The role of the chief financing officers (CFOs) has undergone a profound shift in the fast-changing and complex business environment. Today’s CFO are expected to assume new roles such as building trust, mitigating risks and operational decision making. Gary McGaghey, the CFOs at Williams Lea Tag and private equities expert, has embraced the new trend by going beyond the traditional financial roles and acting as a chief executive officer’s (CEO) partner.
CFOs have added pressure to build trust. Companies’ efforts to improve transparency and assurance is now considered part of the CFO’s expanded domain of accountability. As a CFO, Gary McGaghey aligns leadership with stakeholders’ top priorities and incorporate trust in business strategy.
CFOs need to keep in touch with staff and provide opportunities for career development to sustain trust. Gary McGaghey’s role revolves around the management of people and mentoring. He started his CFO journey in Williams Lea Tag by creating a highly effective team, identifying their talents, and mentoring them. He builds trust by working and exchanging ideas with employees.
Regulation, Risk, and Taxation
Uncertainties in tax policy present a significant challenge to the CFO. Covid 19 pandemic increases the risk of events occurring and strongly influences regulations. Today’s CFOS needs to develop strategies for dealing with complex situations by educating stakeholders about the new laws. CFOs should create scenarios to predict the impact of tax policy change.
Accelerating Transformation and Growth
CFOs in the modern world need to embrace technological transformation. Gary McGaghey is a strategic enabler at Williams Lea Tag by leveraging transformative technology. He uses digital tools to automate tasks and make informed decisions. Besides, CFOs play a pivotal role in strategic planning. Merger and acquisition is a great strategy for business growth. Gary oversees mergers and acquisitions in his company.