Five CFOs recently named among Becker’s “30 highly successful CEO-CFO duos” shared their thoughts on the keys to building a strong relationship with the chief executive.
Editor’s note: These responses were edited lightly for clarity and length.
Bradley Bond. CFO of University Hospitals (Cleveland): The foundation of a strong CFO-CEO relationship lies in trust and transparency. While seemingly self-evident, these elements are essential for effective collaboration. The CEO must have absolute confidence in the CFO’s ability to provide clear, accurate insights into the organization’s financial and operational performance, ensuring the right level of detail. Additionally, the CFO must proactively and collaboratively identify revenue growth and cost-saving opportunities, working in concert with operational leaders to drive sustainable financial success.
Equally important is the CEO’s unwavering support for the CFO, fostering an environment where strategic financial decisions can be executed with confidence. Identifying opportunities is often easier than realizing their full financial impact, as success is heavily influenced by intangibles such as organizational culture, communication and trust. Just as in a strong marriage or any enduring partnership, a thriving CEO-CFO relationship is built on mutual respect, open dialogue, and an unshakable commitment to transparency and shared goals. I take pride in knowing we have this win-win relationship at University Hospitals.
Michele Cusack. Executive Vice President and CFO of Northwell Health (New Hyde Park, N.Y.): A critical step in developing a strong CFO-CEO relationship is transparent and honest communication on all matters, whether it be good news or bad news. This fosters the trust in the relationship and signals that the team can work through any challenging circumstances.
Alec King. CFO of Memorial Hermann Health System (Houston): Developing a shared understanding of (and deep commitment to) the relative tradeoffs between organizational goals. We need to both have the same answer when making adjustments and compromises, or at least a shared framework for how we make the decision.
Jerry Oetzel. CFO of Temple Health (Philadelphia): In my 30 years serving as a CFO, I have found that the importance of trusting each other enough to disagree is the magical ingredient for a great CEO and CFO partnership. As all executives realize, a CEO that surrounds themselves with “yes” people is a recipe for failure, leading to poor decision making and lack of critical thinking and innovation.
Allowing space for a healthy debate will always lead to better solutions in solving the issues at hand. When engaging in difficult conversations with my CEO and other leaders, I constantly remind myself to leave my ego outside the room, stick to the facts and minimize emotions when crafting my position.
Janice Polo. CFO at BayCare Health System (Clearwater, Fla.): [CEO] Stephanie Conners and I have cultivated a dynamic partnership through prioritizing collaboration and transparent communication. We have a shared vision of success. Within that vision is a mutual dedication to operational efficiencies — among all BayCare CEO cabinet members — that has led our organization to remarkable advancements in patient care and overall organizational performance. We both strive for the highest standards of integrity, fostering an environment of trust and accountability within BayCare.