The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

CDOs push out CFOs and CEOs

CFOs in North America are taking less of a role in M&A, IPO and joint venture work, passing control from them and their investment bankers to a new, emerging executive ? the corporate development officer (CDO).

According to a survey by accounting and consultancy firm Ernst & Young, CFOs are spending an increasing amount of time on corporate governance compliance, forcing them to hand strategic responsibilities such as flotations and takeovers to the CDO.

CEOs are also handing responsibility to the CDO, driven by a need to have a single person handle the preparation and impact of deals over the economic cycle, and by an increasing awareness that they are held personally responsible when deals go wrong.

Companies that participated in the survey and that say they have recently increased the role of their CDO include security software maker Symantec and engineering group Honeywell.

Ernst & Young interviewed CDOs of 175 companies for the survey, of which 96% said they planned a takeover sometime in the next 24 months. A further 63% said they planned the sale of a subsidiary, 22% planned a carve-out and 13% planned a securitization.

The survey says that the majority of CDOs report to the CFO rather than the CEO, but that many report to both and some report to the general counsel or the COO.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree