"In 2020, the CFO was already evolving into a strategic partner of the CEO, involved in many business decisions. But the pandemic put that evolution in overdrive. The work of CFOs and their teams- scenario planning, cash management, FP&A, digital transformation-became key to businesses' survival when the world went into lockdown and the global economy came to a screeching halt."
"Interviews have been edited and condensed for length and clarity. In the beginning. CFOs had to leap into action when the World Health Organization declared Covid-19, an infectious disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), a pandemic on March 11, 2020. Samir Kanuga, CFO of Royal Paper Converting, a toilet paper company, in 2020: I never thought toilet paper would trend on Twitter. It was a crazy time."
In 2020 CFO roles shifted from traditional finance functions toward strategic partnership with CEOs, a change accelerated by the pandemic. CFOs and finance teams led scenario planning, cash management, FP&A, and digital transformation to maintain operations during widespread lockdowns and economic disruption. Finance leaders across industries prioritized employee safety, secured critical supplies, and adapted workplace arrangements by moving corporate staff to remote work while keeping essential production and services running. The World Health Organization's March 11, 2020 pandemic declaration prompted immediate financial and operational actions focused on business continuity and rapid decision-making.
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