Stephen Rivera: A Trailblazer in Accounting, a Champion of Change, and an Inspiration to Future Leaders

Interviewed by: Kate Donato

Stephen Rivera, known as “the man, the myth, the legend” in accounting and finance, is preparing to retire after an extraordinary career spanning over two decades. As Vice President of Global Finance at Johnson & Johnson, Stephen has played a pivotal role in driving transformative financial strategies, enhancing operational efficiency, and fostering an inclusive, forward-thinking culture within one of the world’s most influential companies. Over his career, he has led efforts to streamline global finance operations, championed transparency in reporting, and launched programs to develop the next generation of finance leaders.

Beyond Johnson & Johnson, Stephen is widely respected in the industry. For over a decade, he has chaired the Pharma-Biotech and MedTech Industry Accounting and Reporting Committees, where he has advanced best practices and led discussions on new standards affecting financial reporting. In 2018, he was honored with the Trailblazer Award at the Annual Life Sciences Accounting & Reporting Congress recognizing his exceptional contributions as a leader in pharma-biotech accounting and reporting. In 2021, Stephen was again celebrated by his peers for his ability to inspire, lead, and drive innovation across the industry.

In addition, Stephen’s commitment to fostering industry-wide excellence is evident through his leadership in high-profile industry conferences. In 2022, he was nominated to chair the prestigious CFRI Conference, which brings together top financial leaders from the FASB, SEC, and Fortune 50 companies. Most recently, in 2024, he was selected to chair the Life Science Accounting & Reporting Conference, a key forum for industry and regulatory leaders, including representatives from the FASB and SEC, to address emerging issues in financial reporting.

A pancreatic cancer survivor and proud father of triplets, Stephen exemplifies resilience, strength, and a deep dedication to balancing career and family. His insights come from years of experience, both in overcoming personal challenges and advancing the accounting profession during times of rapid change.

As he prepares to retire, we felt it was the perfect time to capture Stephen’s reflections on the industry, his advice for future accountants, and his perspective on today’s pressing challenges, from the talent shortage to the importance of diversity in finance. His story serves as an inspiration and a roadmap for resilience, offering invaluable wisdom to those entering or navigating the accounting and finance field.

Q: Could you share a bit about your journey to your current role at Johnson & Johnson? What drew you to accounting and finance, and how have your experiences shaped your approach to leadership in this field?

I began my career at Coopers & Lybrand and then transitioned into corporate working for organizations such as General Public Utilities, AT&T- Lucent, Aventis-Sanofi and finally J&J. ?During my time at AT&T, I experienced a major shift when they spun off Lucent Technologies in 1995. This was my first big exercise in the complexities of a large corporate spin-off. It was a learning experience in balancing responsibilities between AT&T and the emerging companies, while navigating the politics of where each employee would ultimately land.

When Lucent spun off, they needed a CPA to manage things on the other side. Out of four potential candidates, I was selected, which underscored the value of having experience across both parent and new entities.

After that, I spent over 20 years at Johnson & Johnson, a tenure that surprised even me. The company’s culture and values resonated deeply with me—very different from the high-stress environment of AT&T and Lucent in the ’90s. J&J is a healthcare company guided by a Credo that represents a commitment to patients, doctors, and nurses. Their approach emphasizes that if you prioritize people and their well-being, profits will follow. That’s part of why they’ve been successful for over 135 years.

Even as a finance professional, I’ve come to appreciate the “bedside manner” of healthcare. Just as doctors help patients understand and feel comfortable with their diagnoses, I believe that finance and accounting can benefit from a personal, human approach. At J&J, we focus on collaboration and connecting on a more personal level with our colleagues. I’ve worked in places where relationships were purely transactional—you’d get the job done without knowing if someone even had a family. But J&J’s family-oriented culture taught me that understanding who people are, beyond just their professional roles, can make a real difference, especially for the younger generation.

Q: Looking back, what were some pivotal moments or decisions in your career that set you on this path?

Leaving the telecom industry was a pivotal moment for me. When I was at Lucent and AT&T, I thought telecom was the ultimate field, but I came to realize that an accounting background provides the flexibility to transition across industries. Skills like financial reporting, GAAP, and preparing financial statements are universal. This adaptability eventually led me to Sanofi/Aventis and, ultimately, to life sciences—a career-defining shift.

