For much of its 37-year history, Intel has served as a bellwether of the technology sector. So it’s fitting that the role Andy Bryant, 55, has carved out at the semiconductor giant since becoming CFO in 1994 hints at the many changes under way for finance executives. He has taken on a broad array of duties beyond finance, including IT and human resources. He is intimately involved in the company’s strategic decisions. In fact, Bryant’s role has become so expansive that several years ago he decided to hand off day-to-day operations of finance to a vice president.
As CFO, you are now in charge of a long and growing list of functions, including finance, IT, procurement, and HR. Do you think this is an appropriate model for CFOs in general?
Two years ago, I would have said it wasn’t appropriate for any CFO. With the financial scandals and Sarbanes-Oxley, how could the controller also be the one spending the IT money? I actually thought about whether I should give up some of this other stuff. At that time, Craig [chairman Craig Barrett] and Paul [CEO Paul Otellini] wanted to give me other things, but I said we should leave it as it is. Now, as we move away from the scandals, it feels more comfortable for the CFO to take on more roles, and I think that’s how it will continue to evolve.
Is it a model that has worked well?
Yes. For example, I think IT is better managed under me than if I were still on the other side having those fights about technology spending. And finance acts more appropriately toward IT because of the reporting relationship. I think the same thing can happen in a lot of other parts of the company.
What’s the next logical career step for a CFO with your duties? An operational role?
At Intel, we’ve never had a CFO retire as CFO. They’ve always gone into some operational role. I have tried three different times to leave finance for operations. The first two times [former CEO Andy Grove] told me I couldn’t; the third time he asked me not to, as opposed to telling me that I couldn’t. I assume that means he had more respect for me by the third time. [laughs] But each time he said, “Your value to the company is so much higher than if you take this other role.” I’m always a sucker for “you need to do what’s in the best interest of the company.” At this point, I’ll probably move more along the path of expanding the role I’m in, as opposed to taking on an operational role.
You have spoken about the need to have a finance department that helps facilitate better business decisions. Is that something you can measure?
There are three measures I track for the finance organization and that I use to evaluate those who work for me. One is the performance of our shared-services centers around the world. The second is a measure of what impact finance has had on the value of the company. For example, did a general manager change the direction of a project because of our input? Did we find a way to improve the project’s return?