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Good morning. The corporate strategy playbook is increasingly landing on the CFO\u2019s desk.<\/p>\n
McKinsey recently held its 24th annual Global CFO Forum, an exclusive gathering that brought together about 100 finance chiefs from over 30 countries representing some of the world\u2019s largest organizations. I spoke with Andy West, a senior partner at McKinsey and global co-leader of the firm\u2019s Strategy and Corporate Finance practice, who shared key insights from the forum.<\/p>\n
West did a straw poll asking the CFOs if the strategy function now reports into them\u2014about two-thirds raised their hand. Five years ago, it would have been less than a third, he said.<\/p>\n
\u201cWe are definitely in a new era,\u201d West said. Beyond org charts, CFOs are increasingly central to navigating shifting competition, macroeconomic and geopolitical uncertainty, and rapid technological disruption.<\/p>\n
Market competition itself has intensified. McKinsey tracks what it calls a \u201cshuffle rate,\u201d or how frequently companies gain or lose market share within industries, he said. That rate has risen by about 50% across all industries since the mid-1990s, signaling faster turnover among winners and losers.<\/p>\n
Against that backdrop, CFOs are taking a leading role in capital allocation, investor communication, and long-term strategic bets\u2014areas once more squarely in the CEO or strategy chief domain.<\/p>\n
AI is accelerating that evolution. \u201cWe\u2019ve been talking about AI at this conference for a couple of years now,\u201d West said. Last year, finance leaders were still experimenting with AI. This year, the conversation shifted decisively toward enterprise-wide transformation.<\/p>\n
\u201cAI is not a project, or a cost lever\u2014it\u2019s a new way of working,\u201d he said. \u201cCFOs are right at the front of it.\u201d<\/p>\n
Finance chiefs\u00a0are now expected to quantify AI\u2019s impact on performance, from customer operations to forecasting, while also helping lead adoption, West explained. In some cases, finance teams are acting as early adopters, using AI to improve forecasting, decision-making, and analytics.<\/p>\n
There is still no consensus on how to evaluate AI investments. Companies are taking different approaches depending on their industry exposure and strategic priorities, weighing long-term costs such as token pricing, infrastructure, vendor dependence, capital allocation, and whether to diversify AI vendors.<\/p>\n
\u201cThere\u2019s a huge range on AI economics, and it really depends on what industry they\u2019re in, how core is it to their business, and how bullish they are,\u201d West said.<\/p>\n
Talent remains top of mind in the age of AI. But within that, West said the bigger hurdle is often organizational transformation. \u201cI think change management is the biggest piece,\u201d he said. \u201cAs people actually are getting into real implementation of AI, they are realizing that the value does not come from taking away a task\u2014it comes from fundamentally changing the way that you operate,\u201d he said.<\/p>\n
Despite these pressures, CFO sentiment remains notably optimistic. West said finance leaders expressed confidence not only in their companies but also in the broader role corporations can play in driving long-term economic growth.<\/p>\n
That optimism coexists with near-term challenges. Growth is harder to achieve, competitive advantages are eroding faster, and strategy is becoming more difficult to execute. But periods of disruption also create opportunities to gain market share, placing CFOs at the center of critical investment decisions.<\/p>\n
\u201cIt is the most exciting time to be a CFO,\u201d West said. \u201cThey have more levers than ever to drive impact.\u201d<\/p>\n
Sheryl\u00a0Estrada
sheryl.estrada@fortune.com<\/p>\n
Leaderboard<\/p>\n
Will Mudd was promoted to CFO of Guardian Pharmacy Services (NYSE: GRDN), one of the nation’s largest long-term care pharmacy companies. Mudd, who joined Guardian in 2012, was promoted to CFO after serving as senior vice president of finance, where he helped build Guardian’s finance organization and played a key leadership role in the company’s transition to the public markets.\u00a0<\/p>\n
Matthew Hartzell was appointed CFO of Uniquity Bio, a clinical-stage drug development company. Hartzell most recently served as a VP in the Global Healthcare Group at Goldman Sachs. At the firm, he focused on helping biotechnology companies with their holistic growth strategies as well as their capital markets, M&A, and partnership transactions.\u00a0<\/p>\n
Big Deal<\/p>\n
During the FIFA World Cup 2026, spending growth across U.S. host cities continues to advance, according to an analysis by the Bank of America Institute. Focusing on the Round of 32 and Round of 16 matches, Bank of America aggregated credit and debit card data suggests that in-person spending rose 5% year over year. The biggest spending surges were seen in Kansas City, Los Angeles and Miami (all of which are also hosting quarterfinal matches this weekend), though every host city we analyzed managed to stay in the win column, according to the analysts.\u00a0<\/p>\n
Courtesy of Bank of America Institute
\nGoing deeperWhy big companies are rethinking how they work with startups is the topic of the latest This Week in Business, a Wharton podcast.\u00a0Wharton professor Serguei Netessine explains how corporate venturing is evolving beyond traditional investment models. He explores the rise of venture building and venture clienting, and why becoming a startup\u2019s customer can be more valuable than simply investing in it.\u00a0<\/p>\n
\u00a0<\/p>\n
Overheard<\/p>\n
“If you want to be great\u2014you can\u2019t put in an average or sub-average level of input and work ethic.”<\/p>\n
\u2014Jim Kavanaugh, a former U.S. soccer player who represented the U.S. at the 1984 Summer Olympics in Los Angeles, told Fortune. Kavanaugh co-founded\u00a0World Wide Technology, a Missouri-based technology giant that generates $20 billion in annual revenue as of 2025.<\/p>\n
#corporate #strategy #moving #CFOs #office<\/p>\n","protected":false},"excerpt":{"rendered":"
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