CFOs are central to AI mindset shift, says Google veteran

Ted Souder, an AI advisor, highlighted that companies globally are navigating significant challenges in AI implementation, ROI measurement, and workforce integration, emphasizing that AI adoption requires a long-term 'mindset shift' driven by C-suite collaboration, particularly involving CFOs. This strategic imperative is underscored by a recent Zip report, which found 75% of companies now incorporate AI into hiring decisions, are increasing technology spending on AI tools despite workforce reductions, and prioritize AI fluency as the most valued skill for new hires.

Analysis

Good morning. When I was in Chicago earlier this week, talent and AI were on the agenda. At Fortune’s CFO Collaborative dinner on Wednesday night, sponsored by Deloitte, Ted Souder—CEO and co-founder of Quoin, a startup developing AI-powered infrastructure for private capital markets—drew on his decades-long career, including more than 20 years at Google and his role in founding the Google CFO Forum, to share his perspective on AI’s impact across organizations. Now an adviser to startups and venture capital funds on AI and business transformation, Souder spoke with Fortune’s Diane Brady before an audience of leading CFOs from Chicago and beyond, sharing observations from his global travels. Everywhere he goes, he finds businesses asking similar questions: How do we implement AI? How do we measure ROI? What does it mean for our workforce? And how do we build strategies for long-term success? Whether at intimate gatherings or major summits, one thing stands out: no company feels far ahead or behind in its AI journey. “We’re all in this unknown together,” Souder said. He noted that this shared sense of challenge makes events like these invaluable for learning and connection—even as competitive pressures lead some leaders to withhold lessons or setbacks. “For many businesses, if they have big AI wins, they don’t necessarily want to share them—perhaps because it’s a competitive advantage,” he said. “And if they’re not having AI wins, they don’t really want to share that either. So we’re all in the same boat.” Why success requires a long-term vision AI will impact every job, industry, and country, Souder told the CFOs. “We need to start thinking about how we’re embracing this today,” he explained. “We can’t wait and see how this pans out.” He cautioned against postponing AI initiatives simply because other projects take priority. Souder emphasized that effective AI adoption demands collaboration across the C-suite. “This is a mindset shift,” he said. “This isn’t a tech project. This isn’t an ERP implementation.” Finance chiefs have unique visibility across the organization; CFOs can be central to driving an AI “mindset shift,” Souder said. He added that C-suite leaders—including CMOs, CIOs, and CEOs—should break down silos and work together. To foster real change, Souder recommends that leaders visibly commit to AI, set clear policies, allocate resources, and focus on talent by investing in workforce training. He suggested practices such as tying AI proficiency to performance reviews, which help connect employee development to organizational transformation. Souder also advocated forming AI councils or “tiger teams” to oversee strategy, implementation, and governance—including privacy and ethics. With the right structures, companies can create a culture of experimentation and learning, rather than expecting overnight success, he said. Success with AI adoption, Souder said, requires a willingness to embrace incremental impact and “shake out some of the bad decisions.” Boards, he added, must get comfortable with long-term visions, not just quarterly results or instant ROI. “From the CFO perspective, having that board exposure is really important,” Souder said. Sheryl Estrada [e-mail] Leaderboard Fortune 500 Power Moves Todd Cunfer was appointed EVP and CFO of The Campbell’s Company (No. 425), effective Oct. 20. Cunfer succeeds Carrie Anderson, who is leaving the company to pursue new opportunities. Cunfer brings over 25 years of experience. He joins Campbell’s from Freshpet, where he served as CFO since 2022. Before that, he was CFO at Simply Good Foods Company, a nutritional foods and snacking products company. Previously, Cunfer spent over 20 years in senior finance roles at The Hershey Company, including VP of international finance, VP of global supply chain finance and VP of North America finance. Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition. More notable moves Brent Wahl, CFO of NextDecade Corporation (Nasdaq: NEXT), has resigned from his position, effective Oct. 20. The company has appointed Mike Mott, SVP of enterprise transformation, as interim CFO. Wahl is leaving NextDecade to join a digital infrastructure company, and he has agreed to serve in a consultant capacity through Dec. 31, 2025. The company will initiate a search process to find a permanent successor. Mark Schmitz was appointed CFO of Deep Fission, Inc., a nuclear energy company. Schmitz brings more than 40 years of global finance leadership experience. He has served as CFO for companies, including Goodyear, Itron, Plug Power, and Alghanim Industries, and has held senior finance positions in China, Brazil, the U.K., and the Middle East. Big Deal The startup Zip’s inaugural “State of Spend” report finds that 75% of companies now factor AI into hiring decisions, with 17% requiring proof that AI cannot perform the role before approving new positions. Technology spending is increasing despite workforce reductions, with 37% of organizations planning to add new vendors—particularly for AI tools. The data is based on a global survey of 1,030 C-suite and senior decision-makers who control corporate spending across procurement, finance, IT, and operations. “For the first time in history, companies are looking at everything through the lens of AI,” according to Nick Heinzmann, head of research at Zip. AI fluency topped the list of most valued skills in new hires, with 56% of those surveyed placing it above all other skills, followed by data analysis at 43%, according to the report. Going deeper “Battle over Elon Musk’s trillionaire pay package builds as pension funds face off against Tesla” is a Fortune report by Amanda Gerut. From the report: “Tesla is weeks away from a monumental shareholder vote on CEO Elon Musk’s potential $1 trillion pay package at its annual investor meeting, and the EV-maker is pulling out all the stops to push the measure through. Last year, Tesla rallied thousands of mom-and-pop retail investors to vote their shares of stock in favor of Musk’s billions in pay. Now, Tesla is teeing up retail holders for another vote on Nov. 6 that would set Musk on the path to becoming the world’s first trillionaire by granting him up to 12% of Tesla’s outstanding shares divided into 12 tranches through a restricted stock grant.” You can read the complete report here. Overheard “I’m envious of the current generation of 20-year-old dropouts, because the amount of stuff you can build… the opportunity space is so incredibly wide.” —OpenAI CEO Sam Altman told Rowan Cheung during an interview at the DevDay conference on Monday, Fortune reported. Altman said he envies Gen Z college dropouts, as he hasn’t had a “real chunk of free mental space” in the past couple of years to think about what he’d build now. “But I know that there would be a lot of cool stuff to build,” he added. Ted Souder, an AI advisor and former Google executive, emphasizes that companies globally share common challenges in AI implementation, ROI measurement, and workforce integration, underscoring that no firm feels significantly ahead or behind in this journey. He highlights AI adoption as a fundamental "mindset shift," not merely a tech project, advocating for C-suite collaboration, with CFOs playing a central role in driving this transformation. Souder stresses the necessity for visible leadership commitment, clear policies, and investment in talent development to foster a culture of AI experimentation rather than expecting immediate returns. Boards, he argues, must embrace long-term visions over immediate quarterly results. The "State of Spend" report by Zip corroborates this strategic imperative, revealing that 75% of companies now incorporate AI into hiring decisions, with 17% requiring justification that AI cannot perform a role before approving new positions. The report indicates a rising trend in technology spending on AI tools (37% of organizations planning new vendors) despite broader workforce reductions, signifying a strategic pivot towards AI investment. AI fluency (56%) has emerged as the most valued skill for new hires, surpassing data analysis (43%), indicating a significant shift in talent acquisition priorities. While the overarching sentiment leans moderately positive due to AI's transformative potential, specific corporate developments present varied insights. Campbell's (CPB) sees a slight positive sentiment with the appointment of Todd Cunfer as EVP and CFO, bringing extensive finance experience. Conversely, NextDecade (NEXT) faces a minor negative sentiment following the resignation of CFO Brent Wahl, although an interim replacement has been named. Tesla (TSLA) exhibits a notable negative sentiment (-0.4) amidst the impending shareholder vote on CEO Elon Musk's substantial pay package, which is generating significant investor debate.

Key Decisions for Investors

• Investors should evaluate companies' AI adoption strategies, C-suite commitment (especially CFO involvement), and investment in talent, as these are increasingly critical for long-term competitive advantage and operational efficiency.
• Given the rising importance of AI fluency, investors should analyze how companies are addressing talent gaps and reskilling their workforce, as this directly impacts their ability to capitalize on AI opportunities and manage technological shifts.
• Pay close attention to executive compensation proposals, particularly those facing shareholder scrutiny like the Tesla package, as they can signal governance risks and potential dilution, impacting investor sentiment and company valuation.
• Consider the implications of CFO appointments and resignations (e.g., at Campbell's and NextDecade), as leadership changes can influence financial strategy, operational efficiency, and a company's ability to navigate emerging trends like AI adoption.