The Latest
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Joann approves $400K CFO retention bonus amid bankruptcy speculation
The struggling craft supplies retailer approved the bonus as it continues its hunt for a permanent CEO while facing liquidity and inventory challenges.
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Audit committees rank cybersecurity as top priority amid SEC crackdown
Cyberattacks are just one of several rapidly changing threats confronting audit committees, according to the Center for Audit Quality and Deloitte.
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Ex-Trulieve CFO sued over alleged scheme to ‘raid’ corporate coffers
The former CFO is accused of misappropriating hundreds of thousands of dollars for personal expenses, all under the pretense of business-related costs.
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Popeyes parent names new CFO in leadership shakeup
The company named Sami Siddiqui as its CFO while Jeff Klein will fill Siddiqui’s previous role as president of Popeyes U.S.
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Apex Fintech CFO looks to identify key skill gaps ahead of potential IPO
Nasdaq alum Chantal Wessels is aiming to identify the critical skill sets and technologies Apex might need as it consolidates its plans for an IPO.
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EU lawmakers pass sweeping AI rules with global reach, stiff penalties
Penalties include up to €35 million or 7% of a company’s total worldwide annual turnover — whichever is higher — for violations of a ban on “emotion recognition” in the workplace.
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Affirm CFO swears off auto lending, for now
The buy now, pay later company seeks to be involved in more consumer spending opportunities, but finance chief Michael Linford all but ruled out auto lending.
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HSBC alum returns as Americas CFO
Andrew Fullam is returning to the London-based bank about a year after leaving to head up Enterprise Financial Planning & Analysis at Wells Fargo.
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Inflation exceeds forecasts, affirming Fed’s caution on initial rate cut
Futures trading suggested that the odds that policymakers will cut the main interest rate by at least a quarter point on May 1 have plunged to 11% from 52% a month ago.
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Lack of C-suite trust puts focus on transparency, coordination: PwC
Building trust in the C-suite requires a “common view of prioritization,” PwC’s Wes Bricker said.
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Peloton CFO leans on cost cutting to reverse post-pandemic slump
Finance chief Liz Coddington is cutting overhead costs and driving more revenue from Peloton’s digital subscription and bike rental businesses.
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ADM reports DOJ subpoenas and document requests
The company’s confirmation of the DOJ’s involvement comes about two months after ADM disclosed an internal accounting probe and put its CFO on leave.
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AI deepfakes targeted in Biden’s State of the Union speech
The president’s remarks come amid growing concerns about the potential use of deepfakes to wreak havoc in elections or perpetrate fraud against businesses.
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New SEC cyber rules draw ‘question-begging’ breach disclosures
Filers may be opening the door to investor confusion by reporting breaches that don’t appear to be “material” as described, without explaining why.
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Visa spends ‘billions’ battling cybersecurity threats
“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.
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Costs, not security, worry enterprise leaders most as cloud estates multiply
Optimizing spend surpassed security among enterprise concerns, Flexera’s annual survey found.
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OpenAI quells some enterprise fears as leadership saga concludes
The AI startup’s board expansion to include more enterprise experience will partly allay customer worries, one expert said, but safety concerns across vendors persist.
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CEO confidence, capital spending plans rise: Business Roundtable
Like CEOs, economists at large companies have grown more optimistic and foresee stepped up spending on business fixed investment this year, Wolters Kluwer said.
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Minnesota bill with 120-hour CPA path inches forward
The Minnesota bill would allow future certified public accountants to sidestep the need for a fifth year of college. It is controversial.
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Skechers to pay $1.25M fine for undisclosed payments: SEC
The civil penalty comes as the SEC widens its spotlight on executive compensation and benefits.
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Costco’s retiring CFO calls inflation ‘essentially flat’
The flat metric seen in Costco’s latest quarter is a marked change. CFO Richard Galanti noted inflation soared as high as 9% a couple years ago.
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Regional bank execs push back on CRE risk fears
Regional banks are working to manage exposure to the office sector, but executives say they will skirt a regional banking crisis.
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Funko CFO to step down as toymaker preps for ‘softer’ content schedule
Steve Nave is departing after largely executing his financial and operational goals. The CFO's resignation comes as Funko continues to brace for economic headwinds.
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Q&A
Costco CFO ‘voice’ looks back on 40 years, $1.50 hot dogs and leadership
Richard Galanti thought he might stay four years at what was then a retail startup. Costco’s CFO stayed about four decades.
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Powell assailed by Democrats calling on Fed to cut rates from 23-year high
The Fed chair said that policymakers will likely begin trimming borrowing costs sometime this year if data show that inflation is steadily falling.