Finance and Investing is pleased to announce The Top 25 CFOs of Massachusetts for 2023. As one of the original thirteen British colonies, Massachusetts has a rich history of culture and commerce. Right now, however, there are many reasons for business leaders in the Bay State to focus more on the future. For instance, in 2021, the state Gross Domestic Product (GDP) was a staggering $641 billion. In other words, if Massachusetts was a separate country, then it would rank as the 22nd largest economy in the world – surpassing the economies of Sweden, Belgium, Norway, and Austria. Presently, the economy of Massachusetts thrives on technological research and development, along with a strong service sector. Numerous highly skilled professionals, including our esteemed award winners, utilize their extensive financial expertise and professional backgrounds to provide invaluable guidance and support to the Pilgrim State.
As CFO for Analog Devices, Prashanth Mahendra-Rajah leverages his years of vast experience holding leadership positions for major players like Applied Materials, Visa, and United Technologies. A member of CNBC's Global CFO Council, he also sets his company's financial strategy and oversees its global finance organization. Meanwhile, Julie Joncas, the CFO for Harvard Medical School, is responsible for all aspects of managing the School's annual budget that exceeds $800 million. No stranger to big budgets, Joncas previously oversaw a $1.3 billion research enterprise during her nine-year tenure as the financial chief for MetroWest Medical Center. Likewise, Kristin Forney is representing the food industry as the CFO for Ocean Spray Cranberries, which is based in Plymouth County, and pulled in more than $2 billion in revenues last year.
Please join us in celebrating the accomplishments of The Top 25 CFOs of Massachusetts for 2023.
1. Sergio Cruz
Chief Financial Officer, Sevita
Sergio Cruz is the Chief Financial Officer of Sevita, a leading provider of home and community-based specialty health care. Founded in 1967, Sevita employs more than 40,000 employees who serve over 50,000 individuals. The company is centered on the belief that people can grow, learn, and be as independent as possible in the homes and communities where they live. To this aim, Sevita continues to blend innovation, technology, and collaboration across its organization to enhance the lives of its customers.
Cruz joined the company in 2007 as a staff II accountant. Previously, he was a staff accountant at CPCU Credit Union. Cruz earned an undergraduate degree in accounting & finance from UMass Boston.
2. Byron Lowe
Chief Financial Officer, Steward Health Care
Byron Lowe has been with Steward Health Care since 2012. During this time, he has been involved with multiple financial departments within the organization, including Accounting, Reimbursement, Revenue Cycle/Operations, and Financial Operations. Before becoming CFO at Carney Hospital, he was the Director of Financial Operations for the North Region. Prior to that, he was the Director of Finance for Revenue Operations during Steward’s expansion nationally.
Early on in his career, Lowe worked at BNY Mellon as a Global Securities Manager, where he led a team with multiple client portfolios, including the largest daily valued client at the time with $1 billion in assets. Lowe graduated from Ohio Wesleyan University with an undergraduate degree in economics management and accounting.
3. Paul Tranter
Chief Financial Officer, Boston Consulting Group
Paul Tranter is Boston Consulting Group’s Chief Financial Officer. He is also a member of the firm's Executive Committee and Operating Committee – and is responsible for their organization and facilitation. Among his many duties, Tranter oversees BCG's biannual global partner meetings and sits on a number of other change initiatives and committees, including the Global Marketing Committee. Since joining BCG in 1998, Tranter has worked for clients in a range of industries and sectors. This includes energy, travel and tourism, consumer, and industrial goods. He specializes in advising CEOs and senior executives on managing large transformations and building their businesses.
Before joining BCG, Tranter worked in the agribusiness sector through the management of his family’s dairy-farming business, which grew into one of Australia's largest dairy-farming operations. Notably, Tranter was also deeply involved in the establishment of Jetstar, a major Australian Airline. He acted as CFO until the launch of the business. Most recently, he has focused on business transformation in the energy and electricity industry. Tranter graduated from Harvard Business School with an MBA and from The University of Queensland with an undergraduate degree in law and psychology.
4. Prashanth Mahendra-Raja
Chief Financial Officer, Analog Devices
As Executive Vice President of Finance and Chief Financial Officer for Analog Devices (ADI), Prashanth Mahendra-Rajah sets his company’s financial strategy and oversees its global finance organization, making him responsible for such areas as financial management, planning, controls, and reporting. Prior to joining ADI, Mahendra-Rajah was CFO of WABCO Holdings, a global supplier of commercial vehicle technologies. He also previously served in numerous financial leadership roles for Applied Materials, Visa, and United Technologies.
