Greater Hartford’s CFOs: Counting on Success

Recognizing outstanding CFOs

These are not easy times to be a chief financial officer. Increasing state and federal financial reporting requirements and shareowner driven demand for greater financial accountability has added new pressures and responsibilities atop shoulders already loaded down from earlier years’ requirements stemming from Sarbanes-Oxley and corporate malfeasance of the few. Never has an organization’s finance chief been burdened with more responsibilities and expectations as he or she manages, advises and guides an organization’s financial direction.

In this week’s issue, we celebrate seven Greater Hartford CFOs, finalists in the Hartford Business Journal’s 2009 CFO of the Year awards. They are drawn from Connecticut’s broad spectrum of industries and organizations, for-profit and non-profits alike. They’re the top accountants for architectural and manufacturing firms, pharmaceutical and retail stores, health and social services, senior care providers and more. In today’s difficult economy, these CFOs, like their counterparts across the nation, are being called on like never before by their CEOs and boards of directors to make the hard calls. They’re the ones identifying and recommending ways to pare costs as their organizations’ earnings and revenue decline, help find new ways to increase efficiencies and productivity, identify new revenue streams, tax savings and more. The bottom line is their chief focus and their jobs and those of their fellow employees depend on their getting it just right.

No industry has escaped the affect that increased financial scrutiny and pressures of a worsening economy have brought in altering the role of the CFO. Once mainly a behind the scenes numbers cruncher whose critical function was appreciated chiefly at the top of the house by senior management and boards of directors, now the CFO is a highly visible officer. He or she regularly interacts with every department in the organization to achieve cost savings, raise productivity and protect earnings. Excellent communications skills and creative thinking are just as necessary a part of a CFO’s skill set, today, as an aptitude for numbers.

CFOs have become the chief business ethics enforcer for companies. They must possess a complete understanding of an organization’s operations, think strategically, practice a thorough understanding of risk management, yet, operate daily at a very granular level. In today’s business environment, they must be technologically savvy and possess an ability to adapt quickly to changing conditions.
We’re glad they’re there. They possess special skills to help keep our organizations financially sound and operationally strong, and they seem to thrive under immense pressure that might make most of us weak in the knees.

Please join me in congratulating our finalists, they’re helping keep Greater Hartford’s businesses strong — and that’s good for all of us.

Stories compiled by Kevin Moore, contributing editor

Photos by J. Fiereck Photography

About the Judges

MEET THE 2009 WINNERS:

Daniel S. Kantor, Chief Financial Officer
The S/L/A/M Collaborative Inc.

Stephen J. Lewkowicz, Executive Vice President and CFO
Automotive Technologies Inc. (d.b.a. Wireless Zone)

Steven F. Yanofsky, Vice President of Finance
Seabury Retirement Community

David R. McHale, Executive Vice President and CFO
Northeast Utilities

Carol Barno, Chief Financial Officer
Central Connecticut Senior Health Services

Frank R. A. Resnick, Chief Financial Officer
Mandell Greater Hartford Jewish Community Center

Ann E. Thomas, Chief Financial Officer
Foodshare Inc.