CFO's Office Becomes Strategy Hub: AI and Global Competition Reshape Financial Leadership

At McKinsey's 24th Global CFO Forum, 66% of CFOs reported that the strategy function now falls under their purview, up from 30% five years ago. Andy West emphasized CFOs' growing role in capital allocation, investor communication, and strategic investments amid intensified market competition, with the 'shuffle rate' of market share shifts rising by 50% since the mid-1990s. AI is accelerating this shift, moving from experimental use to enterprise-wide transformation, though companies lack consensus on evaluating its long-term costs. West noted that AI's value lies in redefining operational processes, not just automating tasks. Organizational change management emerged as the biggest hurdle. Despite challenges, CFO sentiment remains optimistic, with leaders like Will Mudd (Guardian Pharmacy Services) and Matthew Hartzell (Uniquity Bio) exemplifying the trend. Spending surges in FIFA World Cup 2026 host cities like Kansas City, Los Angeles, and Miami underscore short-term opportunities amid strategic realignments.