Perspectives of a CFO Master Class

perspectives of a CFO master class

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ver the past decade, much attention has been paid to the significant turnover among chief financial officers.

Economic instability, the advent of Sarbanes-Oxley, and

weakened corporate earnings during the recent “great” recession have all contributed to the wave of CFO attrition. In just a few years, the average tenure of a Fortune 500 CFO dropped from five years to three years and created considerable uncertainty in the executive suite.

Despite that trend, some veteran CFOs have stayed above the fray — and that has paid off considerably for their companies as well as for their individual careers. We call this elite group the “Master Class” CFOs, because they have coupled excellence with corporate longevity.

Longevity at an organization has many often-overlooked benefits that get scant attention in the business media.

Given the unusual stability and the exceptional accomplishments of the Master Class CFOs, an important question surfaces: What lessons can be learned from this unique and influential group of long-tenured executives who have somehow fashioned and sustained successful careers at one organization? What accounted for their durability in the face of such tumult, and what benefits has that stability brought to their companies?

“You need to think of business as a chess game and think several moves ahead.”

–W illiam H. Hernandez PPG Industries

Korn/Ferry International’s Financial Officers Center of Expertise identified and contacted more than 80 Master Class CFOs — representing 16 percent of the Fortune 500 — who have served more than six years (and sometimes more than 25 years) as CFO of their respective companies. In lengthy conversations, they shared their perspectives on the practical value of CFO continuity, the reasons underlying their durability; how they’ve confronted the current economic crisis and what advice they offer to financial executives who are focused on managing their own careers.

Their answers revealed a wide range of insights and implications, but none more important than this: In dealing with the devastating economic crisis that began in 2008, experience mattered more than any other single attribute. The experience they have gained as CFOs proved critical in their ability to maneuver through the economic storm.

“A downturn tests your leadership,” suggested Phillip C. Widman, a seven-year veteran of Terex Corporation in Westport, Conn. Terex, a manufacturer and marketer of capital equipment, already had a conservative financial outlook but the crisis solidified Widman’s approach. “We’ve all learned a lesson about risk appetite,” he said, “and there is still an element of greed driving financial markets. This will cause us to think more cautiously about risk mitigation, both on a personal level and in business.”

Carol B. Tome, Home Depot’s CFO since 2001, proffered a simple but profound message, born from her long tenure: “The key [to success] is to maintain a very calm approach.” Job-hopping CFOs, already under intense pressure and scrutiny in new positions, simply lack the comfort of institutional familiarity needed to coolly handle such a financial crisis.

William H. Hernandez, recently retired CFO at PPG Industries in Pittsburgh, where he was CFO for 15 years, found his experience has allowed him to see beyond the immediate market conditions.

“Get ready for the next phase of the cycle or you will be left behind,” Hernandez stated. “You need to think of business as a chess game and think several moves ahead.”

These veteran CFOs don’t claim to know all the answers. But in the midst of a global economic crisis, their established presence provided a competitive edge. Their respective management teams could operate with confidence that the financial leader was fully competent, but also seasoned and battle-tested.

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Korn/Ferry’s research revealed five essential benefits of a long-tenured CFO:

1. Deep and trusting relationships established between the CFO, the CEO, senior executives, the board, Wall Street bankers and extended stakeholders

2. Broad business perspective and understanding with which they view the business

3. An uncommon ability to serve as a strategic business partner whose credibility stretches beyond finance

4. A steady hand at the wheel during turbulent economic times

5. Mastery of the details

“Lesson one for all CFOs is: success begins with building a strong relationship with your CEO.” – Al Drewes, Pepsi Bottling Group

1. Deep and Trusting Relationships

No one will dispute the depth of the global financial crisis that began in 2008. Not since the Great Depression has the economy and corporations and their CEOs been so severely tested. In the recovery, a strong and trusted CFO is an essential partner. At Xerox Corporation, for example, Lawrence Zimmerman has been CFO since 2002 and more recently, promoted to Vice Chairman and CFO. He worked closely with former CEO Anne Mulcahy to restructure the business process and document management giant, an accomplishment he cited as among his proudest. Zimmerman credited his strong partnership with Mulcahy as a principal basis of his effectiveness as Xerox’s CFO. Zimmerman pointed out that the current economic crisis has presented a whole new set of challenges. “We have permanently changed the way we will do business, having had to address these challenges. “ It is apparent that Zimmerman’s partnership with his CEOs, first Anne Mulcahy and now her successor Ursula Burns, has been based on trust and competence, and has enabled him to be a steadying influence.

