Ahead of the Curve – 1=2

Mr. John Fredriksen always seems to be a step ahead. Today, Seadrill Limited announced that Mr. Esa Ikaheimonen, its CFO, will be leaving the company to pursue other opportunities. While we wish him good luck, Mr. Ikaheimonen should take comfort in the fact that two people are now needed to replace him. We believe Mr. Fredriksen is making the right decision to formally separate the finance role into two positions – a CFO and CAO (Chief Accounting Officer). While this split likely exists informally in many organizations, the recognition of the role of CAO is long overdue in this era of Sarbanes Oxley. The split also recognizes that the investor relations role has become all-consuming these days.

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