Yahoo Finance More CFOs want mentors—and C-suite veterans are answering the call: ‘You need an independent person who cares’
Good morning. CFOs are strategic thinkers and problem solvers, but it sometimes also helps to learn from an impartial expert who's walked in their shoes before. Russell Reynolds Associates, a leadership advisory firm, launched the RRA Mentor program in fall 2023 to bring together prominent chairs, independent directors, and former C-suite executives to mentor CEOs and CFOs.
“Since its launch, we have attracted an extraordinary group of notable former CEO and CFO mentors with experience across industries—including many Fortune 500 companies,” said Katherine “Kat” Armstrong, global practice co-leader of arts and culture at RRA. “The CFO Mentor program has been growing strongly in the U.S. market in particular.”
What’s behind more finance chiefs seeking mentors? “The CFO role is rapidly evolving,” Armstrong said. And that includes becoming the CEO’s strategic partner in maximizing value creation. "Incorporating mentors into transitions reduces derailment risks and accelerates performance and impact," she said.
RRA matches CFOs with mentors who can share individualized skills and experiences, Armstrong said. In addition to supporting first-time CFOs, RRA Mentor is also available for experienced finance chiefs stepping into new positions or facing new opportunities and challenges. And the program is not limited to RRA clients, she said.
‘It's a way for me to stay involved and to give back’
Jeff Epstein spent 25 years as a CFO at different companies, including Oracle, Nielsen, and DoubleClick. When he retired about 13 years ago, he recalled to Fortune, he asked himself: "Well, what am I to do with the rest of my life?"
He spends part of his time as an operating partner at the venture capital firm Bessemer Venture Partners, where he leads the Chief Financial Officer Council—the CFOs of Bessemer's portfolio companies. He also serves on several boards and is a lecturer at Stanford.
One day, a friend approached him about becoming a mentor in Russell Reynolds' CFO program, and he reached out. "It's a way for me to stay involved and to give back," Epstein said.
CFOs, Epstein explained, sometimes find it challenging to identify someone who can provide advice but who doesn't have a stake in the outcome. For example, finance chiefs don't want to ask certain things of the CEO or a board member—someone whose opinion of them could affect career advancement—and "so you need an independent person who cares."
Esptein meets with his mentee once a month. At the beginning of their mentorship, he asked about their top priorities and the obstacles they faced. A big part of mentoring is helping a mentee learn how to eliminate said obstacles.
“Essentially what you do is what I did as a leader,” he said. “When I was chief financial officer, I talked to my direct reports. If you hire the right people, you're not telling them what to do—you're enabling them to do it.”
Sheryl Estrada
sheryl.estrada@fortune.com
This story was originally featured on Fortune.com
