The Modern CFO

Relativity Space’s CFO, Mo Shahzad, has been instrumental in shaping aerospace innovation, most significantly in helping build and launch Terran 1, the world’s first 3D-printed rocket. Mo's commitment to pushing the boundaries of what's possible in space exploration underscores his pivotal role in steering Relativity Space to the forefront of the industry. In this episode, Mo joins host Andrew Seski to share his unique journey from growing up in Pakistan to joining a cutting-edge company. He provides insights into how competition fuels progress and emphasizes the importance of maintaining integrity and transparency as core company values. Mo also discusses how Relativity Space fosters a culture of curiosity and eagerness for learning, enabling the company to quickly iterate on its ambitious mission to make life interplanetary. Tune in to hear from an incredible leader advancing aerospace ingenuity, as Mo navigates the industry’s complexities with an unwavering focus on progress. This episode provides a fascinating glimpse into the future of space exploration and highlights how modern finance plays a crucial role in shaping it. ‍ Show Links Connect with Mo Shahzad on LinkedIn Connect with Andrew Seski on LinkedIn Discover more about Relativity Space today! ‍

In the complex world of academia, corporate finance, and venture capital, few names resonate as powerfully as Ilya Strebulaev’s. As a Professor of Finance at the Stanford Graduate School of Business, Ilya has cemented his reputation as a leading authority in corporate finance, financial decision-making, and private company valuation. Ilya’s academic journey is marked by countless accolades and published works in top-tier academic journals. In his latest book, The Venture Mindset, Ilya’s research provides profound insights into venture capital markets, offering a deeper understanding of financial strategies employed by firms today. Known for his rigorous analysis and clear articulation of complex financial concepts, Ilya’s work is a cornerstone for both scholars and practitioners alike. In this episode, Ilya joins host Andrew Seski to discuss his extensive research and its implications for modern CFOs. He delves into the nuances of venture capital, the history that led him to his success, and some of the core principles that allow VCs to pursue success despite the odds. Listeners will gain invaluable perspectives on how to navigate the intricate financial terrain from one of the foremost experts in the field. Whether you're a seasoned CFO or aspiring to enhance your financial acumen, this episode promises to enrich your understanding of corporate finance and venture capital, guided by Ilya’s expertise and experience. Show Links LinkedInLinkedInThe Venture Mindset

Fanatics has rapidly emerged as a juggernaut in the world of licensed sports merchandise, collectibles, and online betting. What started as an online retailer in the late 1990s has transformed into a multi-billion dollar operation serving as the official e-commerce partner for major professional sports leagues like the NFL, NBA, MLB, NASCAR, as well as top college programs. Under the leadership of CFO Glenn Schiffman and executive chairman Michael Rubin, Fanatics has vertically integrated its operations by acquiring brands like Topps' sports collectibles business, and many others across manufacturing and, most recently, online betting platforms. This aggressive growth strategy has propelled Fanatics' revenue from just $250 million in 2012 to over $7 billion (as of 2022). The company has secured groundbreaking long-term merchandising rights partnerships with sports leagues, while also expanding into new revenue streams like collectible NFTs and online sports betting via Fanatics Betting & Gaming. With over 100 million customers in its database, Fanatics is uniquely positioned to provide a comprehensive, fan-first experience across merchandise, collectibles, and gambling verticals. In this episode, Glenn Schiffman pulls back the curtain on Fanatics' meteoric rise, sharing his journey from investment banking to CFO. He also highlights the company's forward-thinking acquisition strategy, how they attract top talent, and his vision for the future as Fanatics dominate the intersection of sports and entertainment. Show Links LinkedInLinkedInFanatics

Join Dallas Clement, President and Chief Financial Officer of legendary Cox Enterprises, as he shares invaluable insights into his career journey, financial leadership, and how Cox's foundational values have been a beacon of success for 125+ years. With over three decades of experience, Dallas emphasizes the importance of balancing culture, learning, and growth in any financial professional’s career trajectory. He also delves into Cox's ethos of embracing risk and innovation, even if it means competing with themselves, to stay ahead of technology and trends. We were thrilled to have host Andrew Seski on-site at the wonderful Cox campus in Atlanta to record this episode, and we are grateful for Dallas’ contribution to the CFO conversation. Tune in for a thought-provoking discussion on leadership, strategic vision, and the enduring legacy of Cox Enterprises. Show Links LinkedInLinkedInCox Enterprises

