Friday, June 26, 2026

CFOs are bullish on their own companies—even as they turn bearish on the economy

Good morning. CFOs can’t control the economy, but they increasingly believe they can control the outcome for their own companies.

That tension—what Deloitte calls a “paradox of promise versus pessimism”—is a defining theme in the firm’s North American Q2 2026 CFO Signals survey, Ed Hardy, U.S. financial services leader at Deloitte, told me.

About a third (33%) of respondents said the economy in North America is bad, compared to only 5% who felt this way in the first quarter. Meanwhile, 90% said they’re significantly or somewhat more optimistic about the future financial prospects of their company. The findings are based on a survey of 200 CFOs from across the U.S., Canada, and Mexico, at companies with at least $1 billion in revenue.

“The macroeconomic outlook has dipped for two consecutive quarters,” Hardy said. “But at the same time, CFOs’ confidence in their own ability to execute strategy and navigate challenges is as strong as it’s been in several quarters.”

The divergence reflects a deeper shift in how finance chiefs are operating. “They’ve built the muscle,” Hardy said.

That is translating into action. Despite concerns about market valuations, 59% of CFOs think now is a good time to take calculated risks (up from 48% last quarter), including accessing debt markets and raising capital. Many believe their companies offer a “unique value signature,” Hardy noted, even in a choppy environment.

Courtesy of DeloitteStill, external risks remain front and center. Inflation and broader economic conditions continue to rank among the top concerns, with roughly half of CFOs citing inflation as a key issue to monitor in the months ahead. While the Federal Reserve’s steady rate posture may be supporting some risk-taking, it has not eliminated underlying unease.

At the same time, the role of technology—particularly AI—is more complex than a straightforward confidence booster. Companies are moving quickly to deploy and scale AI, but questions around return on investment, cost management, and governance persist, Hardy said. Finance leaders are also grappling with how to measure value beyond traditional cost savings, as AI opens the door to new capabilities rather than just efficiencies.

Courtesy of DeloittePerhaps the most pressing challenge tied to that shift is talent. In the survey, talent ranked as the top risk factor, cited by 51% of CFOs—higher than any other internal or external concern. The issue spans hiring, retention, and, increasingly, upskilling.

Finance functions are being forced to rethink their workforce mix. Alongside traditional accounting expertise, companies are beginning to integrate new roles such as prompt engineers and AI specialists. But the need for experienced finance professionals remains critical, particularly as “humans in the loop” are responsible for validating outputs and managing risk.

“It’s not just about adding new skills,” Hardy said. “It’s about rethinking how you attract, retain, and incentivize a very different mix of talent.”

Taken together, the findings suggest CFOs are entering a new phase—one defined less by reactive crisis management and more by calibrated confidence.

Have a good weekend.

Sheryl Estrada
Sheryl.Estrada@fortune.com

Leaderboard

Fortune 500 Power Moves
David M. Denton was appointed EVP and CFO of Nike, Inc. (No. 99), effective Aug. 17. Matthew Friend will step down as EVP and CFO at that time and remain with the company through Sept. 4. Denton joins Nike from Pfizer, Inc., where he has served as CFO and EVP since May 2022. He brings more than 30 years of finance and operating leadership experience. Before Pfizer, Denton served as CFO and EVP of Lowe’s Companies, Inc. Earlier in his career, he spent two decades at CVS Health Corporation, including as EVP and CFO.

Matt Bilunas will step down as CFO of Best Buy Co., Inc. (No. 113) and depart the company at the end of July. Best Buy has engaged an external search firm for its next chief financial officer. Current CEO Corie Barry, who previously served as CFO, will provide financial oversight during the transition if needed, according to the company. Bilunas joined Best Buy in July 2006 as a territory finance director. During his tenure, he held numerous finance roles, including SVP of enterprise finance, before assuming the CFO role in 2019. As CFO, Bilunas worked closely with Barry and incoming CEO Jason Bonfig, who will become the company’s sixth CEO on Nov. 1.

Laura Cockrill was promoted to CFO of Reinsurance Group of America, Incorporated (No. 193), a global life and health reinsurer, effective immediately. She succeeds Axel André, who will leave the company on July 17. Cockrill has been with RGA for more than 25 years, most recently serving as chief strategy officer and as a member of RGA’s executive committee. She previously served as deputy CFO, and before that, as CFO for the Americas region.

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 this week:

Axel André was named partner and CFO of TPG Inc. (Nasdaq: TPG), a global alternative asset management firm, effective July 27. André will succeed Jack Weingart, who will transition fully into his position as the CEO of TPG’s Global Wealth Solutions business. André joins TPG from Reinsurance Group of America, Inc., where he served as EVP and CFO. Before RGA, he was CFO of American Equity Life and Jackson National and earlier served as CFO and chief risk officer of the Individual and Group Retirement Services division of AIG.

Steve Cirulis was appointed CFO and chief strategy officer at The Wendy's Company (Nasdaq: WEN), effective June 23. Cirulis will succeed Ken Cook, who has served as CFO since 2024 and will remain in an advisory position through July. Cirulis most recently served as CFO and chief strategy officer for Potbelly Sandwich Works. Before Potbelly, Cirulis held senior strategy and finance roles at global restaurant and retail brands, including Panera Bread, McDonald's, and Gap, Inc. His career spans nearly 30 years across the food, beverage, retail and restaurant spaces.

Adriano Duarte was promoted to EVP and CFO of Provident Bank and Provident Financial Services, Inc. (NYSE: PFS), a New Jersey-based financial institution, effective July 1. Duarte joined Provident in 2020 through the acquisition of SB One Bank and most recently served as EVP and chief accounting officer. He has more than 30 years of banking and financial services experience. Before joining Provident, Duarte served as CFO of SB One Bank and held several senior finance leadership positions at both SB One Bank and Investors Bank.

Sudhanshu Priyadarshi was appointed CFO and President, International at Planet Fitness, Inc. (NYSE: PLNT), a franchisor and operator of fitness centers, effective immediately. Tom Fitzgerald, interim CFO, will remain with the company as an advisor through mid-September. Priyadarshi has more than 25 years of experience. He most recently served as CFO and President, International at Keurig Dr Pepper. He previously held roles of increasing scope and responsibility at companies including PepsiCo, Walmart, Flexport, and Vista Outdoor, among others.

Big Deal

Glassdoor’s midyear check-in on its 2026 Worklife Trends finds that the core story it flagged late last year is still playing out: employees and leaders are drifting further apart.

Employee ratings of senior leadership fell another 3.7% year over year, reaching their lowest point since 2017. At the same time, mentions of "misalignment" in employee reviews are up 95%, pointing to a growing disconnect between employees and leadership teams.

Workers report growing stagnation in career mobility, and a sense of being “grateful but not fulfilled,” even as job applicants become less likely to turn down offers in a cooler hiring environment. AI continues to add pressure in a limited set of highly exposed roles, but it has not yet materially improved job satisfaction across the broader workforce, according to the report.

Taken together, the trends point to a workplace where uncertainty, stretched employees, and a widening leadership disconnect are defining how people show up at work in 2026.