Rewards for a tough job

by Robert C. Powell III
Virginia Business
July 2006

It’s never been hotter in the kitchen for chief financial officers. The corporate accounting scandals at Enron and WorldCom forced CFOs into a whole new set of compliance rules required by the Sarbanes-Oxley Act of 2002. The law makes them personally liable for any deliberate misrepresentation of their companies’ financial statements.

In this month’s cover story, frequent contributor Jack Milligan of Charlottesville explores what it’s like to be a CFO, arguably one of the toughest jobs in corporate America.

Yet, despite all the pressure, many Virginia CFOs do outstanding work. In recognition of their efforts, Virginia Business has begun the CFO of the Year Award. The awards honor chief financial officers in three categories: public companies, large private companies (more than 100 employees) and small private companies (fewer than 100 employees).

Businesses in the Williamsburg region are not looking for awards, but they hope to get some attention during the coming months as the celebration of the 400th anniversary of Jamestown unfolds. Contributing writer Donna C. Gregory of Richmond reports that attractions in the Historic Triangle have been busy preparing for the event, although it has not drawn as many corporate sponsors as originally planned. The Williamsburg area, however, is not pinning all its hopes for growth on tourism. Many other ventures are sprouting in the region.

Another part of the state hopes to add to its growing auto industry. The Roanoke region reportedly is on a short list of possible sites for a new Toyota assembly plant. Contributing writer Deborah Nason of Roanoke explains how such a plant would fit well with the region’s highly developed community of auto suppliers.

Another good fit is found in our story about “green” architecture. Special Projects Editor Jessica Sabbath finds that environmentally friendly design is gaining acceptance as its energy cost savings become better known.

Just as green design is expected to lower energy costs, competition is expected to make a dent in the monthly bill for cable TV services. Contributing writer Lorie Long of Roanoke looks at a law passed by the Virginia General Assembly that may speed the introduction of new competitors in the cable television industry.

This variety of information might help those harried CFOs. Companies are always looking to CFOs to increase revenue and control costs. That’s what they do. But the expectations now go far beyond that. A few of the topics covered in this issue might make the job easier.