“I have had permission to roam wherever I want in the company, with my focus being on value creation, long-term continuity and appropriate asset allocation.”

Zimmerman’s 31 years at IBM prior to joining Xerox and his extended run at Xerox have given him a sharpened perception of the company.

“The CFO role requires a broad set of skills, among them, technical, interpersonal, leadership – but without a true partnership with your CEO, it’s next to impossible to have an impact.”

For the past nine years, Al Drewes has served as CFO of Pepsi Bottling Group, a publicly traded company with more than $13 billion in revenue.

He pointed to the importance of creating and maintaining relationships with key stakeholders. “Lesson one for all CFOs is: success begins with building a strong relationship with your CEO. It sounds obvious but it’s critical to align on your objectives and establish trust. I have always 3

considered it incumbent on me to make that relationship work. I view it as a partnership that requires nurturing and investment to ensure we have the chemistry we need to work as a team in our quest to achieve our business objectives, deliver value to shareholders, and uphold ethical and transparent governance practices.”

CFOs repeatedly reported that time-tested, honest relationships were most beneficial for sustaining growth and strategic decision-making.

Successful CEOs find little value in yes-men; they count on the CFO to deliver the truth.

How likely is it that your CFO successor will be promoted from within your company?

Not Sure 25%

Extremely Likely 34%

Extremely Unlikely 8%

Somewhat Unlikely 8%

Somewhat Likely 25%

Well over half of the CFOs we surveyed believe that their successor will be promoted from within the company, suggesting that succession planning is a key priority for the Master Class.

Walter Galvin, vice chairman of Emerson Electric, recently stepped down from 17 years as CFO. Having joined the company in 1973 and become its CFO in 1993, Galvin has withstood a number of economic earthquakes in his career, but nothing compared to this one. Working closely first with CEO Charles Knight and later his successor, David Farr, Galvin has played a pivotal role in Emerson’s financial growth. Under Galvin’s stewardship, Emerson’s market capitalization rose from $11 billion in 1993 to more than $33.5 billion by 2009. Sales over those 16 years soared from $8.2 billion to nearly $21 billion, with profits rising from about $700 million to more than $1.7 billion in 2009.

Galvin credits his strong relationship with both Knight and Farr as the foundation for his success. He was able to deliver bad news quickly and 4

effectively without fearing the consequences. “I was able to tell him ‘no’ when it was necessary,” Galvin recalled about Knight. “You have to be willing to tell them ‘no’ and take the hard response, even when that is not the answer they want. You have to stand firm and have prepared all the reasons – and you have to make sure you are heard.”

And the relationships built upon 37 years with Emerson extend well beyond the CEO suite. Over the years, Galvin has made and sustained strong connections to the company’s board, Wall Street bankers, auditors and a vast number of constituents at all levels of the company.

These relationships helped Galvin assist Knight in the choice of and smooth transition to new CEO David Farr in 2000. He is one of the few sitting CFOs in the U.S. to serve as a director of his own company.

Being a CEO’s wingman constantly puts the CFO in the line of fire.

“Being a CFO is a tough job,” said Roger Cregg, who has been CFO at Pulte Homes, Inc. since 1998. “When the news is good, there’s a long line of people waiting in front of you to deliver it. When the news is bad, there is no one else in line with you. It’s not for the faint of heart and isn’t ideal for on-the-job training.”

2. Broad Business Perspective

Master Class CFOs share another common trait: Over their tenure, they all established a broad business perspective from which to view the business. Too many financial executives prioritize the financial skill set at the risk of not truly delving into the fundamentals of what makes the business work. Master Class CFOs sought the most challenging routes and took risks along their career paths in order to gain a wider business view. With exposure to multiple areas of the company – including operations, international posts and divisional management – they developed a multi-faceted perspective from which to operate and contribute. This career evolution, often including stints in roles that others considered undesirable, provided not just an understanding of multiple parts of the organization but it became the equivalent of an advanced degree in the corporate culture. Having experienced multiple business cycles in different corporate positions, they have attained a unique perspective.

Dave Rickard, 10-year CFO of CVS Caremark (who retired in December 2009), mentioned he has “never worried a lot about a role.” According to Rickard, “I always thought about what the company needed done. My interest was in consistently solving problems and learning as much as I could. I took on jobs no one else wanted, and packed in as much as I could.”

