CFOs Need to Know How to Tell the Story

By Olivia Berkman 

PayPal CFO John Rainey on the importance of communication in the ever-changing role.

The role chief financial officer has come a long way from being the “numbers guy,” with today’s CFO being required to act as a business partner who helps with strategic corporate decisions, says John Rainey, CFO of PayPal.

In a presentation to Financial Executives International’s New York City Chapter last week, Rainey said that when he made an early career move from a financial analysis role to a financial planning and forecasting at Continental Airlines, he discovered that he wanted to be the type of finance leader who acted as a business partner. “From the outside I thought that was kind of boring and dry. That’s actually probably the most exciting point in my career. I realized that, in that role, you have your finger on the pulse of the company…That was a turning point for me.”

Today, Rainey sees his role as a co -leader. “The CFO today has to really understand the business, has to get into the details and understand what the business is trying to achieve, and not just be the gatekeeper or the person who says no to the organization.”

Rainey did not have an accounting degree, instead deciding to get his CPA at night. Though he recognizes that the CFO role is moving away from a number cruncher, he still sees a lot of value in having a deep understanding of accounting issues and principles.

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