In this episode of The Modern CFO, Lauren StClair, CFO of NerdWallet, shares her unique career journey spanning across startups and large corporations like PayPal, eBay, and StubHub. She delves into the valuable lessons she's learned along the way, offering key takeaways for professionals in the finance and technology industries. Lauren's journey began at a small early-stage startup, where she quickly learned the value of resourcefulness and urgency in business. This experience taught her to wear multiple hats and connect the dots across various aspects of the company, providing a solid foundation for her future roles. However, she also realized the importance of understanding how to operate at scale and the need for best practices, leading her to pursue opportunities at larger organizations. During her tenure at eBay, Lauren had the opportunity to work in different functions, both within and outside of finance. She participated in a leadership development program, allowing her to complete multiple rotations across various departments. This experience not only expanded her functional skills but also taught her the importance of embracing change and humility. As Lauren reflects on her career path, she shares valuable insights for professionals navigating the dynamic landscape of finance and technology: Embrace changeDevelop a sense of resourcefulnessLearn to operate at scaleCultivate humilityLauren StClair's journey in the world of finance and technology offers a wealth of knowledge for individuals looking to build a successful career in these industries. Tune in to The Modern CFO podcast to hear the full conversation and gain inspiration from Lauren's remarkable story. Show Links LinkedInLinkedInwebsite

"Am I continuing to learn? Am I continuing to create value?” These questions act as pillars for Eric Muhlheim, propelling his expansive career from studying mathematics to leading finance teams at one of the most dynamic tech organizations today. In our first episode of 2024, Eric and host of The Modern CFO, Andrew Seski, explore Eric's formative experiences at Morgan Stanley, his impactful tenure at Disney, and his transition into the world of tech leading him to his current role at Mozilla. Eric shares insights into Mozilla's unique corporate structure, its mission-driven approach, and the challenges and opportunities presented by the AI revolution. Listen in as Eric and Andrew discuss the importance of strategic implementation, the critical role of maintaining a strong, mission-aligned balance sheet, and Eric's personal approaches to leadership and relationship-building in the corporate world. Show Links LinkedInLinkedIn2023 State of Mozilla

From investor to public company CFO, BLADE's Will Heyburn shares his path to the selective role of leading a finance team from the private markets through an IPO and beyond. In this episode of The Modern CFO, Will unpacks BLADE's unique evolution from passenger transportation to a leading medical organ transport provider and why they continue to focus on direct communication, data-driven decision-making, and building a customer-centric culture. Will and host Andrew Seski discuss the intricate balance between risk management, client satisfaction, and staying adaptable, especially as a technology platform within the aviation industry. Listen in for more secrets to BLADE's success and valuable lessons for aspiring CFOs navigating the future of technology within their own companies. Want to give BLADLE a try? Listeners can use Will's promo code* available towards the end of the episode! *Terms and conditions may apply Show Links LinkedIn LinkedIn website

In today's fast-paced marketplace, distinguishing what is important and impactful is a challenging task, and when a crisis unfolds rapidly, the stakes reach unprecedented heights. Steven Kelly, Associate Director of Research at the Yale Program on Financial Stability, joins us to discuss how navigating the choppy financial waters requires CFOs to possess a keen sense of judgment, as well as a sharp appetite for risk. Our conversation delves deep into financial stability, its critical tools for navigating fast-moving crises, its relationship with technology, and recent dynamics among banks, governments, and international markets. Listen in as we uncover valuable insights on how CFOs can better understand, mitigate, and effectively manage risk, offering a lifeline for those seeking to fortify their financial strategies and bridge the gaps in tomorrow's balance sheets. Show Links LinkedIn Twitter/X LinkedIn Yale’s program on Financial Stability the program’s knowledge base