In our research we found this element of insatiable curiosity to be common amongst this group. CFOs with diverse experience, whether

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“Be willing to put forth tremendous effort without the assurance of a reward.”

–C raig Omtvedt, Fortune Brands

learning different skills in divergent roles, or learning about international business by working abroad, were able to have the formative stages of their career marked by a broad skill set. “Mine has been a world view,” Rickard noted. “At General Foods, I started with the Beverage Division, and then the corporate controller asked me to take on investor relations.

My time with International Distillers led to international assignments in Brussels as the finance director of Europe. Working abroad made me more aware of cultural differences and made me a broader person.”

For example, Joseph Cantie, CFO of TRW Automotive since 2002, said his career was shaped by such an experience with his previous employer. He was a young business analyst and finance manager at Varity Corporation when it merged with London-based Lucas Industries in 1996. “I was told ‘Go to London or you don’t have a job,’ so I packed up and went to London,” Cantie recalled. “I was dropped into an unfriendly environment where very few of my peers wanted me there. I had to do most things for myself, right down to finding somewhere to live and moving my family. While I was there, I learned to speak a whole new language: Lucas’ language. I felt a bias against myself, which was a new experience for me. But I had to find a way to succeed and gain the respect of my peers. As a result, I got a totally different perspective.

It was the best thing I ever did, both from a personal and career perspective.” LucasVarity was eventually acquired by TRW Automotive.

Craig Omtvedt, CFO of Fortune Brands since 2000, recalled a similar career crossroads. “At 30, I was managing an audit region for Sears,” he recalled. “It was a big job with lots of people reporting to me. Things were good. But I also realized that I needed to get out of my comfort zone and right then, I asked for a new assignment; something different.

And boy did I get it – a start-up right inside Sears. It forced me to think differently as a leader and manager by putting me in a vastly different scenario. The experience grounded me and made me more willing to think quickly, take on lots of roles, and touch on different elements of my job.”

Now 59, Omtvedt has the wisdom of a long-tenured CFO. He told us that he’d advise young finance professionals to “be willing to take a risk. Be willing to put forth tremendous effort without the assurance of a reward.” The payoff can come in unexpected opportunities down the road.

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In addition, most elite CFOs sit on outside boards that provide indispensable opportunities to understand the dynamics that drive success in other businesses and spawn fresh ideas to bring back to the company. “Sitting on outside boards you learn the right and wrong kinds of questions to ask and how much to be involved,” said PPG Industries’ Hernandez.

Pepsi Bottling’s Drewes noted that his three years of service on the board of the Meredith Corporation have added “tremendous value to developing my perspectives on governance, and it has provided another lens through which to view my relationship with the board at Pepsi Bottling. As a result, I’ve modified my assumptions of what board members know and have become more aware of how to communicate with them. For example, buzz words and concepts that are commonplace in the beverage industry need to be translated for the boardroom. This makes for a much more productive dialogue.”

“To be a business partner, you have to do the scorekeeping and be the referee.”

– Adrian Dillon, Agilent

3. Strategic Business Partners

The most common shared characteristic of successful CFOs is that they have risen above and beyond the traditional role of finance executive, one that narrowly focuses the CFO on financial governance only. Longterm experience at a single organization elevates them to strategic business partner for the CEO. Having in-depth interaction with every part of an organization, they bring a holistic view of the company that complements the CEO’s understanding of complex business issues.

As Xerox’s Zimmerman pointed out above, this holistic view, which can develop only from within an organization, creates a level of trust that anchors the management team and benefits the company substantially.

This ideal relationship cannot be forged quickly by newly installed CFOs. Simply put, a CFO must demonstrate staying power.

For example, William Klitgaard, the CFO of Covance, a Princeton, N.J. drug development services firm, joined the company in 1996 and became CFO in 2000. “In my first years, I needed to convince our CEO and board that I would be able to deliver on the principal responsibilities of a CFO – maintaining financial control, acting as a voice for the company with investors and lenders, being a business partner for the senior management team,” he said. “I was successful in that regard and built a very solid relationship with both the board and the CEO.” Adrian Dillon, who became CFO at Agilent in 2001 after 22 years at Eaton Corporation (the last six as CFO), echoed those sentiments. “To be a business partner, you have to do the scorekeeping and be the referee,” Dillon said. “That’s just table stakes. But once you’ve done that, the ‘so what’ is being the junior partner and the business partner to the CEO and helping drive the business and create value for the owners.” Dillon advocates a transparent leadership style, behaving in a CEO-like manner.

