Women in Finance: ‘Bold Steps’ to Leadership

Chi Nguyen shared that her 10 years of experience straight out of college in General Electric’s financial management group offered her an early-career boost that paid dividends as she pursued finance leadership roles later on. Part of that GE experience, she said, was being encouraged to change roles periodically, so as to gain exposure to the entire finance function.

Kate Jaspon noted how she had entered the workforce expecting her career path to be a series of upward moves, but instead it was “a lot of ups, backwards, sideways.” After a career in an array of roles that had given her contact with each part of the finance environment, Jaspon was internally promoted at Dunkin’ to be CFO, the role she was in when the company was acquired by Inspire Brands, which asked her later to join as their CFO.

Meanwhile, Chelle Adams spoke about how she actively put herself in position for her first CFO position for The Cosmopolitan in Las Vegas, learning from a previous experience when she had been overlooked. This time, the sitting CFO had been hired out of retirement and was seeking a successor. He moved Adams from her role as chief internal auditor to finance VP during the sale from one private equity firm to another.

“As women, we tend to put our heads down and work really hard, and hope somebody notices us,” said Adams. “I had done that in a previous job, and I wasn't going to make the same mistake again, so I made sure that I was front and center. I made some bold steps to make sure they knew who I was and that I wanted the job.”

Finding your sponsors

One fascinating part of our discussion touched on the importance of finding sponsors to help you guide your career path. As Jaspon told the panel, women are often “over-mentored and under-sponsored.”

“We have people we go to for advice, but a sponsor is someone willing to put their personal equity behind you when you’re not in the room,” Jaspon said. “They’re also there to give you the kick you need to go for the job…. You need to build those relationships and when you have them, value and honor them.”

Chi Nguyen pointed out that your most important advocates are often not your direct line leaders, but rather leaders elsewhere in the organization who have felt and can vouch for your impact. She noted how in her career it was often in the “big, messy projects” where the pathway to achieving success was unclear where she was able to demonstrate her leadership abilities across the organization.

“If there are those opportunities for you in the current work that you're doing, take advantage of those,” Nguyen said. “Oftentimes that's where you really do pick up multiple sponsors that can help you continue to advance in your career.”

The value of private equity experience

Each of the three has had experience in private equity environments, providing a unique window into a growing part of the business world.

Chi Nguyen noted how private equity leaders valued her expertise beyond finance topics. With private equity firms laser focused on meeting a five-year business plan, she learned quickly that a standout CFO provides acumen with an eye toward delivering value creation.

“It’s a double-score if you can really bring that operational and strategic acumen as well as that strong financial background,” Nguyen said. “If you could also bring the operational acumen and an understanding of the business drivers and the levers for effectuating business outcomes, that is really well received. That is what they are looking for in CFO talent.”

Jaspon noted that the specifics of the private equity environment — in particular, the portfolio of companies owned by a fund, each with their own leaders — is conducive to learning and development as a leader.

“They see how their other portfolio companies are managing and navigating the current business landscape,” Jaspon said. “I actually try to take advantage of that. Can you introduce me to some of your other CFOs, or other women leaders? There’s a lot you can take away from that experience.”

The panelists also had advice for finance executives looking to break into private equity.

“I wasn’t looking to join a PE firm,” shared Adams. “Once you get the exposure, you learn so much. Putting yourself out there in different roles gives you exposure and learning opportunities. Blackstone had multiple portfolio companies and were already tagging me for other CFO roles. It’s a great feeling when your private equity group sees the value you bring and wants to keep you in the family.”

“The PE firm you work with is really important,” shared Nguyen. “Doing your due diligence, understanding the company itself, the management team, the CEO’s relationship with the PE firm. It was a long term decision for me but it was also about setting expectations and managing expectations before you even take the job. You start to socialize concepts with your leadership team and sponsors. That helps you get going in your role.”

What you learn from leadership roles in high-stakes transactions

Leading finance through a major transaction is a challenge — and an opportunity — for a CFO to demonstrate leadership skills that go beyond functional finance strength. Adams led finance for The Cosmopolitan as it was sold by Blackstone to MGM; Nguyen oversaw the sale of EmployBridge from Anchorage Capital to Apollo; and Jaspon led finance for Dunkin’ when it was acquired by Inspire Brands.

Adams noted, similar to Nguyen’s comments above, that operational acumen was of great value as the firm sought to get the most out of its sale. She said the key was building a great team around you.

“It’s about having the right team — not just internally, but also your external advisors,” Adams said. “You need people you trust that you can go to, because there are going to be a lot of questions along the way. You want to be comfortable answering all those questions, and if you don’t know the answers, then you need to find a way to get the answer.”

Jaspon led Dunkin’s finance function at a particularly dynamic time, navigating the challenges of the COVID-19 pandemic while also overseeing the company’s sale to Inspire Brands. Amid that, she found that the role was about a lot more than balancing the books — it was about providing leadership and a direction for all employees through uncertainty.

“I learned how much people watch the leadership team, and the importance of how you act to provide stability,” she said. “I had to step back and think, ‘How do I present myself when people are so nervous right now?’ The most important thing wasn't me being able to do technical accounting and actually do the transaction, or to do the delisting. It was to calm the waters for the people who were watching the leader to find out whether everything would be okay.”

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The conversation at our latest Women in Finance network event highlighted the importance of a wide range of expertise that goes beyond mere finance expertise can help position them to thrive in the role. By embracing bold steps and fostering connections, women can continue to elevate their representation in leadership positions within the finance sector.