Professional and Personal Lessons from a Successful Female Executive - Part 1

Earlier this week I posted on becoming a member of the CFO NOW (Network of Women) Advisory Board. I have been a part of the CFO Leadership Council for over five years and was the founding member of this chapter in Atlanta. The creation of the CFO NOW group is a great sign on the growing importance and influence of female Finance Leaders across many industries.   

Today we hosted a virtual fireside chat with Jessica Holscott, EVP & CFO of WarnerMedia Entertainment and very first female CFO in HBO's history. Over 200 female finance leaders were in attendance! The discussion with Jessica resonated with me so I decided to share my thoughts on the discussion with my network in a two part series. 

When asked about what attracted her to the Media Jessica was very quick to point out that she liked the connection Media has with the people. She liked the touch and feel the product and that she was able to have a conversation with most anyone about the product. She felt that the Media united people.    

I absolutely agree with Jessica on the importance of finding an industry that you can relate without which I believe you cannot reach your potential in your role. In Finance we need to understand the market, the trends, the competitors, the pricing pressures, etc. which will help us as we support the business unit leaders. Without having a curiosity about the industry our value add might be limited.

Jessica was asked about the changing nature of the industry and its implications for her role as a CFO. Jessica mentioned that people are ‘cutting the cord’ and are consuming services differently than in the past and that WarnerMedia is looking for ways to remain relevant and evolve to meet the needs of the customers. IN her leadership role Jessica works with the entire leadership team as they strategise on the next moves. She believes that ‘Finance is a unifying role which touches each aspect of the leadership team’.  In her role she focuses on helping leadership understand return on investment, helps setting strategic priorities as she is responsible for Strategy. 

Disruptors are all around us no matter what industry we are in. When working in the Financial Services industry we have been faced with FinTechs who are agile, quick to market and very flexible. They are disrupting the ways business has been done in the past. My experience is that we don’t have the luxury to become complacent no matter what leading position we might have in a particular industry. Disruptors are here to stay and we should find ways to disrupt our own selves before someone else does it to us! This is a game of survival!!

Jessica was asked about evolving role of the CFO and the skillsets that are required to be successful in the role. Her response resonated with me as she talked about building blocks that are required to get to a certain level and stay there. The initial building block relates more to gaining aptitude to become a CFO. It is important to be well rounded and have experience in Accounting/Controllership, Financial Planning and Analysis, Investor Relations, etc. These roles will help us become well rounded and value add business partners in our roles. The next building block is developing a high EQ – focusing on listening skills, executive presence, knowing when to speak, etc. The combination of these building blocks and the years of experience will shape us into well rounded leaders with high EQ.

I absolutely agree with Jessica. As Marshall Goldsmith said ‘What got you here will not get you there’. At every stage in our careers there are critical areas that we have excel in. Initially it is all about the technical skills but as you climb the career ladder the leadership aspects start weighing heavier. You need good mentors to guide you along the way to avoid some potholes but having these building blocks you will have a solid ground to stand on as you continue climbing the career ladder. I would also add that hiring the right talent will make a difference as you lead teams. 

The conversation then focused on obstacles Jessica has overcome during her career. She talked about some of the mistakes she has made early on her career like joining companies where the culture and values were not aligned with her personal values. She has also learned through experience that taking side steps is not career limiting but rather career enriching. ‘There is not a straight line to success’ – she reminded the audience as she reflected on her own career.

I have also committed similar mistakes early on in my career but these mistakes have been invaluable as I learned about the importance of culture and values and from that point on I knew what to look out for when considering new opportunities. 

Then the conversation turned to biggest challenges being in the C-Suite and also trying to raise a young family as Jessica has three young children who need her in their lives! Jessica was quick to point out that she struggled with the work-life balance. She has never felt that she did not get a senior role because she was a woman; she had great mentors and supporters who saw potential in her. She is doing the same for younger talents to pay it forward.

I agree with Jessica that one of the biggest challenges that we, women in senior leadership roles, face is the work-life balance. I have four children and the balancing act is constant. Without a supportive husband my journey would not have been possible. I also had the privilege to have mentors who believed in me and have given me opportunities to move forward in my career. These mentors have become sounding boards for me whom I can call any time I need a second opinion and I can always bounce off ideas off of them. I also pay it forward as I know the value that these mentors played in my career and continue playing now. 

Continuing on the topic of finding a work-life balance Jessica was asked how she was able to prioritise everything that needed her attention at home and at work. She shared with us some of the conscious decisions she has taken putting her family first, like the decision of not moving the family. Stability was important to her. She had a great network of friends, neighbours whom she could rely on which was important to her when her children were young. She also mentioned that most weeks she tries to work from home one day a week which helps her stay on top of doctors’ visits, parent-teacher conferences, etc. whilst working. Working from home provided her with that flexibility. She also mentioned that she has always been conscious ‘making the best use of her time’. Some of the examples included using the train time for reading analyst reports (when she was in Investor Relations) or using the time in the car driving for conference calls.             

This topic resonated with me like most other topics Jessica covered as I have always found it a challenge to juggle work-life balance. I have appreciated the most the flexibility that my roles have allowed me – working from home, taking calls in the mornings from home instead of sitting in traffic for 1.5 hours (instead of 45 minutes) or leaving the office on time to help my children with their homework or other school related activities. The flexibility has allowed me to be present in my children’s lives and also deliver on all my commitments in my roles. 

I hope that you have found some points that resonated with you as you read my capture of today's interview. In Part 2 I will focus on sharing Jessica's views on key career decisions she has taken, her thoughts on Innovation and how she has been able to shape the culture of her organisation. We will also discuss the importance of being on Boards and Networking no matter how busy one gets.