“You need to be very clear about what people are accountable for,” he explained. “When your colleagues know you have their back, and they know that I know they will make mistakes, it demonstrates that I’m there to be a coach and mentor. It gives them courage to step up.”

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Our Master Class CFOs share a vocal enthusiasm for building a strategic platform that transcended finance. “Being promoted into the CFO role from within the company, I really understood the business,” said Michael Van Handel, CFO at Manpower, Inc. “And I had the support of the operations team, which enabled me to influence and persuade people.

“The CFO’s role has changed here from accounting and reporting to being a right-hand operator [for the CEO].”

What skill do you consider most critical for success for a first-time CFO? Building a trusted partnership with the CEO

49%

Operational understanding of the business

43%

Understanding and managing investor expectations Other Technical accounting

6%

2% 0%

The ability to become a strategic partner to the CEO and develop in-depth knowledge of the business is not simply desirable but mandatory for success as a CFO.

“I’ve tried to be more than a functional expert,” added Fortune Brand’s Omtvedt. “I’ve been a student of my industry in order to understand all the dimensions of my business.” What emerges with these veteran CFOs is that such broad-based thinking is not a burden but a personal career benefit that is both challenging and personally fulfilling. The ability to talk about business strategy with the CEO one minute and be immersed in a granular finance topic the next is satisfying to a well-rounded executive.

“My ability to multi-task – to be well-grounded in all dimensions and being willing to wear different hats – has not only been useful for my company but it’s self-serving,” Omtvedt said. “It’s been my approach throughout my career and it’s helped my marketability at every stop.”

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At Williams-Sonoma, Inc., Sharon L. McCollam has followed a similar path in her 10 years as CFO as well as in previous jobs. “There was no area I didn’t take on,” she said. “Every job I ever had was a massing of other responsibilities. I became known for making order out of chaos.

When you have such a broad base of knowledge and experience, it helps you tremendously and it helps the company make better decisions.”

4. A Steady Hand at the Wheel

In the volatile economic environment of 2008 and 2009, uncertainty has been the rule. Such ambiguity can be nerve-wracking for all stakeholders – employees, customers, shareholders – and a steady hand at the tiller is crucial. Corporate turmoil inevitably leads to management turnover, but fortunate organizations have an anchor of stability in a tenured CFO.

“Change is inevitable and understanding the direction and implications for a business is key.”

– Robert J. Bahash McGraw-Hill

A long-term CFO can be central to the company’s identity and shareholder value. Like a veteran quarterback in the playoffs, these agents of continuity have seen it all before, don’t get rattled by pressure, and bring a business perspective that is not available to newcomers and job-hoppers.

The depth of this ‘great’ recession, our Master Class CFOs all agreed, was unprecedented during their careers and presented a real test of strength, character, judgment and experience. Yet from the carnage, seasoned CFOs unearthed unexpected benefits.

Robert J. Bahash, CFO since 1988 at McGraw-Hill, considers his role as one of stewardship for the company. “I’m a steward for the quality and integrity of financial information, capital structure, business metrics and shareholder activities,” Bahash explained. Having joined McGraw-Hill in 1974, Bahash brings nearly four decades of corporate wisdom to the table. The long-view helps him see ahead, and manage change in such a way that it seems natural, not disruptive.

“The key is to stay ahead of the changing world,” he said, a challenge that is easier said then done. Even the savviest CFOs were not prepared for the devastation created when the housing bubble burst and Wall Street nearly collapsed. But Bahash had survived the oil crisis of the 1970s, the Wall Street meltdown of the 1980s, the dot-com boom and bust of the late 1990s and the post-9/11 financial meltdown. So the current crisis, while severe, is not unfamiliar territory, and veteran CFOs know how to guide to the path to recovery.

“Change is inevitable and understanding the direction and implications for a business is key.” For Bahash, the ticket to longevity rests in remaining vital and credible. “The most important thing for a CFO is to maintain credibility internally and externally,” he said. “You can’t waiver.

It’s impossible to regain credibility if it is lost.”

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Veteran CFOs, like Emerson’s Walt Galvin and Pepsi Bottling’s Al Drewes, have not only weathered downturns, business cycles and changes in the CEO suite, but also managed the evolution of the CFO function itself. “The finance function has changed dramatically in my tenure as CFO,” said Galvin. “For instance, audit is now much more independent. There are many more checks and balances. My successor will not have the freedom I enjoyed.”