Interestingly, facing rejection also played a role in shaping my path. At Lucent, I was passed over from a promotion to Assistant Controller as part of a spin-off. Being told "no" forced me to think carefully about what I truly wanted. It was frustrating, but it led me to a career in Life Sciences at Aventis-Sanofi. Ironically, after I announced I was leaving, they suddenly offered me more opportunities to stay, but by then, I had already made up my mind. That experience taught me the importance of trusting my instincts and prioritizing my own career goals.

At J&J, I was fortunate to find a mentor who saw potential in me and advocated for my involvement in external conferences industry events, and the importance of accounting compliance. This support lifted me up and expanded my perspective in ways I hadn’t anticipated.

Q: Did your experience with pancreatic cancer impact your outlook on life and shape your career path?

Absolutely-it was terrifying. But I started to realize that talking about it was therapeutic. I felt, “I’m here for a reason,” and I wanted to make the most of whatever time I have. Surviving the worst of it has motivated me to contribute even more, to make an impact where I can. It was a major turning point for me, in my career and in life. You start to see what truly matters, and it gave me the courage to change my path, to speak up about what I wanted professionally. That was a key moment.

I’ve always tried to keep a positive attitude. Even after getting my diagnosis and being told about the Whipple procedure, I was joking, “Can we wait until after tax season?”—just a couple more weeks! I was not scared initially and I believed things would work out. I ended up having surgery on April 15. I was incredibly lucky, no chemo needed, but the procedure—one of the toughest surgeries out there. Nine hours under the knife—it was a drastic experience.

People often tell me, “Steve, you’re always so positive.” And honestly, that outlook helped me get through it. I didn’t let it define me or take over my life. I did wonder, “Why me? Why did I make it?” But I’ve come to answer that over the past decade. Looking back on everything I’ve done since then, and even before, it means so much to me that my efforts are recognized, that they made a difference.

Q: The accounting profession is facing a talent shortage. In your view, what are some key factors driving this shortage, and how do you think companies can help bridge this gap?

I've spoken on this issue before—it’s a complex one. For one, the profession is undervalued when it comes to compensation. Today, entry-level accounting salaries often don’t reflect the critical role accountants play, especially in public accounting. We’re at the low end of the pay scale compared to other professions, and that disparity needs addressing.

Then there’s the education hurdle. The requirement of 150 credits to sit for the CPA exam has created barriers, especially for students from diverse or less affluent backgrounds. Many students, already on a four-year scholarship, can’t afford the extra credits. There are proposals to allow candidates to sit for the exam after 120 credits and complete the remaining 30 while working, which could help, but support is still inconsistent.

Another challenge is representation. Many students are reluctant to enter a field where they don’t see people who look like them. Recruiting a diverse talent pool is tough; there just aren’t enough diverse candidates choosing this path. Without visible diversity in accounting, attracting a broader range of young people becomes even harder.

Lastly, the work-life balance and increasing regulatory demands make public accounting less appealing. The hours can be intense, and with growing regulations, the risks are high. Students now look at other fields like data science or engineering that offer better work-life balance, higher starting salaries, and fewer barriers to entry.

It’s clear that salary, education requirements, diversity, and regulatory pressures all play a role in the accountant shortage. Addressing this shortage will require leaders in accounting to ensure these issues are heard and addressed at every level.

Q: Diversity in accounting has been a long-standing goal. How has industry evolved in this area, and where do you think more work is needed?

I hear from students all the time: “Show me someone who looks like me.” They don’t want to walk into a room and be the only Hispanic, Black, or female professional. While we’ve seen some progress, such as bringing more women into accounting, the profession remains predominantly white and male. Only recently, after 50 years, did the FASB nominated and selected a woman of color to its board. But can we see more? With DEI efforts shrinking, I worry we’re losing momentum on true representation.

Students tell me they love the profession, but they’re asking, “Who’s my person? Who do I talk to?” They want mentors who understand the challenges they face. This isn’t just about salary—it’s about access, networks, and guidance. For many, especially those from low-income backgrounds, these connections make the difference between struggling and succeeding. Without representation, we risk losing promising talent at the very first gate.

