A Company’s Future Plans

Although a company may have done well in the past and is still doing well today, does not mean that it will still do well tomorrow. To ensure that a company does continue to do well, a business plan for its future must be detailed which hopefully, if followed, will assure them continued success. A dilemma facing many Chief Executive Officers (CEOs) though is; who is best placed within the company to design its future plans. Although some may argue that it would be the head of a department, perhaps production or sales, others have argues that the Chief Financial Officer (CFO) is the only one capable of making such a plan. One of the supporters of the view that the CFO is best placed to make these plans is Maureen O’Connell, the CFO of the Scholastic Corporation. If you find Maureen O’Connell Scholastic current portfolio, you will find that she is the one that does make the future plans for Scholastic and may be doing a very good job, especially considering that Scholastic continues to be one of America’s leading publishers, certainly where children’s books are concerned. This is a large corporation that publishes many of the text books found in classrooms around the country and is responsible for publishing over 600 new children’s books annually. Some of the books that they have published in the past include the Harry Potter series and Hunger Wars but two of its largest endeavours are a book club which is subscribed to by 80% of the schools in the United States and over 130,000 children’s book fairs that occur all over the country. Making future plans for such a large and diverse corporation is no mean task and although O’Connell may certainly be up to the task, it is perhaps her past experience that makes her qualified rather than her position as the company’s CFO. Graduating from New York University with a B.S. in Accounting and Economics, O’Connell immediately started on a varied and impressive career which included being CFO of both Barnes and Noble and the Publishers Clearing House but perhaps what made her more prepared for drawing up future plans for a company, was her experience as Chief Administrative Officer (CAO), Chief Operations Officer (COO), Chief Executive Officer CEO) and President of other companies. There is little doubt that a CFO could make a good choice for planning a company’s future as they can give unbiased opinions, based on each department’s performance, as to which is their best way forward. If one particular department head was given the task, there is the possibility that they may be biased towards their own department, which may not always be in the company’s best interests but the CFO owes no allegiance to any one department. Although a good point, a CFO without a good deal of experience in the field in which the company operates; may not be adequately aware of all the trends and upsets that a company could face in that field.