L.M. “Theo” de Kool, who retired in 2009 as CFO at Sara Lee Corporation after 18 years with the company, noted that personal relationships were at the core of continuity.

“When I started as CFO, there was a fear when I would call on people on my team. I could hear it,” de Kool said. “I had to change that. I worked to deepen my relationships because I wanted people to be comfortable that they could speak their mind and change my mind if they were right. I engaged my people on both a business and personal level. In an organization with the scale of Sara Lee, I needed to be able to empower my people to solve issues with little or no input from me. I needed trust.”

In an economic crisis, agents of continuity are essential. Oscar Munoz, the CFO of CSX Corporation since 2003, for example, has helped achieve a dramatic rise in shareholder value, with the company’s market cap rising from $6.5 billion to $19.2 billion during his tenure. Munoz’ seasoned view of the company has helped CSX address today’s tough market conditions.

“We’re an extremely conservative company, so much of what we’ve done is establish liquidity parameters, pricing guidance, productivity measures tied to inflation,” Munoz said. “We work long-term objectives as a practice. That is implanted in the psyche of our operating folks.

We can’t do certain things we might like to do in the short term because we focus on the long term.

“During a crisis, it is important to seize the opportunity to strengthen your business by intensifying the focus on productivity, cost efficiency and process improvement. This drive allowed CSX to emerge from this crisis a stronger company. With a healthy balance sheet also supporting our business, we are now in a better position to capture the upside as the economy continues to recover.”

5. Mastery of the Details 10

A finance executive’s value lies in his or her broad and deep understanding of accounting, finance and operations, according to McGraw-Hill’s Bahash. “A CFO sees a company through multiple

lenses and holds a unique position in which to represent shareholders.

Ideally, the CFO will be viewed as COO, someone who owns the results alongside the operating team.”

Having this multi-layered knowledge of the details, the successful long-term CFO embraces accountability and plays an important role in management. Of course, being the fiscal conscience of an organization often puts the CFO in a contentious position, taking on entrenched selfinterest from various corporate power-brokers.

“I’ve heard people call my role ‘CF-no.’”

– Roger Cregg, Pulte Homes, Inc.

“I’ve heard people call my role ‘CF-no,’” said Pulte’s Roger Cregg, “and there’s a little truth to that. I’m responsible to the board and to the shareholders and I take that very seriously. I’m not a rubber stamp.”

Having 12 years as a respected figure in the organization helps Cregg stake out the higher ground.

In an economic crisis, knowledge of those details allows the CFO to move swiftly. Sunit Patel, CFO of Level 3 Communications since 2003, focused fast on maintaining liquidity during the economic crisis of 20082009. The firm cut costs immediately. “You have to cut early and cut deep,” Patel said. “That is really key when times are tough. You don’t respond in a reactive way. You move early.”

“Finance is a difficult role,” added Sara Lee’s de Kool. “Being CFO is full of contradictions. I’m your partner but to some extent, I’m also your banker. Wearing both those hats can be difficult. Financial leaders need to be able to extend themselves in different directions.” And in order to do that, deep knowledge of the details is a must.

Highly successful CFOs are shaped by a variety of experiences – soaking up broad knowledge by sitting on outside boards, taking international assignments and learning at the side of wise mentors.

Members of the Master Class all had humbling but powerful learning experiences early in their careers that set the stage for the acquisition of business wisdom.

Agilent’s Dillon learned an inspiring lesson from an early mentor. The seminal change in his career, he recalled, was learning to shift from being an individual contributor (“the smartest guy in the room”) to leading people. At one meeting, for instance, Dillon issued specific tasks to each staff person and insisted they report back to him with results.

Feeling proud of the way he handled the meeting, Dillon was shocked when his mentor pulled him aside afterwards and said, “You know Dillon, you’re in real trouble.”

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“I had just run a great meeting and was feeling good about myself and I thought ‘What are you talking about?’” Dillon recalled. “He said, ‘You still think your job is to be the smartest guy in the room and it’s not. If you want my job, you need to make everyone else in the room think they are the smartest in the room. You need to not tell them what to do but teach them what to do; get them to learn so that you can leverage yourself and move beyond what you are doing. In that way, you build a group of people that are smart and proud and loyal as hell because of what you taught them.’ I knew instantly what he said was true and my whole world view changed.”