In this episode, Mark Wilson, former CFO of iconic automotive brands McLaren and Aston Martin, reveals the keys to enduring success in an ever-changing industry. Now CFO at Verge, an electric motorbike company, he shares with us his strategy to marry cutting-edge performance innovations with an authentic human experience. We discuss the fundamental values of financial management, especially in fast-paced environments. Mark emphasizes the importance of discipline, rigor, and transparency in all financial decisions. We also talk about the power of partnerships built on mutual goals, where the sum or parts is far more valuable, while also highlighting strategies he’s used for avoiding one-sided deals. Listen in as we revel in Mark’s experiences at Aston Martin, where he successfully propelled the storied brand into the modern era—navigating great deals while also supporting legacy relationships, like that of the storied James Bond franchise Show Links LinkedIn LinkedIn website

In a world where data reigns supreme, today's leaders need to balance the quantitative with the qualitative to lead, create, and inspire the next generation of CFOs. In his role as CFO at ThoughtSpot, Mohit Daswani leverages his extensive background gained from notable positions at JPMorgan, PayPal, and Square. He passionately champions the company's mission to forge a future grounded in data-driven decision-making. Having had the privilege of learning from industry luminaries such as Bob Swan, Sarah Friar, and John Rainey throughout his career, Mohit envisions an even more profound influence achieved through the power of machine learning Listen in as Mohit discusses three core principles shaping his role with host Andrew Seski: building a fact-driven culture, learning from his mentor’s invaluable influence, and discovering the strategic role of a CFO in leveraging data to shape business decisions. He also touches on a commonly underestimated aspect of modern life–the need for genuine human connection. Show Links LinkedInLinkedInThoughtSpot's

Have you ever wondered what the future of car-sharing looks like? Turo CFO Chuck Fisher unpacks this with host Andrew Seski on this episode of The Modern CFO Podcast. Chuck also shares his perspective on the role of trust in car-sharing technology, the economic value created on Turo's platform, and how Turo is bridging the gap in transport insecurity. Listen in as Chuck shares his most memorable pit stops and detours along Turo's journey, including the company's rapid growth in 2021. From the role and impact of his mentors, to scaffolding platforms, hear Chuck’s route to the CFO seat and how Turo is using data-driven decision-making to create a more sustainable and equitable transportation system. Show Links LinkedInLinkedInTuro

Jessica Holscott didn’t always have a clear route to a public-facing C-suite role. She had spent many years in different industries — from lighting to vehicle manufacturing — transitioning through a variety of positions to become the well-rounded businesswoman she is today. Most recently, she served as executive vice president (EVP) and chief financial officer (CFO) of WarnerMedia Studios & Networks. Prior to that, Jessica held several leadership roles, including EVP and CFO at HBO, senior vice president of investor relations at Time Warner, and CFO of NBCUniversal’s TV Stations division, where she brought a wealth of experience and knowledge in financial management, strategic planning, acquisitions, and more. In this episode of The Modern CFO, Jessica talks with host Andrew Seski about the playbooks that guided her throughout her career and how she transitioned into the public-facing media landscape. An avid networker with deep roots in the entertainment industry and blue-chip consumer companies, Jessica also shares invaluable lessons for aspiring CFOs seeking mentorship. Show Links LinkedInLinkedIn

