A new CFO is taking the field.

Craig Fischer was hired as the new CFO of the Washington Commanders, sources told the Washington Post, according to a report published on Wednesday. I reached out to the Commanders, who haven’t yet made a public announcement, and a spokesperson confirmed that Fischer joined the organization on July 24. Fischer was previously CFO of Hemisphere Media Group, Inc., a Spanish language media company, for 10 years. Before that, he was a partner at InterMedia Partners, a private equity investment fund, for several years, and a former EVP of business development at the Yes Network.

The NFL announced on July 20 that longtime owner Dan Snyder sold the Commanders to a group led by private equity titan Josh Harris (you can read more about the whole controversy surrounding Snyder’s departure here and the league’s fines levied again him here). The price tag was $6.05 billion, which is a record amount for any pro sports team. At one time, Jeff Bezos weighed a bid, but ultimately took his hat out of the ring, Bloomberg reported in April. Harris’ group of more than 10 partners includes basketball legend Earvin “Magic” Johnson, and D.C.-area billionaire Mitchell Rales.  

‘A strong, central role’

Following that controversial chapter, Harris is attempting to forge a new path with the Commanders by tapping Fischer as finance chief, his first executive hire.

I spoke to Richard Torrenzano, CEO of The Torrenzano Group, a strategic communications and high-stakes issues management firm based in New York, to get his take on what Fischer must do inside the organization. His first responsibility is to make sure everything is in order by working with an outside accounting firm, recommends Torrenzano. Fischer has to address both the financial management issue and the issue of effectively running the team, and this requires transparency, he says. 

Fischer should develop short-term and long-term milestones that he can share publicly, which will provide credibility for him amongst “the league, the fans, media, and others, that he’s moving in the right direction, and that he is serious about what he’s doing,” says Torrenzano, a former member of the New York Stock Exchange management and executive committees. “I don’t think any of this is going to be instant,” he says. “I think he needs a little running room.”

In times of crisis, the CFO can play “a strong, central role, alongside executive peers, in stabilizing the business and positioning it to thrive when conditions improve,” according to McKinsey research. “The CFO is the leader, after all, who most directly contributes to a company’s financial health and organizational resilience day to day,” according to McKinsey.

And in having a central role, that means increased collaboration, and not remaining in the back office. “C-suites have become more public, in the sense that people want to know who they are,” Torrenzano says.

Reengaging fans

Though the franchise has diehard fans, the team hasn’t won any championships lately. “In 24 seasons under Snyder’s ownership, the Commanders posted a 164-220-2 record with six playoff appearances, the NFL said in the announcement on the team’s new ownership. “Washington last made the playoffs following the 2020 regular season and last won a playoff game following the 2005 regular season.”

The owners also play a role in rebuilding trust with fans, Torrenzano says. It will require some of the well-known team owners like Magic Johnson, “being visible at games, supporting the CFO, and other activities as well,” he says.

“From day one, it is our top priority to deliver a championship-caliber team, and we will strive every day to ensure that we are a franchise this city and our fans can be proud of,” Harris, 58, the managing partner of the Commanders ownership group, said in a statement about acquiring the Commanders.

He has an estimated net worth of $7.7 billion, according to the Bloomberg Billionaires Index. The majority of his wealth is derived from shareholdings and earnings as cofounder of Apollo Global Management Inc.

After leaving Apollo amid some controversy, Harris founded his investment firm, 26North Partners. He is also founder, and cochairman of Harris Blitzer Sports & Entertainment, which he runs with Blackstone Inc. executive David Blitzer. The firm has stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

As Harris continues to shape the executive team and revamp the brand, a focus on finance will surely be at the forefront.

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

Big deal

"The human touch: How CFOs can support a culture of well-being," a report by Deloitte, explores what it means to lead with well-being, which policies and practices promote utilization, and how leaders can begin to assess worker well-being. 

