Meet 9 CFOs from the Fortune 500 poised to make the soar to CEO

Drugstore big Ceremony Help wanted a brand new chief—and so it turned to its trusted Chief Monetary Officer Matt Schroeder, naming him CEO in September. In doing so, Ceremony Help turned simply the newest massive company to elevate its finance chief to the highest job—a apply that seems to be gaining steam in company America. Fortune identifies beneath 9 present CFOs who seem to have what it takes to observe Schroeder’s instance.

First, some vital context: The C-suite pattern of CFO-to-CEO didn’t occur in a single day, and its rising reputation is the results of a number of components. These embrace financial uncertainty, and the evolution of the CFO function from a back-office operate to a frontrunner of firm technique.

In response to Scott W. Simmons of the chief search agency Crist Kolder Associates, CFOs have a novel vantage level since work crosses all segments of the corporate. What’s extra, the everyday CFO at this time has publicity to board members and is aware of tips on how to talk with them in a approach others of the chief management crew could not. CFOs are additionally averse to taking an excessive amount of danger throughout instances of uncertainty. “That type of mindset could possibly be invaluable as a CEO,” he stated.

For a chief monetary officer to maneuver into the highest job, they have to not solely have the CFO function, however ought to purchase operational expertise, and know tips on how to run a enterprise inside an organization. That’s so “they actually get the business orientation examined extra so than they may inside a finance-only operate,” Simmons stated. He added that CFOs seeking to transfer up ought to personal the revenue and loss (P&L) report as common supervisor, and possess efficient communication and emotional intelligence.

So which large firm CFOs possess these qualities? Fortune requested Simmons for his tackle present Fortune 500 CFOs who may doubtlessly step right into a CEO function within the subsequent three years. Right here, in alphabetical order, are his high 7 decisions—plus two extra names chosen by Fortune.

Pascal Desroches, senior govt vp and CFO, AT&T

In 2016, AT&T reached a deal to purchase Time Warner. On the time, Desroches was the CFO of Turner Broadcasting Programs, Inc., owned by Time Warner. He then turned CFO of WarnerMedia and the Administrative Officer of Turner. He was answerable for all of WarnerMedia’s monetary operations in addition to working Turner’s international communications, human assets, authorized, technique and analysis, safety and know-how organizations.

Desroches would finally turn into the strategic associate of AT&T CEO John Stankey in bringing the corporate again to its telecommunications roots. Desroches turned CFO of AT&T in 2021 and helped to steer the corporate in finishing a DirecTV spinoff that yr, after which a by-product of WarnerMedia for a merger with Discovery, Inc., in 2022. Concerning management, Desroches informed Fortune in a earlier interview it’s vital to “get out of your consolation zone, study new expertise, and expose your self to completely different areas of the enterprise.”

Yanela Frias, EVP and CFO, Prudential Monetary

Yanela Frias started her tenure in March as EVP and CFO of Prudential succeeding Ken Tanji. Frias is the insurance coverage big’s first feminine CFO and has constructed a 27-year profession at Prudential.

“It is a deep-rooted Pru individual,” Simmons stated. her monitor document, she ran companies and labored in worldwide markets, he stated. Along with her finance management roles throughout her time on the firm, she additionally led the Funding & Pension Options enterprise inside Prudential Retirement, served as president of Prudential Retirement, and was appointed president of Group Insurance coverage in 2021. Over time, she gained expertise central to the CFO function, like working a P&L.

The corporate has clearly invested in her for the CEO function in some unspecified time in the future in her profession, Simmons stated.

Kevin Jacobs, CFO and president, international growth, Hilton

Kevin Jacobs is CFO and president of world growth for Hilton and leads the corporate’s finance, actual property, company technique, growth and structure and development features globally. He joined the corporate in 2008 ,and have become CFO in 2013. Earlier roles embrace SVP of company technique, treasurer, and EVP and chief of workers.

“At a lodge firm, arguably an important working function is to run growth,” Simmons stated. Jacobs has “extremely robust” management chops and has spent vital time constructing technique, he stated. “I can see him being tapped for CEO,” Simmons added.

Dan Janki, EVP and CFO, Delta Air Strains

Dan Janki joined Delta, a Fortune 100 firm, as finance chief in July 2021. He was beforehand at Normal Electrical(GE), the place he labored since 1992. At GE, he most not too long ago served as president and CEO of GE Energy Portfolio and SVP of GE. His greater than 20 years of expertise at GE additionally contains all kinds of senior roles at GE Power, GE Capital, GE International Operations and GE Company.