For Townsend Search Group, executive search is a highly personalized process—one that requires looking at the market, the competitor environment, and the culture of the client’s organization, and then drawing up a tailored strategy for them. The goal isn’t just to find candidates. Rather, Townsend aims to place change-making leaders that fulfill long-term goals, influence strategic plans, and impact decision making across client organizations. In this episode of The Modern CFO,​​ Dan Ellis, Managing Director at Townsend Search Group, dives into the challenges, strategies, and invaluable lessons for aspiring CFOs and those seeking effective financial leadership. With over a decade’s experience in public accounting and consulting, Dan Explores the diverse personalities, drive, and discipline that define these financial leaders. From the vital role of athletics in shaping their work ethic to the crucial balance between work and personal life, gain valuable insights into what it takes to excel in the competitive world of CFOs. Show Links Townsend Search GroupLinkedInLinkedInLinkedIn Transcript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: Hello, everyone. Welcome back to another exciting episode of The Modern CFO Podcast. As always, I'm your host, Andrew Seski. Today, we're joined by Dan Ellis, managing director of Townsend Search Group, a search group based in Michigan, my home state. And for just over a decade, Dan shared his career experience in public accounting and consulting and today is connecting private equity groups or portfolio companies with the best talent there is. Dan, thank you so much for joining us today. [00:00:35] Dan Ellis: Andrew, thank you. Happy to be here and excited to chat about some topics about the modern CFO. [00:00:43] Andrew Seski: So one of the reasons I'm so excited that you're on the podcast is that we get all of these incredible insights from CFOs in their fields. And while they're all diverse, I think your perspective should be really unique and valuable to them. It's a somewhat opaque world and I know that market dynamics have severely shifted in the last few years and even last few months. Before we dive into the whole world of CFO placements and Townsend as a search group, I'd love to go back in time and learn a little bit about how you initially became interested in accounting and maybe even earlier days outside of undergrad. [00:01:20] Dan Ellis: Yeah, sure. I appreciate that. I grew up in an entrepreneurial family. My father and grandfather purchased a manufacturing company that they grew and successfully operated. So I always wanted to be a business owner and I saw accounting as a path into that. So went to Western Michigan University, got my accounting degree. After that, spent eight years in public accounting and consulting as a CPA. Towards the tail end of that, I got into M&A advisory, due diligence, transaction support. And really liked that environment, but didn't see myself being a partner in a public accounting firm. I wanted to do something more entrepreneurial where you could eat what you kill. And so I was introduced to my colleague and partner Peter Bridges at Townsend Search Group. And just came into the executive search and recruiting world with a network previously in private equity and consulting and was able to learn the operations and the process of executive recruiting and eventually become very good at executing searches, which ultimately led into more to business development and opportunities like this to meet you. [00:02:31] So our specialty at Townsend has really become working with middle-market companies, lower middle-market companies that are privately owned, most often private equity sponsored. So we do a lot of work in the private equity community, not only at the firm...

It is a real privilege to invite you to listen to this exclusive podcast episode featuring John Nickolas, the esteemed CFO of the Philadelphia Phillies since 2007. With a rich background that includes notable contributions to Philadelphia's business landscape through esteemed firms like KPMG, Safeguard Scientifics, and Internet Capital Group, John's leadership has been instrumental in shaping the success of the city's iconic ventures. In this episode of The Modern CFO, host Andrew Seski engages in a compelling conversation with John, delving into the intricacies of managing a publicly visible yet privately-owned enterprise such as a professional sports franchise. Drawing from his extensive experience, John shares veteran insights that hold relevance for CFOs and aspiring leaders alike. Don't miss this opportunity to gain valuable perspectives from a seasoned industry expert. Show Links YoutubeTwitterInstagramLinkedIn

As customer expectations continue to evolve, marketers must adapt by delivering more personalized, timely, and efficient communication. This is where the online marketing platform Customer.io truly shines. Customer.io enables tech-savvy marketers to engage with their customers in a more meaningful way through emails, SMS, push notifications, and more. For the fast-growing SaaS companies that Customer.io serves, this capability could translate into stronger customer relations, higher conversion rates, and increased scalability. In this episode of The Modern CFO, host Andrew Seski talks with Customer.io CFO Zhi Li about his nonlinear career path, the impact Customer.io can have within organizations, how marketers can use AI as a fractional assistant, and more. Show Links Customer.ioLinkedInTwitterInstagramLinkedInLinkedInTranscript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: Hello, everyone. Welcome back to another episode of The Modern CFO Podcast. As always, I'm your host, Andrew Seski. Today, I'm joined by Zhi Li, CFO of Customer.io. Zhi, thank you so much for being here today. [00:00:21] Zhi Li: Thanks for having me. [00:00:23] Andrew Seski: So I'd love to talk about your career progression, the route to the CFO role, your first time as a CFO in earlier companies. But before we do so, I'd love to hear a little bit of background as to what you were interested even in undergrad and some of the first roles that you had, you know, right out of Penn. [00:00:41] Zhi Li: Yeah, yeah. So maybe just a little bit of myself and then we can probably launch into different topics that would go in there. But so I was born in China and then grew up in the Bay Area and then went to Penn. You and I just chatted about like Philly, which is the city that I really love. But after Penn, I actually started my career in Canada. So I was in finance at a wireless division of a large telco called Bell Canada. And then after that, I moved back to the US. So I worked in investment banking in New York in the tech group of Credit Suisse. So if you follow banking, you know, Credit Suisse might be called UBS or First Boston later on or something like that. So that's the some of the new dynamic there. But I learned a lot during that time in banking. Worked a lot as well but, you know, on many tech M&A and IP financing deals there and also get to interact with a ton of smart, hard-working, talented people. And then after that, I actually moved to Seattle cold turkey. And the backstory to that was my wife and I were both actually in grad school in LA. When I took the job to move to New York, I made a deal with her and say, Hey, you know, we need to transfer your grad school. She's got two more years. You know, whenever you are ready to leave, I'll hold up by end of the bargain. So no questions asked. When you're ready to leave New York, then I'll go. So the time came. This is probably like seven years ago. She says she wants to move to Seattle closer to her family. And then, I picked up and go. I did not know anybody in Seattle going in. But Seattle, I — now, like it's home for me. So I love it. It reminds me of maybe the Bay Area when I was, you know, many, many years ago, you know, back in high school when I kind of grew up in the Bay Area. So but yeah. So now, I'm in Seattle. I focus on helping fast-growing SaaS companies, helping them scale. So, you know, the one of the company was Skytap, which is a Seattle-based enterprise SaaS company. And we did a number of transactions, including a Series E Round led by Goldman Sachs. And then after that, I was with MedBridge. So it was a growth P/E-backed company, and we sold the company from one growth P/E to another growth P/E. And now, I'm at Customer.io. So very happy at the momentum and everything that we have here at the...