In fields like medicine or law, people often see themselves reflected and feel free to be authentic. Unfortunately, accounting hasn’t fully embraced that yet. Diversity is essential—not just because it’s the right thing to do, but because it fosters stronger teams and better decisions. Of course, talent must always come first, but we must also acknowledge the importance of representation in inspiring and developing future leaders.

Organizations like the PCAOB, SEC, and FASB are aware of these challenges and are making strides to attract and include diverse talent. Building a leadership pipeline that reflects a variety of perspectives is a long-term effort, but it’s one that will shape the future of the profession for the better.

It’s also about style and energy, qualities that bring leadership to life. I’ve been fortunate that my talent and skills, combined with a unique perspective, have opened doors to leadership opportunities. It’s encouraging to see organizations recognizing the value of diverse voices and considering individuals from varied backgrounds for critical roles. Leadership thrives on a range of experiences, and I’m hopeful that these steps will inspire others and pave the way for even greater representation in the future.

For our profession to attract and nurture talent, we need real representation at every level. Leadership should reflect a variety of voices, styles, experiences, and look different if we’re serious about moving forward.

Q: Can you share any experiences or insights from your work at Johnson & Johnson where fostering diversity has contributed to more innovative or effective solutions?

The reason I push for diversity on teams is because it drives better results. When you bring people from different backgrounds together, they approach complex issues in unique ways, providing fresh perspectives and solutions. This diversity isn’t just about ticking boxes; it’s the key to building a stronger, more capable team. I believe in surrounding myself with people who don’t look, think or sound like I do, because that’s how we reach the best outcomes.

For young professionals, early experiences shape their approach to leadership. My goal is to model how to tackle sensitive issues, present to leadership, and communicate openly in conferences and meetings. Vulnerability is a key ingredient here—when people see you’re sincere and open, they truly listen. I’ve found that leading with authenticity, even when some might say it’s “too nice” or “too soft,” is my strength. It creates a comfortable environment where people feel valued, are eager to learn, and genuinely want to contribute.

At J&J, I saw firsthand the power of connecting personally and professionally with people. We’re all about health and well-being here, and it’s vital that team members feel good about coming to work. I’ve worked places where I’d get those “Sunday night sweats,” dreading last-minute calls before big meetings on Monday morning. That’s why, as a leader, I set clear boundaries. After COVID, I noticed how crucial this balance was and made it a priority—no more 24/7 emails, especially on weekends. Setting these boundaries respects people’s time and keeps them from burning out.

At J&J, I’ve grown personally by focusing on taking care of our people, just as we take care of our patients. And as a leader, I recognize the importance of connections beyond our own walls. When I first started, we weren’t encouraged to build external networks. But now, I’ve found that sharing insights and learning from other industries is invaluable. The future of leadership, in my view, isn’t about closing off; it’s about expanding our network, exchanging ideas, and growing together.

Q: How do you think AI is impacting the accounting and finance, and what opportunities or challenges do you see emerging as a result?

From a corporate perspective, AI is a helpful tool but not a full solution. It can assist in getting projects started or generating initial results, but skill and expertise are still essential to take things across the finish line. AI won’t replace the need for judgment or a deep understanding of the rules—it simply can’t deliver 100% accuracy on its own. Just this week, I had a conversation regarding AI. In order to use AI effectively, you must have enough knowledge to verify the results. AI, like any tool, requires an expert review to catch inaccuracies and ensure that the data is sound.

In finance and accounting, we can't solely rely on AI for critical tasks like drafting disclosures, interpreting complex data, or placing information on financial statements. Investors and stakeholders depend on the accuracy and clarity of these details. If we let AI handle this without human oversight, it would undermine the reliability of our financial reporting.

It reminds me of learning multiplication tables in school. Using a calculator is convenient, but without knowing the math behind it, how do you know if an answer is correct? It’s the same principle with AI: you need the foundational knowledge to evaluate and validate the output.

In tasks like audits, financial statement reviews, and footnote disclosures, AI can streamline certain processes, but human expertise is still crucial to making sure everything makes sense. AI is a tool, not a replacement—it can enhance our work but must be managed by skilled professionals who can interpret and refine the results.

