It is not possible for a CFO to be an expert in everything. The CFO should have the ability to identify and pick leaders in his/her team who can compliment him/her. These leaders should be able to handle the noise so that the CFO can focus on important elements that enhance the value of the asset (Akamai, in Jim's case). And because taking over this noise is so important, it becomes critical to have clarity about the kind of person and skills you are looking for, and be selective in hiring.
Jim explained with an example: I wasn't an accountant. I know accounting, know the right questions to ask, but I am not an accountant (nor does a CFO need to be one). When I took over as CFO, we had a functioning accounting group. But we needed to upgrade the leadership skill so that the function can be built without me being overly involved. The existing controller was a fine accountant, but he couldn't build the function holistically. He was good for smaller setups, plugging holes and getting things done. But to build scalable processes, you needed someone who I could trust, delegate and be methodical. That's where I hired C. A. I could trust him, he was reflective and knew how to build an efficient and effective function.
K. B. played a similar role for me. She took over lot of the noise in business finance and the leaders there. Sure she was probably a taskmaster with her people, but she could handle the leaders. Her challenge was planning. (ref. JB on Corporate Planning)
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