In the world of wealth and asset management, and the private markets in general, there is a noticeable communication gap between generations. The next generation of owners–people between the ages of 18 and 25–are prolific consumers of digital content, from Reddit threads to Spotify podcasts. For many businesses, that means adopting new technologies, broadening offerings, and finding modern ways to effectively serve clients. In this in-person episode of The Modern CFO, host Andrew Seski visits with Anthony Pastore, Head of Broadcast Communications at UBS, to chat about what his firm is doing to bridge that generation gap in communicating and investing, the role that social media and video plays in staying relevant and ahead of the competition, and the importance of having a digital approach to maintaining the massive amount of wealth transferring to the next generation in the decade to come. Show Links UBSLinkedInUBS TrendingYouTubeLinkedInNth RoundLinkedInTranscript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: I'm Andrew Seski and this is The Modern CFO Podcast. I'm thrilled today to be joined by Anthony Pastore, head of broadcasting at UBS. We're in New York. We're here together. It's a rare opportunity for me and I'm thrilled about the conversation that we're gonna have today. Anthony, thank you so much for being here. [00:00:25] Anthony Pastore: Andrew, I'm honored to be here with you and it's very rare for me to be on the other side of the table of, podcast and video interviews. Usually, I'm the one asking the questions so I actually said to my team today as I was preparing to sit with you, I was like, I'm a little nervous. I'm not used to being interviewed. I'm usually the interviewer so I wouldn't be surprised if at some point I start turning the microphone to you and saying, "Andrew, I have a few questions for you as well" so hopefully, you're prepped for that. [00:00:49] Andrew Seski: I'm happy to. [00:00:51] Anthony Pastore: Anyway, I'm really happy to be with you. This is great. [00:00:53] Andrew Seski: Excellent. Well, I think the beginning of our conversation should probably start around your early career and why we're talking today. There's a huge gap in the wealth management and asset management world between generations. We are all consuming media in a different way, which is why I'm glad to be using this medium. And I'd love to learn from you as the head of broadcasting at UBS to explain what some of the brightest minds in the world are doing to bridge that gap. So, we have a ton to cover and I hope that it's a useful lesson for a bunch of CFOs who also have to communicate across a bunch of different cohorts of people. Whether they're investors or they're your C-suite or they're part of your team, having strong communication flows in a really technical way or a technical area like finance is just invaluable when it comes to senior leadership so. [00:01:44] Anthony Pastore: Yeah, I agree with that, by the way. And it's interesting because, and once we get into it, I'll talk more about it, but I think one of the interesting things about a job like what you and I do is we have to always be thinking, you know, five steps ahead of everybody else but it's really hard to do considering the competition in the media space. But what I think is interesting is we're talking about it, like I'm sitting in a wealth management firm at UBS and that's unique to our industry specifically — to have content like podcasts and virtual events and videos and internally for our employees and externally for anybody who wants to get a glimpse of what's going on and the thought leadership from this the UBS side. But, yeah. I know I'm going off on tangents here but I know you and I are both thinking similarly like what how much competition there...

