Good morning. Women executives who reach the top in finance are reshaping the profession while creating newfound value for their companies, according to Boston Consulting Group (BCG).
“Women CFOs Say the Climb Is Worth It” is a new BCG report by Anna Oberauer, partner, and Alexander Roos, global leader of BCG’s Center for CFO Excellence. Over the past year, they spoke with about a dozen women CFOs who’ve made it to the top despite challenges.
“Their stories reveal valuable lessons for aspiring female leaders—and for companies eager to build a more inclusive, high-performing workforce,” according to the report.
One of the top findings is that women who have reached the CFO seat share a common passion—they love their work. Conversations revealed that the women have thrived in challenges and complexity, and desired to have an impact on steering their companies. Another commonality is these women are widely respected, well-compensated, and influential.
What the CFOs interviewed also have in common is they broke down barriers by claiming a place in the room, which included speaking up and taking risks. That reminded me of a recent conversation I had with Betsy Ward, who retired from her role as CFO of MassMutual at the end of 2024. She was the first woman to become CFO at the Fortune 500 company.
Ward’s poignant piece of career advice—make it known that you are ready and willing to take on new challenges. “I do think it’s important that people understand your intellectual curiosity, your energy and passion, your broader interests, and that you aren’t just in love with what you do now,” she explained. Your manager may not always ask you where you want to take your career, she added. “You have to let it be known,” Ward said.
BCG asked the CFOs interviewed to offer advice for the next generation of women. For starters, dive in, even if you’re not ready, they said. “Study after study shows that women wait until they feel 100% confident that they have the requisite skills before putting themselves forward for a new position,” the authors write.
Earlier this month, Christine Dorfler, EVP and CFO of the National Football League shared with me the best career advice she’s received: “Do the things that scare you a little because that’s how you grow,” she said.
An important aspect that BCG addresses in the report is that women remain underrepresented in finance management roles. Regarding big firms, the annual Crist Kolder Associates Volatility Report takes a look at 671 Fortune 500 and S&P 500 companies. In 2024, 17.6% of CFO roles were held by women. That’s up from 10.6% in 2014. It’s progress but more is needed. However, there may be a greater representation of women CFOs in mid-market and privately-owned companies.
BCG also noted that inclusive companies see increased employee performance, engagement, and retention, “slashing attrition by as much as 50%.”
“The finance function is evolving,” Margarita Salvans, CFO of Mango, told BCG. “Excellence today requires strong team-building skills, empathy, and negotiation and diplomacy—areas where women naturally excel.”
You can read the report here.
Sheryl Estrada
sheryl.estrada@fortune.com
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2025 Financial Planning Trends Every CFO Should Know |
Learn more about the importance of upskilling finance teams, adopting cloud-based solutions, and AI as a key enabler of integrated finance. |
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Fortune 500 Power Moves
Ross Stores, Inc. (No. 201) announced that William Sheehan, currently group senior vice president of finance, has been promoted to deputy CFO and is expected to succeed Adam Orvos as CFO on Oct. 1. Orvos will retire as EVP and CFO, effective Sept. 30. After 15 years with Lord & Taylor, Sheehan joined Ross in February 2006 and has served in roles of increasing responsibility across the finance organization since that time.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves
Conor Murphy was appointed CFO of F&G Annuities & Life, Inc. (NYSE: FG), effective April 1. Murphy will succeed Wendy Young who will transition from her CFO role to become F&G's chief liability officer, a newly created position. Murphy previously served as president and CEO of Resolution Life U.S. Before that, he spent five years as EVP and COO at Brighthouse Financial. Murphy also held multiple senior positions at MetLife over his 17-year tenure including being its first European CFO as well as CFO of Latin America.
Barry Zwarenstein, CFO of Five9, Inc. (Nasdaq: FIVN) a CX platform provider, has decided to retire, effective March 31. Zwarenstein served as CFO for more than 13 years. Bryan Lee, Five9’s EVP of finance, has been appointed as interim CFO, effective April 1, as the company conducts a formal search process for a new CFO. Zwarenstein will remain at Five9 through June 30, and will continue as a consultant through Sept. 30.
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Experts say that 2025 is set to bring continued agentic AI developments. In the latest news, Auditoria.AI, an agentic AI provider for the office of the CFO, and a Workday Ventures partner, has completed an oversubscribed Series B funding round, raising $38 million in new capital. The round was led by Innovius Capital along with participation from Dell Technologies Capital, Sentinel Global, and existing investors including Venrock, NeoTribe Ventures, Engineering Capital, and KPMG Ventures.
Auditoria.AI’s platform provides real-time financial insights, and automates repetitive tasks using agentic AI delivered through natural language processing, machine learning, and generative AI. Achieving triple-digit growth in 2024, Auditoria processes more than $2.4 billion in collections and more than $9 billion in invoicing annually for its customers, according to the company.
The funding “marks a significant milestone,” Rohit Gupta, CEO and cofounder of Auditoria.AI, said in a statement. “This investment fuels our vision, and we’re just getting started.”
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Global consultancy Kearney has released a new report, "Staying the Course: Chief Financial Officers and the Green Transition," which explores how finance chiefs are embedding sustainability within their strategies.
About 69% of CFOs surveyed expect higher returns on sustainability initiatives compared to traditional investments, according to the report. The data highlights CFOs' confidence in the long-term value and profitability of sustainability. And 92% expect their organizations to significantly increase net investment in sustainability this year.
The research, conducted by Kearney and We Don't Have Time, surveyed 500 CFOs across the U.K., U.S., United Arab Emirates, and India.
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"Conscientiousness, rule-following, being disciplined, showing up on time, dependability—all those kinds of things 99% of the time are going to make you look good. If you’re low on that, that’s probably going to hurt you."
—Ryne Sherman, chief science officer at performance personality testing company Hogan Assessments, told Fortune in an interview regarding the traits many bosses look out for when deciding on a new hire.
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