In the past Mahendra-Rajah has been recognized by Institutional Investor magazine as a Top CFO in Semiconductors in 2020, 2021, and 2022. Additionally, he is a member of CNBC’s Global CFO Council. Mahendra-Rajah is a member of the board of directors for the Goodyear Tire & Rubber Company, where he serves on the audit committee and committee on corporate responsibility and compliance. Furthermore, he serves on the board of advisors and on the finance committee for the Isabella Stewart Gardner Museum in Boston and is a member of the advisory board for the School of Engineering, Department of Computer and Electrical Engineering at the University of Michigan. The executive holds a BS in chemical engineering from the University of Michigan, an MS in engineering from Johns Hopkins University, and an MBA from the Krannert School of Management at Purdue University.
5. Julie Joncas
Chief Financial Officer, Harvard Medical School
Julie Joncas joined Harvard Medical School as Chief Financial Officer in January 2022. She is responsible for overseeing all aspects of managing the School's annual budget of more than $800 million. In this position, Joncas ensures the financial sustainability of HMS; and is helping to advance critical investments in the School's research and education mission. An experienced and versatile executive, Joncas has more than 20 years of financial and operational management expertise, which has been honed primarily at academic medical institutions in Boston.
Most recently, she served as the system vice president of finance and CFO for Boston Medical Center. Before that, Joncas worked for Tenet HealthCare in a variety of leadership roles, including serving as CFO of MetroWest Medical Center. She also has extensive research finance and operations experience from her nine-year tenure with Mass General Brigham, where she served as administrative director for the laboratory animal research program – and then as director of research finance. In this role, she oversaw all budgeting and financial planning for MGB’s $1.3 billion research enterprise. Joncas holds an MBA from Harvard Business School and a bachelor’s in business administration from Boston University.
6. Nathan Kuder
Chief Financial Officer, Boston Public Schools
Nate Kuder has been a member of the Boston Public Schools’ Finance team since 2013. Prior to accepting his current CFO role, Kuder served as a Budget Director and as the Deputy Chief Financial Officer. He first joined BPS in 2009, working in the Office of Accountability as part of the Strategic Data Project.
Kuder earned his master’s in Public Policy from the Goldman School of Public Policy at the University of California at Berkeley. He also has a BA in economics and political philosophy from Syracuse University. Most importantly, he is the proud father of 2 current BPS students.
7. John Brosnahan
Chief Financial Officer, Bose Corporation
John Brosnahan is Bose Corporation’s Chief Financial Officer, a position he’s held since 2020. In this role, he is responsible for the financial, administrative, and risk management operations of the company. This includes the development of an operational and financial strategy, ongoing monitoring, reporting, and the associated controls required to report company financial results and protect company assets.
Brosnahan joined Bose as a financial analyst in 1998. During his lengthy career at the company, he has served as director of corporate financial planning and analysis; director of Asia Pacific business initiatives; and various other senior leadership roles prior to his appointment as VP of finance in 2019. Brosnahan holds a master’s and a bachelor’s from Suffolk University, where he is currently active as a Graduate Program Finance Board member, academic advisor, and guest lecturer.
8. Bob Munro
Chief Financial Officer, Cengage Group
Bob Munro joined Cengage Group as Chief Financial Officer in 2019. In this role, he is responsible for leading all parts of the company's finance function, including financial planning and analysis, financial reporting, accounting and control, treasury, tax, internal audit, and investor relations. Throughout his career, Munro has specialized in overseeing complex digital transformations – preparing companies for the business models of the future. He believes the CFO must be an active partner in building, funding, resourcing, and activating corporate strategy.
Prior to Cengage Group, Munro served as the CFO of Callcredit Information Group, a credit reference agency, and risk information solutions provider, which was acquired by TransUnion in 2018. Earlier in his career, Munro served in a variety of senior management and financial roles at RELX (formerly Reed Elsevier plc), including CFO of Elsevier Health Sciences. His professional career started at Price Waterhouse, where he qualified as a Chartered Accountant. Munro holds a B.Sc. in physics and microelectronics from the University of Essex.
