So with FPAS being consolidated into corporate FP&A, what was the point of coe finance transformation to begin with? It just goes back to finance like nothing ever happened? Finance is always chasing everyone else for savings, while untold millions were spent on overlapping roles and chaos for years with no accountability or sensible organizational structure. It is a travesty what has happened to so many careers over the years as a result of costly misalignment among the finance leadership. There could really be a full case study on it.
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@k7 it would be a miracle if he and his team are held to account for cooking the books.
Mark this down, CFO doesn’t make it out of 2026 without being fired regardless of his $4M bonus set to be paid out a year after.
You know what you did Tony.
@ap It must be the most wasteful and expensive failed finance transformation of any company ever - failure at scale! A lot of Lake Mary turnover was because they were hired with the promise of being world class, yet were told to just be a report factory with no business facing component. The whole concept was for a large team to be doing entry level data entry and refreshes for people up north that couldn’t even do a pmr pull. So people left in droves to get real finance jobs elsewhere.
Verizon finance is a joke. The CFO is guilty of letting Hans run the company into the ground. The whole group is a bunch of flunkies who couldn’t pass the CPA and are worthless. FP&A is led by id--ts, none of which know a dang thing about Business. They are one of the biggest reasons Verizon is in this shape. Not one person under Skiadis should be allowed to stay.
Finance transformation was Shamwow's initiative. Skiadis was the attack dog / yes man.
I personally handle to dismantle and rebuild my organization, not once, but TWICE! Each time gutting the team of resources and institutional knowledge. It was billed a "talent refresh." What BS!
Each time we were almost forced by Sr. Leaders and HR to hire millinenials straight off the street. Ageism was a real thing.
75% of the new hires bailed out in under 2 years. The "talent refresh" lead to constant chaos.
Still wondering after 14 years of constant finance transformation did they ever become "world class" like they said they would?
Fpas as it's own organization wasn't the answer. Tucked into the finance teams is exactly where they should be so they can support teams more narrowly than broadly as they did.
PCP/LSD/DMA etc....
Finance transformation was about consolidating locations and cutting jobs. Stormin' Skiadas led all the transformation efforts since 2012 and each time, good people get cut, the processes get reorganized, and we come out weaker on the other side. Time to get a CFO who knows how to grow a company, not just placate their CEO overlords while they watch Swedish handball matches and count cattle on their Montana ranch.