{"id":1683,"date":"2026-06-18T11:39:01","date_gmt":"2026-06-18T11:39:01","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1683"},"modified":"2026-06-18T11:39:01","modified_gmt":"2026-06-18T11:39:01","slug":"a-wave-of-cfo-retirements-is-reshaping-the-fortune-500-atts-pascal-desroches-is-the-latest","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1683","title":{"rendered":"A wave of CFO retirements is reshaping the Fortune 500\u2014AT&T\u2019s Pascal Desroches is the latest"},"content":{"rendered":"
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AT&T (No. 35 on the Fortune 500) announced this week that Pascal Desroches, senior executive vice president and CFO, will retire effective Dec. 31. Jennifer Biry, a former longtime AT&T finance executive who most recently served as CFO and chief operating officer of McAfee, has been named deputy CFO effective July 6 and will succeed him as CFO on Jan. 1, 2027.<\/p>\n

Read more Whatnot is worth $11.5 billion\u2014and its sellers just hit one billion orders<\/a><\/p>\n

The timing aligns with a broader trend. Globally, 60% of outgoing CFOs retired or moved to board roles in the first quarter of 2026, up from 56% a year earlier and well above the seven-year first-quarter average of 39%, according to Russell Reynolds Associates\u2019 Q1 2026 Global CFO Turnover Index.<\/p>\n

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Desroches eloquently described a paradox that leading CFOs encounter in their careers, especially in times of uncertainty.<\/p>\n

\u201cAlong the way, I\u2019ve learned that progress isn\u2019t linear,\u201d he wrote in a LinkedIn post on Wednesday announcing his planned retirement. \u201cIt takes discipline, resilience, and, at times, the willingness to make difficult decisions in service of something bigger and longer term. Some of the most defining moments of my career came in those periods of transformation\u2014when the path forward wasn\u2019t always clear, but the conviction to move forward had to be.\u201d<\/p>\n

Before joining AT&T, he was EVP and CFO of WarnerMedia and administrative officer of Turner Broadcasting System Inc., and previously served as Turner\u2019s CFO and as global controller of Time Warner.<\/p>\n

Desroches\u2019 tenure at AT&T coincided with one of the most consequential strategic resets in the company\u2019s recent history. AT&T separated DirecTV, divested its media assets through the WarnerMedia-Discovery transaction, reduced debt, reset its dividend, and renewed its focus on telecommunications infrastructure. At the same time, the company increased investment in 5G and fiber while simplifying its balance sheet and cost structure.<\/p>\n

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He has described those efforts as part of repositioning AT&T around its core telecommunications business. In conversations, I had with him over the years, Desroches consistently emphasized that finance leaders should be partners to the business rather than gatekeepers.<\/p>\n

One leadership lesson he frequently returned to involved creating an environment where difficult conversations are encouraged.<\/p>\n

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\u201cYou can\u2019t be in an organization where everybody\u2019s terrified of the CFO\u2014it just doesn\u2019t work,\u201d he told me last year. \u201cAs executives, we have to leave our door open, even for bad news, because it gives us an opportunity to problem-solve,\u201d Desroches said, which was a lesson he learned from the late media executive Dick Parsons<\/a>.<\/p>\n

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His successor arrives with a profile that increasingly resembles what boards are seeking in modern CFOs. Biry brings deep institutional knowledge from more than two decades at AT&T, as well as experience leading finance and operations in technology and cybersecurity through her most recent role at McAfee.<\/p>\n

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In a LinkedIn post, Biry described her return to AT&T as a \u201cfull-circle moment that truly feels like coming home.\u201d Her background reflects the increasingly broad expectations being placed on CFOs.<\/p>\n

AT&T CEO John Stankey praised both leaders during the transition. In a statement, he credited Desroches with helping strengthen the company and sharpen its strategic focus, while expressing confidence that Biry\u2019s breadth of experience will help drive the next phase of execution.<\/p>\n

As one generation of CFOs retires, succession planning is becoming as important as strategy itself.<\/p>\n

Desroches alluded to that in his message. \u201cColleagues who challenged my thinking, teams who delivered under pressure, and leaders who placed trust in me\u2014those relationships are what I\u2019ll carry with me most,\u201d he wrote.<\/p>\n

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*: The next CFO Daily will be in your inbox on Monday. Have a good weekend.<\/p>\n

\u00a0
sheryl.estrada@fortune.co<\/p>\n

Read more A $5.6\u00a0billion valuation\u00a0and rapid\u00a0global expansion\u2014this AI\u00a0European-scaler\u00a0is reaping the benefits of its celebrity connection<\/a><\/p>\n

Leaderboard<\/h3>\n

Fortune 500 Power Moves<\/b><\/h4>\n

, CFO of (No. 322), has been appointed to the additional role of president. Tackett will continue leading the organization\u2019s finance, fleet management, investor relations, supply chain, internal audit and information technology functions, while also adding the commercial organization, led by Andrew Harrison, chief commercial officer, to his portfolio of responsibilities. His promotion builds on a career spanning more than 25 years at Alaska Airlines.<\/p>\n

