Hello, Financial Visionaries! 💼

This week, we’re exploring Glenn Hopper’s game-changing book on AI’s role in finance, Planet Fitness’s bold CFO hire from the retail world, and why CFOs should be looking beyond chatbots to build a sustainable AI strategy. Each article dives into strategies for balancing innovation with accountability, offering you a roadmap for not just adapting to change, but leading it.

Ready to uncover how these insights can elevate your role and shape your company’s future? Let’s get started!

📰 Upcoming in this issue

• The Must-Read AI Book for Every Finance Leader 🤖📊

• Planet Fitness Brings Retail Savvy to the Gym Floor with New CFO Hire 🏋️💼

• Beyond Chatbots: Why CFOs Need a Long-Term AI Strategy 🤖📈 

The Must-Read AI Book for Every Finance Leader 🤖📊 read the full 1,960-word article here

Article published: October 30, 2024

As AI reshapes the landscape of corporate finance, Glenn Hopper’s new book, AI Mastery for Finance Professionals, offers an essential roadmap for CFOs on the frontlines of digital transformation. Hopper, the CFO and director at Eventus Advisory Group, has been working at the intersection of AI and finance for years. His latest work explores not only the power of generative AI but also the risks, trust issues, and governance challenges that CFOs must address to responsibly integrate AI into finance.

Hopper’s insights are timely as CFOs move beyond just understanding AI’s potential to actively implementing it. In the interview, he breaks down why finance can’t simply "go all in" on generative AI without careful consideration. Trust, explainability, and the right governance frameworks are key to leveraging AI without compromising on compliance and accuracy.

Key Takeaways:

• 🔐 Trust Is Non-Negotiable: AI in finance isn’t like AI in marketing—mistakes can have real consequences. CFOs must establish trust by understanding when AI outputs need verification.

• ⚙️ AI for Efficiency, Not Replacements: Instead of dictating exactly how to use AI, Hopper suggests CFOs empower their teams to discover efficiencies in processes like monthly closes.

• 🔍 Explainable AI for Compliance: For finance teams, "black box" AI isn’t viable. Tools must be transparent, especially for audits and regulatory compliance.

• 🛡️ Guardrails Over Control: Hopper emphasizes building an AI-friendly environment with clear guidelines, so teams can experiment without straying into risky territory.

Planet Fitness Brings Retail Savvy to the Gym Floor with New CFO Hire 🏋️💼 read the full article here

Article published: October 30, 2024

Planet Fitness is shaking up its leadership, bringing on Jay Stasz, a seasoned finance executive from the retail world, as the new CFO starting November 15. Stasz, previously CFO at Savers Value Village, steps in as Tom Fitzgerald retires after four years. With a background in fast-growth retail and a track record of successful IPOs, Stasz brings a fresh approach to a company already navigating a wave of executive changes.

His hire comes on the heels of Colleen Keating's appointment as CEO in June. Together, they face a critical mandate: drive growth while supporting franchisees across Planet Fitness’ vast network of low-cost gyms.

Key Takeaways:

• 🏢 A Retail Veteran in the Fitness World: Stasz’s experience at discount retailers Ollie’s Bargain Outlet and Sports Authority signals a possible focus on revenue growth and lean operations.

• 📈 Record of Doubling Revenue: At Ollie’s, Stasz helped more than double revenue to $1.8 billion—a feat Planet Fitness will likely hope to replicate in the highly competitive fitness sector.

• 💰 The Perks of the Job: Stasz’s compensation package includes a $580,000 base salary, a target bonus of 75%, and a $500,000 equity grant as a “new hire award.”

• 🤝 A Focus on Franchisee Relations: CEO Keating emphasized Stasz’s “collaborative leadership style,” likely an asset as Planet Fitness continues to work closely with franchisees for scalable growth.

Beyond Chatbots: Why CFOs Need a Long-Term AI Strategy 🤖📈 read the full article here

Article published: October 30, 2024

Chatbots might be all the rage, but according to AI expert Vilas Dhar, CFOs need to think much further ahead to truly leverage AI’s potential. Speaking at the NACD Summit, Dhar emphasized that AI should be tailored to amplify what each company does best—rather than just hopping on the generative AI bandwagon.

Instead of treating AI as a one-size-fits-all tool, CFOs should focus on integrating it with their company’s unique strengths, planning investments that pay off not just today, but five to ten years down the line. In other words, it’s time to start viewing AI as a long-term strategic asset, not just a flashy productivity boost.

Key Takeaways:

• 🔮 Focus Beyond Short-Term Gains: Generative AI raises the floor for everyone, but real market leaders use AI to deepen their unique expertise.

• 📊 CFOs as Future-Tech Planners: CFOs must now forecast the financial impact of tech transformations—a skill that will soon be essential.

• 🧩 Bridging the “Missing Middle”: Between tech evangelists and skeptics, CFOs have a role in responsibly integrating AI with measurable trust and ethics.

• 🤝 Build Stakeholder Trust: AI isn’t just a tool—it’s a relationship. Companies must show stakeholders how AI enhances, rather than replaces, human judgment.

Why It Matters

As finance transforms at lightning speed, today’s CFOs are more than number-crunchers—they’re architects of future strategy.

By understanding AI’s impact, hiring shifts, and forward-thinking approaches, you’re not just managing risk; you’re seizing the opportunity to redefine finance leadership. These insights position you to lead with vision and clarity, equipping you to navigate change and inspire trust among your stakeholders.

Ready to turn today’s challenges into tomorrow’s wins?

Vanessa Carter
Editor-in-Chief
CFO Executive Insights