Many small and medium-sized businesses in the country rely on a disparate range of financial services to help manage their accounts, expenses, and payments. Unfortunately, this system lends itself to time-consuming processes and inefficiencies that get in the way of growth. That’s why Rho is integrating all the financial services businesses need into one easy platform. With Rho, finance teams can view everything in one spot, scrap inefficient processes, and focus on driving value and growth. In today’s episode of The Modern CFO, host Andrew Seski talks with Rho CFO Jeremy Klaperman about how to 1) organize information systems, 2) build out an integrated data infrastructure from day one, and 3) embrace cultures of integrity from the CFO position. With decades of experience at elite financial organizations such as Goldman Sachs, D.E. Shaw, and Citadel, Jeremy expertly navigates his role as Chief Financial Officer. Show Links RhoLinkedInLinkedInNth RoundLinkedInTranscript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: Hello, everyone. Welcome back to another episode of The Modern CFO Podcast. As always, I'm your host, Andrew Seski. Today, I'm thrilled to be joined by Jeremy Klaperman, CFO of Rho. Jeremy, thank you so much for joining me today. I'm excited to talk. [00:00:23] Jeremy Klaperman: Thanks so much for having me. Really excited to be here. [00:00:26] Andrew Seski: So, Jeremy, you've spent most of your career across some of the most storied investment firms, from Goldman to D. E. Shaw to Citadel. But this is your first foray into the CFO role. I'd love to hear a little bit about what it's been like over the last six months crossing this chasm. [00:00:45] Jeremy Klaperman: It's been great. It's something that I've been looking forward to doing and planning for a while. And I think of my 20 years in investment banking and investment management as training for this because I either advised or invested in companies from all regions, from all industries, many different market cycles, whether it's the original tech bubble burst of the early 2000s to the global financial crisis to COVID. And I've had so many reps speaking with CFOs and CEOs. I've built up a great playbook of what I think best practices are and also pitfalls to avoid from everything from high level strategy to accounting to operations. And what I try to do with that is bring that to bear in my current role. And so, I view the last 20 years as kind of giving me the best practices and building up to what I'm doing now. [00:01:40] Andrew Seski: So, can you tell us what Rho is and what the future of frictionless finance means to you? [00:01:47] Jeremy Klaperman: Absolutely. So, Rho provides a wide range of financial services as well as spend management software to small and medium businesses. And a lot of our clients, almost all the small and medium businesses in the country have a disparate range of providers currently that give them all these things. They might have a bank, a credit card company, an investment firm that helps them manage their treasury and their cash. They might even have a FX transfer provider if they do a lot of international business. So, they could have two, three, or four providers of financial services. Increasingly, companies are using software on the spend management side for things like tracking expenses or automating bill pay and accounts payable. So, they could have one, two, three providers on the software side. They have all these disparate systems that don't work well, don't talk to each other, and it creates a lot of manual processes, errors, inefficiency. And the finance teams end up spending a huge amount of time just trying to do basic tasks rather than controlling their finances well, gaining strategic insights, running the business. So, what...

