The crisis has put chief financial officers in a difficult position. While investors and creditors strongly rely on finance chiefs’ opinions, making them crucial for companies’ financial survival, the precarious state of many businesses makes them the “bearer of bad news,” as Antonio Alvarez III, managing director of turnaround consultancy Alvarez & Marsal, puts it.
For some finance chiefs, now is the time to shine. “Some CFOs relish this moment,” he explains. “Others shy away from it; it’s high pressure.” In this situation, “the facts must speak for themselves,” Alvarez says, to ensure that chief financial officers win over other stakeholders in their cost-cutting efforts that will eventually cut away at the company’s product range.