Q: What advice would you give to your younger self?

Looking back, I realize I should have spoken up more about my contributions. It’s an important lesson I’ve learned: in our profession, simply putting your head down and doing great work isn’t always enough. You need to make sure others know the value and quality of what you bring to the table. Speaking up, making your impact known, and working for people who respect and acknowledge your contributions are all essential.

If you’re in a role where your efforts aren’t respected or valued, especially if you’re innovating and bringing new ideas, it’s worth considering a change. Find a leader who will advocate for you and help you grow—someone who genuinely supports your advancement. That’s something I wish I’d focused on more; I got so immersed in the day-to-day that I didn’t always prioritize showcasing my value.

For me, and maybe for many others, it’s partly cultural and partly about personality—some people are naturally better at self-promotion. I wasn’t as comfortable with it at the time, but I’ve come to see that being visible and vocal about your work is a crucial part of career growth.

Q: Did your parents work in corporate?

No, not at all- as first-generation college graduate and a diverse candidate, I’ve seen firsthand the challenges that come with entering this profession back in 1984 without established networks or mentors who understand the unique barriers you might face. Forty years later, I still see new professionals asking the same questions I once had: Who will guide me? How do I navigate a path where I may not see others who look like me or have faced similar challenges?

Reflecting on my career, I’m often struck by how much I’ve achieved, even though I rarely felt that way in the moment. I reached executive levels later in my career, and looking back, I wish I’d had more time in the C-suite. In any field, the higher you rise, the more influence you have, and I’ve seen how much titles can matter. It was a tough reminder that certain roles come with built-in credibility and access, which are critical for career advancement and influence.

This experience also shapes how I mentor interns and younger professionals. I bring them into executive meetings, not to overwhelm them but to give them exposure to high-level discussions. I tell them, “Just listen—watch how these leaders negotiate, share perspectives, and navigate delicate conversations.” It’s a valuable education in itself, helping them understand the dynamics of leadership roles and how to develop a voice without stepping on toes.

These experiences taught me that to make a difference, you need both a seat at the table and a willingness to advocate for yourself and others. It’s a balance of resilience, visibility, and knowing how to “dance” through complex professional settings—a skill I hope to pass on to the next generation.

Q: Where do you see the accounting profession heading in the next 5-10 years? What emerging trends or challenges do you believe will shape its future?

I’m seeing some significant shifts right now, especially in DE&I. With recent changes in leadership, some major corporations, like Lowe’s and John Deere, are adjusting their DE&I initiatives and setting new expectations. This trend may plateau, but it reflects a larger reevaluation underway across industries.

Within the accounting profession, though, I still see positive steps forward. There’s an acknowledgment of long-standing issues like intense workloads and work-life balance challenges, especially for those entering the field. Firms know they need to make this profession more sustainable and appealing, yet solutions are still emerging. After 40 years in this industry, I can’t help but wonder why we haven’t yet managed to reduce the 70-hour workweeks or create more efficient processes. Is it due to handling multiple roles or simply a shortage of people for an increasing number of jobs? Many young professionals are feeling the strain and are moving to private sector roles, like those at J&J, or leaving the profession entirely to pursue new paths.

This trend is concerning, but I’m hopeful we’ll find a way forward. We need skilled accountants for financial reporting and auditing, and to maintain trust in our markets. The strength of our financial system depends on the integrity and accuracy that accountants bring, and if we lose that, who will ensure it? Will it be AI? That’s a worrying thought, but I have faith we’ll adapt and keep our profession essential and respected.

Q: Last question, after your retirement- what is next?

The accounting industry remains close to my heart, and staying connected is important to me. You’ll see me at the Life Sciences Accounting & Reporting Conference in Philadelphia this March, where I’ll be reconnecting with colleagues and industry leaders. I’m also considering getting involved with Becker Review alongside Tim Gearty, as part of the GAAP Gang, Business Round-Table and considering some online teaching over Zoom to make Accounting 101 engaging and accessible for the next generation.

As I navigate my first six months of retirement, I’m careful not to overcommit—taking a “no for now” approach to give myself space to adjust. That said, I’m open to future opportunities, and a board seat would allow me to make an impact without rushing into too much too soon.