So much of the purchasing for tech startups and small businesses is online. Yet they often struggle to pay for the services and platforms they need because they don’t have business credit cards. This problem is especially acute for startups that lack credit as they’re more likely to have a hard time securing financing from banks than startups with good credit scores. FinTech giant Brex seeks to address this problem by supplying startups with the banking stack they need to scale. In today’s episode of The Modern CFO, host Andrew Seski talks with Brex COO & CFO Michael Tannenbaum about how Brex empowers startups, the global nature of startups, how he thinks about growth in different market cycles, and more. Show Links BrexLinkedInNth RoundLinkedInTranscript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: Hello, everyone. Welcome back to another exciting episode of The Modern CFO Podcast. As always, I'm your host, Andrew Seski. Today, I'm thrilled to be joined by Michael Tannenbaum, CFO of Brex. Michael, thank you so much for being here. [00:00:21] Michael Tannenbaum: Thank you for having me. [00:00:23] Andrew Seski: So, today, I'm excited to talk about a myriad of topics, including leadership, rise to the CFO, what excited you about Brex. So, we've got a ton to cover today and I kind of want go back in time to leaving undergrad and kind of your first roles. It's always interesting to hear kind of how people cut their teeth, whether it's in finance. We've had a number of CFOs who actually went into, you know, service first and others who started in, you know, the typical Big Four. So, I'd love to go kind of hear about your early career and, you know, walk us through the rise to your position today. [00:00:58] Michael Tannenbaum: Sure. Thank you for having me. I actually wanted to be an economist when I was in college. But my thesis advisor at school thought that academia would be not a good fit because I was too commercial and I enjoyed working a lot and, you know, in that profession, not that they don't work a lot, but, you know, you have summers off and there's a lot of lifestyle benefits to being part of university and he didn't think that those would resonate with me as much. So, he had pointed me into investment banking, which obviously was something I was aware of. And my research was heavily on like housing markets and mortgage. And I went into the Financial Institutions Group at JPMorgan in investment banking. So, banks, insurance, mortgages, all those kind of companies. And it was an interesting time 'cause I graduated from college during the GFC and, you know, banks were going under or being bought and sold. And so, I started in regulated financial services, M&A. And then I worked in a private equity company out in San Francisco where I focused largely on financial services also. And then, I went to a company called SoFi, which is now a public company, and I joined there relatively early, about 75th employee. And I kind of worked my way up through that company, starting in the capital markets team, and then took on additional roles, ran the mortgage business, which was kind of a nice round trip from my undergrad. And then, I was the chief revenue officer there. I met Henrique and Pedro at Brex. They were just coming up with an idea at the time. They were, I think 20 years old, and I was 29 or so, maybe 28. And they compelled me to come and join them as the first employee of Brex. So, that's how I got here. And I started as a CFO, and I always say this, but since it's a podcast about CFOs, I think it's even more relevant. My dad, who's also a CFO, always said to me when I joined, you know, "You're the CFO of a three-person company. It's kind of like being the CFO of nothing. So, you can call yourself chief if you want but."...

Private assets have traditionally been accessible only to large institutional investors and venture capitalists But that’s quickly changing, thanks to investment platforms like Fundrise. Fundrise is an online real estate investment platform with over 300,000 active users. Through Fundrise, everyday investors can access real estate markets and deals that they normally would not have been able to invest in on their own. In today’s episode of The Modern CFO, host Andrew Seski speaks with Fundrise CFO Alison Staloch about the democratization of private markets, alternative asset management, investor communications and transparency, and more. Show Links FundriseOnward, a Fundrise ProductionThe Distance Newsletter, a Fundrise PublicationLinkedInNth RoundLinkedInTranscript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. [00:00:00] Andrew Seski: Hello everyone and welcome back to another episode of The Modern CFO Podcast. I'm your host, Andrew Seski. Today's episode highlights one of my favorite topics again: thoughtful democratization and access to alternative investments. I know you've heard me discuss secondaries and venture funds with Aman and Andrea, regulating accreditation and the history of Reg CF with Woodie, even angel investing with Oslene. But today, I'm thrilled to take another approach at this topic, which is so important and so critical at this time, with Alison Staloch, the CFO of Fundrise. Alison, thank you so much for being here. [00:00:43] Alison Staloch: Thanks for having me, Andrew. Super excited for the conversation. [00:00:45] Andrew Seski: So could you give us a quick overview of Fundrise? I know it's actually the largest direct-to-investor real estate platform in the US today. Is that right? [00:00:54] Alison Staloch: Yeah, that's right. So Fundrise is a FinTech company with a mission, a really broad mission, of building a better financial system for individuals. But today, that means alternative asset management, primarily focused in real estate, really with the idea of giving everyday people access to the private markets that they were historically excluded from whether due to lack of scale, lack of wealth. And in that mission, we've built a capital-raising machine founded in regulatory excellence that allows us to scale thousands of individuals' investments to then utilize capital deployment technology to compete for alternative assets with the Blackstones and Starwoods. And with the launch of our venture capital fund and now with the Sequoias of the world, we have about three and a quarter billion in equity AUM offered exclusively through diversified portfolios. And our goal right now is to disrupt the private markets by using technology and new approaches on old industries to give outsized returns back to investors. [00:01:52] Andrew Seski: So I really like this approach and we're gonna go into the nuances of risk/reward investment profile for the differences between institutional investing and retail. But I'd like to go back in time first because you are a relatively recent CFO and in this industry. So I know you cut your teeth in the world of finance at KPMG, so Big Four experience. I want to take a minute to discuss your early career. And I think that sometimes people think that Big Four audit or accounting background is a qualification for a direct route to a CFO position, but you also worked at the SEC. So I want to kind of balance some of these, the regulatory knowledge that you have and some of the experiences that you had that are gonna make you and continue to allow you to be a really successful impact engine at Fundrise. [00:02:41] Alison Staloch: Yeah, so I joined Fundrise as CFO last year, so 18 months in the making. I've been a CFO for a whole 18 months. Like you said, prior to that, I was in audit, I was at the SEC. I was in a...