Janki has confirmed his adaptability and ran vital companies together with having a excessive business acumen, Simmons stated.

Mark Mason, CFO, Citi

Mark Mason has constructed a profession monitor document that may place him as a future Fortune 500 CEO, Simmons stated. CFO of Citi since 2019, he joined the financial institution in 2001.

Mason has held a number of senior operational, strategic, and monetary govt positions, together with CFO and head of technique and M&A for Citi’s International Wealth Administration Division, CEO of Citi Personal Financial institution, and CFO of institutional purchasers group.

In 2023, Fortune spoke with Mason about his career-defining moments. He recognized one as engaged on a joint enterprise between Citi’s Smith Barney and Morgan Stanley that created a wealth administration enterprise in 2009. He then turned CFO of Citi Holdings and, shortly after was appointed COO of Citi Holdings the place he finally turned CEO of the division.

Breaking down silos and taking a look at issues with a one-firm perspective has been “true whether or not I’m in a CFO function or a CEO function,” he stated.

Jess Merten, EVP and CFO, Allstate

“For those who have a look at Jess’s rotations, he checks the bins,” Simmons stated. Merten turned CFO of Allstate in 2022. However he joined the insurance coverage firm in 2012 as a senior vp in finance overseeing Allstate Monetary. Merten later turned Allstate Monetary’s chief monetary officer, serving to reposition the enterprise and enhance its efficiency. He moved on to turn into treasurer of Allstate, then chief danger officer overseeing all company danger and return actions. Merten then took on the function of president of Allstate Monetary Merchandise, proudly owning a P&L.

“Jess is called a really robust chief, “ Simmons stated. Merten could possibly be thought-about an inside candidate to finally succeed Allstate CEO Tom Wilson, Simmons stated.

Kathryn Mikells, SVP and CFO, ExxonMobil

Kathryn Mikells joined ExxonMobil in 2021 as SVP and chief monetary officer. Earlier than Exxon, Mikells spent six years as CFO for London-based Diageo. She is Exxon’s first official CFO; earlier than her appointment, members of the administration crew shared the finance duties. Mikells is the primary girl to hitch the administration committee of Exxon, the U.S.’s largest publicly traded oil and fuel firm. Mikells can also be listed amongst Fortune’s Most Highly effective Girls.

Mikells’ expertise spans a number of industries. She started her profession at Normal Electrical as an funding analyst. She moved on to a 16-year profession at United Airways, the place she served in a number of company planning and monetary roles earlier than being appointed senior vp and chief monetary officer in 2008. After that, she went on to function chief monetary officer at ADT Included and Xerox Holdings Company earlier than becoming a member of Diageo in 2015.

Jamie Miller, EVP and CFO, PayPal

“Jaime Miller is a robust chief who has rotated exterior of finance and has run vital companies at firms of scale. She additionally has expertise in quite a lot of industries,” Simmons stated.

Miller has labored throughout industries and guided each private and non-private firms by way of dynamic environments and transformation over the course of her 30-year profession. Miller started the CFO function at PayPal in 2023.

Earlier than that, she served as international CFO of EY, having joined to spin off its technique, tax, and consulting enterprise and lead an IPO. Miller was additionally beforehand CFO of Cargill, the place she additionally assumed company technique and enterprise growth obligations. Miller earlier spent 12 years at Normal Electrical (GE), serving most not too long ago as SVP and CFO. Amongst her roles on the firm was CEO of GE Transportation and chief data officer at GE.

Ewout Steenbergen, EVP and CFO, Reserving Holdings

Ewout Steenbergen joined Reserving Holdings in March of this yr. However in Simmons’s opinion, Steenbergen can have a CEO function sooner or later. His profession expertise contains working areas and enterprise models as division CEO, Simmons stated. Steenbergen additionally has deep working expertise and understands how companies work, he stated.

As CFO at S&P International, Steenbergen was additionally answerable for the S&P International Engineering Options Division and Kensho Applied sciences. Earlier than S&P, he was EVP and CFO of Voya Monetary, Inc., and served in different management roles at ING Group, like chief danger officer for ING Asia, across the globe.

He has expertise main international operations and managing groups throughout the EU, Asia, and North America, Simmons stated.