Conclusion

Our interviews with Master Class CFOs underscored the advantages of longevity in a volatile economic environment. The experiences and contributions of these highly successful individuals are a testament to their creativity, boldness and broad experience in taking the CFO position to strategic new levels. Sara Lee’s Theo de Kool embodies the type of thinking we heard throughout the conversations. When asked about navigating this current economic storm, de Kool replied, “During this cycle, never give up on innovation. We continue to focus on investing in top brands. And as the saying goes, ‘Don’t waste a good crisis.’ Be willing to pursue the change that may benefit the ‘now’ of the organization. What was right three years ago may not be right now. Be ready to move.”

Emerging as an indispensible corporate leader is a common result for these CFOs. Forming a deep and trusting relationship with the CEO in order to become the CEO’s strategic partner is a path all these CFOs undertook. Deepening knowledge of the organization through varied assignments and selection of mentors also provided a basis for careerboosting behavior.

“In my career, I’ve always been proactive about initiating positive change,” de Kool said. “You need humility because you can only be a leader if you can also revisit your own decisions. I don’t hide the decisions I’ve made that didn’t work out. But along the way, I’ve tried to push the envelope. I haven’t taken the parochial view of my role and when CFOs do, they fall short. Their CEO and board should expect more.”

It is clear that stability in the CFO role has huge benefits for organizations, providing the foundation for a stronger, deeper, more experienced executive team. In times of great corporate upheaval and transformation, this stability offers a distinct competitive advantage.

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Acknowledgements

We would like to thank the interviewees, listed below, who invested their time to take part in this project. Thanks are also due to the Korn/Ferry partners who conducted the interviews, and to Warner Queeny, who made significant contributions during the preparation and development of this whitepaper.

Robert J. Bahash Andrew H. Beck Patrick D. Campbell Joseph S. Cantie Richard J. Carbone Alister Cowan Roger A. Cregg L.M. “Theo” de Kool*

Adrian T. Dillon Alfred (Al) H. Drewes Kevin M. Farr Richard H. Fearon Walter J. Galvin William H. Hernandez* David H. Kelsey William E. Klitgaard Dennis J. Letham John Mahoney Sharon L. McCollam Oscar Munoz Daniel R. O’Bryant Craig P. Omtvedt Sunit Patel Michael S. Poteshman David (Dave) B. Rickard*

Scott T. Scheirman Raymond J. Seabrook Carol B. Tomé Michael J. Van Handel Bruce G. Waterman Phillip C. Widman Mark D. Wiltzen Arthur (Art) B. Winkleblack Lawrence A. Zimmerman *Retired

Executive VP/CFO, McGraw-Hill Companies Senior VP/CFO, AGCO Corporation Senior VP/CFO 3M Co. Executive VP/CFO, TRW Automotive Executive VP/CFO, Prudential Financial, Inc. VP/CFO, Husky Energy Inc. Executive VP/CFO, Pulte Homes, Inc. Executive VP/CFO/Chief Administrative Officer, Sara Lee Corporation Executive VP/CFO, Agilent Technologies Senior VP/CFO, Pepsi Bottling Group, Inc. CFO, Mattel, Inc. Vice Chairman/CFO, Eaton Corporation Vice Chairman, Emerson Electric Co. Senior VP/CFO, PPG Industries, Inc. Senior VP/CFO, Sealed Air Corp.

Corporate Senior VP/CFO/Treasurer, Covance Inc. Executive VP/CFO, Anixter International Inc. Vice Chairman/CFO, Staples, Inc. Executive VP/CFO/COO, Williams-Sonoma, Inc. Executive VP/CFO, CSX Corporation Executive VP/CFO, Avery Dennison Corporation Senior VP/CFO, Fortune Brands, Inc. Executive VP/CFO, Level 3 Communications Executive VP/CFO, Tupperware Brands Corporation Executive VP/CFO/Chief Administrative Officer, CVS Caremark Corporation Executive VP/CFO, Western Union Company Executive VP/Division COO, Ball Corporation Executive VP/CFO, Home Depot, Inc. Executive VP/CFO, Manpower Inc. Senior VP/CFO, Agrium Inc. Senior VP/CFO, Terex Corporation Senior VP/CFO, EPCOR Utilities Inc. Executive VP/CFO, H.J. Heinz Company Vice Chairman/CFO, Xerox Corporation 13

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