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts\u2014<\/i>see the most recent edition<\/i>.<\/i><\/p>\n

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Andrew Farag\u00a0<\/b>was appointed EVP, CFO and treasurer of\u00a0The Lovesac Co.\u00a0(Nasdaq: LOVE), a direct-to-consumer furniture retailer, effective immediately. He succeeds Keith Siegner, who has stepped down from the role but will remain with the company for a transition period. Farag brings more than 20 years of experience. Most recently, he served as managing director at Riveron. Prior to his consulting roles, Farag held CFO and COO positions at Net Retailers, Inc. and Dynamic Communities.<\/p>\n

Brian Tabolt\u00a0<\/b>was promoted to CFO of\u00a0Newmont Corporation\u00a0(NYSE: NEM) effective July 1. Tabolt, who most recently served as Newmont\u2019s chief accounting officer and group head, finance, will bring over 20 years of experience. Since joining Newmont in 2021, he has held a series of strategic leadership roles including group head, financial planning and analysis and interim CFO. Before Newmont, Tabolt served as VP, controller and chief accounting officer at Molson Coors Beverage Company.<\/p>\n

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Lucas Bravo<\/b>\u00a0was appointed CFO of\u00a0Blaze Pizza, a fast-casual artisanal pizza brand. Bravo has financial leadership experience in both private-equity-backed and publicly traded organizations. Over the course of his career, he has worked at brands, including Burger King, Auntie Anne\u2019s, Cinnabon, Moe\u2019s Southwest Grill, and Jamba. Earlier in his career, Bravo worked at consulting firms Accenture and Booz Allen.\u00a0<\/p>\n

Jim Stanley<\/b>\u00a0was appointed CFO of\u00a0Congruex, a provider of digital infrastructure engineering and construction services. Before Congruex, Stanley was SVP at Frontier, and he played a key role in the company’s acquisition by Verizon. He spent 12 years at the Center for Diagnostic Imaging, serving in roles including CFO, and subsequently, chief operating officer.<\/p>\n

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Big Deal<\/h3>\n

Grant Thornton’s Q2 2026 CFO survey finds that U.S. CFO confidence in the economy has fallen to its lowest level in 20 quarters, yet most finance leaders continue investing in technology and AI. Only 37% are optimistic about the next six months, but 67% expect to increase IT and digital transformation spending, and 68% anticipate profit growth.<\/p>\n

Nearly half rank technology upgrades as a top priority despite concerns about cost control, supply chains, inflation, tariffs, and energy disruptions. Most organizations are piloting, scaling, or integrating AI to improve forecasting and cost intelligence, though many are still developing governance and risk frameworks.<\/p>\n

The survey also finds that economic pressure is sharpening the focus on efficiency, resilience, and disciplined execution. Sixty-seven percent of finance leaders say they have made at least moderate changes to cost and efficiency initiatives in the past year.<\/div>\n

Going deeper<\/h3>\n

Here are four\u00a0<\/b>Fortune<\/i><\/b>\u00a0weekend reads:<\/b><\/h4>\n

“\u2018AI is going to create a labor shortage\u2019: Jeff Bezos sees more jobs being created in the new economy, not less” \u2014Catherina Gioino<\/p>\n

“Meet the CEO of US Polo Assn: He grew up in one of America\u2019s poorest regions and now hosts Prince William and runs a $2.7 billion brand” \u2014Orianna Rosa Royle<\/p>\n

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“The G7 just pledged to break China\u2019s rare earth grip\u2014there\u2019s a lot of work to do” \u2014Mia Osmonbekov<\/p>\n

“\u2018I have nothing to lose\u2019: Perplexity CEO says fear of failure is \u2018the stupidest thing\u2019 holding you back” \u2014Emma Burleigh<\/p>\n

Overheard<\/h3>\n

\u2014Ned Koh, cofounder of the AI startup Aaru, a provider of synthetic research and simulation software, said at the recent <\/span>Fortune Brainstorm Tech conference<\/span>. <\/span><\/p>\n

Read more Best Father\u2019s Day Gifts (2026): Make Dad\u2019s Day Special<\/a><\/p>\n

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Jennifer Biry was named AT&T’s next CFO, bringing a blend of telecom, tech, and operational experience.<\/p>\n","protected":false},"author":1,"featured_media":1682,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[208],"tags":[],"class_list":["post-1683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfo-daily"],"yoast_head":"\nA wave of CFO retirements is reshaping the Fortune 500\u2014AT&T\u2019s Pascal Desroches is the latest - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=1683\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A wave of CFO retirements is reshaping the Fortune 500\u2014AT&T\u2019s Pascal Desroches is the latest - 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