9. Jamey Mock
Chief Financial Officer, Moderna
As Chief Financial Officer, Jamey Mock oversees financial, business development, and business services functions at Moderna. Previously, Mock served as Senior Vice President and CFO of PerkinElmer, a life sciences, diagnostics, and analytical solutions company. In his role at PerkinElmer, he had overall leadership responsibility for the strategy and operations of all company finance functions. During that time, he was instrumental in transforming PerkinElmer into an organization with a strengthened financial profile for growth and profitability.
Earlier in his career, Mock served for nearly 20 years in a wide range of financial oversight capacities within General Electric Company, both in the United States and overseas. He holds a Bachelor of Arts in economics from St. Lawrence University.
10. Bruce Bowden
Chief Financial Officer, Rocket Software
Bruce Bowden joined Rocket Software in July of 2022 as CFO, bringing 25 years of technology and finance leadership expertise with him. Prior to joining Rocket, Bowden was CFO of the market-leading fintech and innovative AI provider, Bottomline Technologies. During his long career, Bowden has been a CFO for public and private companies. This includes leading transformation, corporate strategy, and development at Nuance Communications.
Bowden started his career as a strategist at the Boston Consulting Group. He went on to spend 15 years leading strategy and M&A for leading tech and telco companies around the globe. The breadth of his earlier responsibilities underscores his talents in building extensive scaled financial architecture to deliver integrated finance, corporate development, and legal leadership. Bowden has his BSBA in Finance and International Management from Georgetown and a JD/MBA from the University of Virginia.
11. Craig Nickerson
Chief Financial Officer, RSA Security
As RSA Group Chief Financial Officer, Craig Nickerson leads the finance, tax, treasury, and purchasing functions for the organization. Notably, he is responsible for developing the financial functions that the RSA group requires to deliver value and drive growth. Nickerson also serves as CFO for the RSA business unit, helping to ensure that the RSA team has the processes, resources, and capabilities needed to meet the unique needs of its identity clients.
Nickerson brings more than 20 years of extensive experience in leading finance organizations for both SaaS and on-premise software companies, M&A transactions, and accelerating business growth. Prior to his role at RSA, he served as the CFO of AFS Technologies, which was acquired by Telus Communications. Previously, he also served as the CFO for several software businesses supported by Goldman Sachs and TA Associates. Nickerson holds a Bachelor of Science in finance and accounting from the University of Central Florida, where he was a member of the men’s soccer team.
12. Kristin Forney
Chief Financial Officer, Ocean Spray Cranberries
As CFO for Ocean Spray Cranberries, Kristin Forney is a food industry veteran, bringing more than 28 years of financial experience to her job. Prior to joining Ocean Spray, she served as senior vice president and CFO for the North American segment for Hain Celestial Group, where she led a finance organization supporting a $1.6 billion revenue organic and natural products business. While at Hain, Forney’s leadership was integral in transforming the North American business into a strong operating company while building finance capabilities to position the business for growth.
Forney also has served in finance and revenue growth management leadership roles across multiple businesses at ConAgra Brands during the course of 15 years. She is a Certified Public Accountant, having spent nearly five years in public accounting with Grant Thornton. Forney earned her bachelor’s in Business Administration with an emphasis in Accounting from Hastings College and is a Certified Public Accountant.
13. Matt Klitus
Chief Financial Officer, Lyra Health
Matt Klitus is the Chief Financial Officer of Lyra Health, a leading provider of innovative mental health benefits for more than 2.5 million global employees and dependents. Using matching technology and an innovative digital platform, Lyra quickly connects companies and their employees — plus spouses and children — to world-class therapists, mental health coaches, and personalized medication prescribing. With Lyra, customers can offer their employees fast, reliable access to providers who practice evidence-based mental health care treatments. Klitus first joined the company in 2021 as chief growth officer.
Previously, Klitus was a president of markets at Cityblock Health. Before that, he served as a CFO and chief strategy officer for MassHealth at the Massachusetts Executive Office of Health and Human Services. Earlier in his career, he worked with McKinsey & Company as a business analyst. Klitus earned an MBA from Harvard Business School and an undergraduate degree in chemistry and finance from Princeton University.
14. Chris Waters
Chief Financial Officer, Goulston & Storrs
Chris Waters is the Chief Financial Officer at Goulston & Storrs, a leading AmLaw 200 firm known for its real estate, corporate, litigation, private client, and tax practices. Notably, Waters has 25 years of hands-on leadership experience. During that time, he has established a proven track record of building high-performing teams and driving successful business transformation initiatives.
