This was the topic of a conversation I just had with McDonald’s global CFO Ian Borden and global CMO Morgan Flatley. We chatted after their panel session at the Cannes Lions Festival of Creativity on Monday morning. 

“We used to think of marketing as a bit of a black box, or nebulous part of our business where it didn’t really have good visibility, and didn’t have good transparency,” Borden said. In 2019, McDonald’s eliminated its global CMO role but reinstated it less than a year later, Fortune previously reported. 

Today, McDonald’s (no. 162 on the Fortune 500) “spends a lot of money on marketing,” he said. “It’s, frankly, one of the most important growth investments we make.” It’s key to driving strong top-line growth, he added.

Flatley joined McDonald’s in 2017 as U.S. chief marketing and digital customer experience officer. In 2021, she was promoted to global chief marketing officer and became head of new business ventures in 2023. It’s been under her leadership, Borden said, that marketing has really excelled. 

Borden, global CFO since 2022, has spent more than 25 years at McDonald’s, leading markets and functions globally. His take on the evolving role of the CFO: You can’t just be a pure, finance-focused CFO anymore.

“Certainly in my own career, the fact that I’ve run a market, worked and lived around the world, and I’ve run our entire international business, just the range of experiences I have, I think that’s what helps you understand the breadth of the business,” he said.

Borden continued: “When you’re working together like Morgan and I do, in this relationship, you have a much deeper understanding of what your executive partners are trying to do, and what you can do to help support them.” 

CFOs “always get a little nervous” when they can’t see the work behind the output, he said. “My advice to CMOs is to engage with your CFOs and finance leaders,” Borden said. Be transparent with data and metrics, he said.

As a CMO, Flatley explained, “You have to be a total business leader. I have to be able to talk about multiple areas of the business in order to be effective and respected in my job.”

She also pointed to the value of technology. “When I came into the marketing world a long time ago, there were a handful of channels that connected with consumers, and today there are hundreds of thousands,” she said. ”I’ve had to become a real student of technology and the digital landscape because that is how we’re building relationships with consumers in the future.”

Flatley added that it’s a “CMO’s dream” to hear your CFO talk about the power of creativity and the importance of risk-taking. “I obviously feel very lucky to be in an environment where that’s recognized and supported,” she said. 

For more on how marketing is a vital engine to McDonald’s success, including the firm’s key metrics, you can read the complete article here.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Samantha L. Stoddard was named CFO at JELD-WEN Holding, Inc. (NYSE: JELD), effective July 1. Stoddard will succeed Julie C. Albrecht as EVP, CFO. Albrecht will step down from her role on June 30 and will serve in an advisory capacity for a period of time. Stoddard is currently JELD-WEN North America CFO and head of global financial planning and analysis. Stoddard joined JELD-WEN in 2020 as vice president of finance for North America operations. Prior to joining JELD-WEN, Stoddard was CFO for the personal protection equipment business unit at Honeywell.

Gregory D. Cameron was named EVP and CFO at CF Industries Holdings, Inc. (NYSE: CF), effective June 17. Cameron succeeds Christopher D. Bohn, who was recently promoted to EVP and COO. Cameron most recently served as president and CFO of Bloom Energy. Before that, he held a series of senior roles at General Electric over 26 years, including president and chief executive officer, global operations-GE Company.

Big Deal

“Hybrid working from home improves retention without damaging performance” is a new paper published in the science journal Nature. The researchers found that hybrid working improved job satisfaction and reduced quit rates by one-third. This reduction in quit rates was most profound for non-managers, female employees, and those with long commutes.

Going deeper

“Marketplace Dignity: The Hidden Driver of Customer Engagement,” a new piece in Wharton's business review, includes an excerpt from a new book coauthored by Wharton's Cait Lamberton. It reveals the three levers that marketers can use to keep customers engaged, loyal, and satisfied.

Overheard

“Human psychology still matters. If people don’t feel like they have the agency to overcome the barriers in their way, no amount of AI will push them to climb the income ladder. The same goes for the importance of meaning and purpose in their lives. If these are missing, no amount of AI tools will create them.”

—Gonzalo Schwarz, the president and CEO of the Archbridge Institute, writes in a new Fortune opinion piece titled, “AI can contribute to human flourishing—but there are things it can’t replace.”