Crypto investors have seen their fair share of sudden market meltdowns this year. This week, all eyes were on FTX, formerly one of the world’s largest cryptocurrency derivative exchange platforms. This latest turmoil has sent shockwaves throughout the industry. Yet historically, cryptocurrencies have rebounded following each crisis. What doesn’t wipe out the blockchain becomes a hard lesson for crypto ventures, turning them into fortified iterations of themselves. For Brett Royer, CFO of Fidelity Digital Assets, the recent unraveling of FTX underscored hard lessons that are not unique to crypto. An expert in high-level financial planning, Brett says those lessons point to fundamental business principles that have long existed. In this episode of The Modern CFO, Brett talks with host Andrew Seski about decentralized finance, the role of trust within the increasingly digital world of finance, how he thinks about risk, and more. Show Links Browse Open PositionsFidelity Digital AssetsLinkedInNth RoundLinkedIn Transcript Please note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only. ‍ [00:00:00] Andrew Seski: Hello everyone and welcome back to The Modern CFO Podcast. As always, I'm your host, Andrew Seski. I'm thrilled for the episode today because we are joined by Brett Royer, who's head of finance at Fidelity Digital Assets. Brett, thank you so much for being here today. [00:00:19] Brett Royer: Andrew, thank you for having me. [00:00:21] Andrew Seski: So, we're going to dive right in. The world of crypto and the world of digital assets has evolved in a unique way, down to literally the hour, especially this week. So, I want to kick off not just on the current event side, but we're going to have plenty of time to go through those current events, I want to start today actually with your career and then kind of the history of Fidelity Digital Assets, which I know spans back farther than most institutional groups had even considered labs themselves. So, we'd love to kick off with maybe some of your educational background, sort of the rise to this position, and then we'll segue in and out of how Fidelity Digital Assets is positioned today and what you're thinking about today. So, we have a lot to cover. [00:01:08] Brett Royer: Yeah, sure. Great. So, I'll start with a little bit of career history. Prior to business school, I'd say one of my more substantial roles was working in the Merrill Lynch Private Banking and Investment Group. So, there I was working with a former Chicago Board of Trade trader who had sold a business, a trading business, for a substantial sum, thought he was going to retire and ride off into the sunset. I spent some time doing some personal things and then realized that he got bored. And so, went back into business as a wealth manager and he ran his own proprietary trading strategy for a lot of the clients that he served. And so, I joined his team as sort of a mini fund analyst of sorts that supported the portfolio analysis and trading decisions behind the proprietary strategy that he used on behalf of his clients. And so, that was a really great experience. I think there, I kind of developed my first set of background and skills in capital markets, gained a pretty good understanding of how the markets work, traded in some illiquid securities and got a sense for what that was like. And had a pretty interest, I was there at a relatively interesting time. [00:02:33] So, I was probably in my second or third year, I can't remember exactly which, when things started to go wrong in Wall Street in financial services, right? So, the history is Lehman goes bankrupt and then Bear Stearns comes about as close as you can get to bankruptcy. And then I remember distinctly going into the weekend, Merrill Lynch was next up as a potential firm that was looking at having liquidity...