There may be a perception gap when it comes to employee well-being. Deloitte’s 2023 Workplace Well-being Survey found that only around one-third of employees say their well-being improved last year, but over three out of four executives believe their workers’ health improved. One out of four say their mental health worsened, and 37% indicate their financial well-being worsened. The survey, conducted in collaboration with Workplace Intelligence, is based on the responses of 3,150 employees, managers, and C-level executives across the U.S., United Kingdom, Canada, and Australia.

Going deeper

Here are a few Fortune weekend reads:

"Wall Street keeps pushing to end WFH, but their own senior staff would rather quit than comply" by Orianna Rosa Royle

"How fast are Binance revenues falling? New trading data offers critical clues about the health of the crypto empire and its $37 billion coin" by Shawn Tully

"Fannie Mae CEO: ‘Housing today is a tale of two markets. We need to make it work for everyone’" by Priscilla Almodovar

"Forget 10,000 steps a day. Less than half of that goal could be enough to help you live longer, experts say" by Erin Prater

Leaderboard

Some notable moves this week:

Sunil Mathew was promoted to CFO at Occidental Petroleum (NYSE: OXY), effective Aug. 9, according to an SEC filing. Matthew, who served as VP of strategic planning since 2020, is replacing Rob Peterson, who will lead the company's chemical division. Mathew joined Occidental in 2004. Peterson joined OxyChem in 1996 and took on the role of finance chief in 2020. He will oversee OxyChem and operational readiness for the company's Stratos direct air capture project.

Zachary Kirkhorn, CFO and “master of coin” at Tesla, has stepped down as of Aug. 4. Tesla also announced in the SEC filing the appointment of Vaibhav Taneja as CFO in addition to his current role as chief accounting officer. The company said in the filing that during Kirkhorn’s tenure, “Tesla has seen tremendous expansion and growth.” He will remain at the company through the end of the year to support the transition.

Tarek Robbiati, EVP and CFO at Hewlett Packard Enterprise (NYSE: HPE), has resigned from the company, effective Aug. 25. Robbiati is departing the company to accept the CEO role at RingCentral, Inc. HPE has named Jeremy Cox, SVP, corporate controller and chief tax officer, as interim CFO while the company and its board of directors conduct a search for a new CFO. Robbiati joined HPE as CFO in September 2018. 

Sherri Baker was named SVP and CFO at Clearwater Paper Corporation (NYSE: CLW), effective Aug. 14. In Baker's last two roles she served as CFO, first at PGT Innovations and then at Hyliion Holdings. Before that, Baker worked at Dean Foods from 2010 to 2019, where she held roles of increasing leadership responsibility in commercial finance, supply chain, investor relations, and corporate strategy.

John Gallina, executive vice president and CFO at Elevance Health(NYSE: ELV), will retire from his role later this year. Mark Kaye has been named executive vice president and CFO and will serve as a member of the company’s executive leadership team. Kaye will serve as CFO designate from Sept. 6 to Nov. 1, when he will assume full responsibility for the role. Kaye joins Elevance Health from Moody’s Corporation, where he served as CFO.

Brian Scott was named EVP and CFO at Jack in the Box Inc. (Nasdaq: JACK) effective Aug. 14. Scott has more than 20 years of experience. Most recently, he served as CFO of ShiftKey. He also served as CFO of TheKey, a private pay provider of home care services. Before that, Scott served for over 10 years as CFO and chief accounting officer of AMN Healthcare.

Brian DeCenzo was named president and CFO at Inxeption, a technology platform for industrial commerce. DeCenzo joins Inxeption from Goldman Sachs, where he spent close to two decades, primarily in the investment banking division. He held several executive positions during his tenure at Goldman Sachs, most recently as a managing director in the technology investment banking group.

Overheard

"The implications of generative A.I. are complex. What is clear is that generative A.I. will fundamentally change the way many jobs are done. And we are optimistic that many of the jobs created will be highly skilled and well paid. To get there, though, the United States must invest in re-training and education to ensure that the workforce is prepared to succeed."  

—McKinsey experts Michael Chui, Kweilin Ellingrud, and Asutosh Padhi wrote in a Fortune opinion piece discussing whether generative A.I. will be good for U.S. workers. McKinsey is a partner of Fortune‘s Global Forum.