Prior to his arrival at Goulston & Storrs in March 2020, Waters served as the Head of Finance, Americas at Vistra, a private equity-owned fund administrator and corporate service provider. Waters also served as the Global Head of Finance Operations and Transformation at State Street Global Advisors (SSGA) and as the Chief Accounting Officer at United Natural Foods (UNFI). He started his career at PricewaterhouseCoopers providing audit and M&A advisory services. Waters earned his MBA from Columbia Business School and his undergraduate degree in Accounting from the University of Rhode Island. He is a Certified Public Accountant and a member of The Wall Street Journal CFO Network.
15. Luigi Testa
Chief Financial Officer, LinkSquares
Luigi Testa is the Chief Financial Officer at LinkSquares where he oversees the company’s finance and administrative functions. In this role, he is responsible for helping scale the company and driving strategy. Luigi was named among Boston Business Journal’s 2023 CFO of the Year honorees for his strong performance and leadership.
Prior to joining LinkSquares, Luigi held strategic finance and corporate development roles at notable companies that include Building Engines, Rapid7 (public), Nanigans (acquired), and Acquia (acquired). He holds an MBA from Babson College and an undergraduate degree in finance from Bentley University.
16. Peter Banat
Chief Financial Officer, Bay State Milling Company
As Chief Financial Officer for Bay State Milling Company, Peter Banat is responsible for the development and execution of the company’s strategic financial objectives; alignment of the Finance, Control, and Corporate Services functions; as well as systems modernization.
Banat has over 30 years of experience in Finance, specializing in manufacturing and consumer products enterprises. He has most recently held the position of CFO at the Evenflo Company and Euro-Pro Holdings. His extensive background also includes leadership roles in both national and global organizations, such as Pepsico and Goodyear. Proficient in Spanish and Portuguese, Banat is a graduate of the University of Pennsylvania. He earned his MBA from the University of Michigan, Stephen M. Ross School of Business.
17. John Rogers
CFO, Buyers Edge Platform
John Rogers is the Chief Financial Officer of Buyers Edge Platform, the leading food service procurement platform – powered by data analytics, software, and collaborative relationships. He first joined the company in 2020. In this role, Rogers contributes to the strategy of the company and is responsible for managing the financial activities and overseeing its economic success.
Previously, Rogers was the CFO at Zoominfo. Before that, he held CFO roles at Nuance Communications, Cognex, and other PE-sponsored software companies. Rogers earned an undergraduate degree in accounting from Bentley University and started his career at PricewaterhouseCoopers.
18. Rich Roda
Chief Financial Officer, Tiugo Technologies
Rich Roda is the Chief Financial Officer of Tiugo Technologies, a collection of the world’s leading developer platforms focused on document and data management. In this role, he is responsible for all finance, treasury, investor relations, tax, and audit operations. Rich has over 18 years of finance and operations experience.
Rich previously served as the head of Finance and Accounting at cybersecurity company SimSpace, where he built the function from scratch. Prior to SimSpace, he was VP and leader of FP&A for several PE-backed technology firms, including payment processing company EngageSmart and global publishing company Cengage Learning. Roda has also held various finance leadership roles at HealthEdge, BCG, Nuance, Constant Contact, McKinsey & Company, and IBM. He holds an undergraduate degree from Babson College and an MBA from Bentley University.
19. Fraser McHardy
Chief Financial Officer, oneZero Financial Systems
Fraser McHardy is the Chief Financial Officer of oneZero Financial Systems, LLC. In his role, McHardy leads the company's accounting, tax, financial reporting, and financial planning and analysis activities. Headquartered in Somerville, MA, oneZero is a recognized innovator of multi-asset class enterprise trading technology - empowering financial institutions and brokers to compete effectively in global financial markets.
Prior to joining oneZero in 2020, McHardy was most recently Chief Financial Officer of State Street Corporation's Global Markets division. Earlier, he started his career in the financial services practice at Deloitte, LLP in the UK. McHardy graduated from the University of Edinburgh. He is a Chartered Accountant and a member of the Institute of Chartered Accountants in Scotland.
