Rettig's move to COO at Bill wasn't a sudden leap. It was the culmination of years spent broadening his skillset and understanding the intricacies of the business beyond the finance function. He actively sought opportunities to collaborate with other departments, learn about the company's operational processes, and understand the customer experience.

Key factors in his successful transition include:

• Cross-Functional Collaboration: Rettig consistently prioritized building relationships and working effectively with teams across the organization.
• Embracing Technology: He recognized the transformative power of technology and actively sought to leverage data and automation to improve financial processes and drive operational efficiency.
• Understanding the Business Model: Rettig delved deep into Bill’s business model, understanding how the company generated revenue, served customers, and managed its operations.
• A Growth Mindset: He demonstrated a willingness to learn new skills and adapt to changing circumstances.

Lessons for Finance Leaders

Rettig’s journey offers valuable lessons for finance leaders looking to expand their influence and potentially transition into broader leadership roles:

• Proactively Seek Cross-Functional Experience: Don’t limit yourself to the finance silo. Volunteer for projects that require collaboration with other departments.
• Become a Data Storyteller: Finance professionals are uniquely positioned to analyze data and extract meaningful insights. Learn to communicate these insights effectively to non-financial audiences.
• Embrace Technological Change: Stay abreast of the latest technological advancements and explore how they can be leveraged to improve financial processes and drive business value.
• Develop a Business Acumen: Understand your company's business model, competitive landscape, and strategic priorities.

The evolution of the CFO role is undeniable. John Rettig's success story demonstrates that a finance background can be a powerful foundation for leadership in a variety of operational roles. By embracing change, expanding their skillset, and cultivating a strong business acumen, finance leaders can position themselves for continued growth and success.