20. Todd Donahue
Chief Financial Officer, Ordergroove
Todd Donahue is the Chief Financial Officer of Ordergroove. In his role, he leads Ordergroove’s strategic finance, accounting, and compliance operations. Ordergroove enables subscription and membership experiences for the world’s largest and most innovative brands, including L’Oréal, Dollar Shave Club, Petsmart, La Colombe Coffee, IL MAKIAGE, and The Honest Company. As a market leader in subscription technology, their proprietary Relationship Commerce platform is shifting consumer interactions from one-and-done transactions to frictionless and highly profitable recurring relationships.
Prior to joining Ordergroove, Todd led strategy and operations for Mastercard’s merchant loyalty businesses. He joined Mastercard through its acquisition of SessionM, an enterprise marketing SaaS provider. As SessionM’s CFO, Todd led the company through rapid growth, global expansion, several rounds of funding, and ultimately its sale and integration with Mastercard. He graduated from Boston University with an undergraduate degree in accounting and from Babson College with an MBA.
21. Monalisa Shroff
Chief Financial Officer, Freight Farms
Monalisa Shroff is the Chief Financial Officer of Freight Farms Inc, the world's leading modular farming solution with the largest network of IoT-connected farms. As CFO Monalisa is a key partner to the CEO as well as the Board in setting strategic direction for the company while at the same time providing leadership as a member of the management team for operational execution.
Monalisa has over 20 years of experience in strategy, financial planning & analysis, business analytics, accounting, and operations management. Prior to Freight Farms, Monalisa worked as a financial executive for companies across publishing, e-commerce, consumer goods, ag-tech, financial services, and energy conservation. Monalisa holds an MBA in Finance from Fordham University and a Bachelor of Science in Finance & International Business from the University of Bridgeport.
22. Julie Feder
CFO, Aura Biosciences
Julie Feder is the Chief Financial Officer at Aura. Prior to this role, she served as Chief Financial Officer at Verastem, where she was responsible for developing the company’s strategic financial plan and overseeing a rapid growth in financing and staff size. Prior to joining Verastem, Feder spent six years at the Clinton Health Access Initiative, Inc. (CHAI) as Chief Financial Officer. At CHAI, Feder was responsible for managing a global team across multiple departments. She also developed the global finance strategy and internal audit, treasury, and global payroll functions. Before joining CHAI, Feder spent three years at Genzyme Corporation, as Vice President of Internal Audit and later as Finance Integration Leader. In these roles, she managed the day-to-day operations of Genzyme’s global internal audit function, while leading the Genzyme Global Finance integration following Sanofi’s acquisition of Genzyme.
Feder began her career at Deloitte & Touche LLP, where she was Senior Manager of Audit, Consulting, and Enterprise Risk Services. She holds a Bachelor of Science in Accounting from Yeshiva University’s Sy Syms School of Business.
23. Guillermo Fernandez
Chief Financial Officer, Stop and Compare Markets
Guillermo Fernandez, an accomplished CFO from Spain, has a proven track record of driving financial success in the retail industry. Having moved to the United States in 2010, he brought a diversity of experience and expertise. With proficiencies in financial accounting and process improvement, he's demonstrated his ability to enhance organizational performance. As the current CFO of Stop and Compare Supermarkets in Boston, he oversees financial planning for a company exceeding $50 million in revenue and has been instrumental in securing financing for expansion.
Previously at J. Jill, Guillermo managed budgets for over 280 stores, uncovering significant cost-saving opportunities. He has also held volunteer roles, including Chairman of the Chelsea Business Foundation, reflecting his dedication to the professional community. His academic achievements include an MSA from Boise State University and an MBA from Cambridge College, completing the NGA Leadership Program at Cornell University.
24. Thomas Russillo
Chief Financial Officer, Axon Communications
Thomas Russillo is the Chief Financial Officer of Axon Communications, an award-winning creative agency specializing in the development and deployment of unique, cutting-edge marketing and educational programs for the pharmaceutical, biotech, and medical device industries. As a leading healthcare communications company, Axon counts many of the largest (and some of the smallest) companies in the industry as their clients.
Russillo has 21 years of experience. He began his career in 2002. Before joining Axon Communications, he was a VP of group director and client finance lead at Digitas North America. Before that, he served as a corporate actions officer at State Street. Earlier in his career, he worked with Merrill Lynch as an associate financial advisor. Russillo graduated from Questrom School of Business, Boston University with an MBA in finance and from Villanova University with an undergraduate degree in finance.
25. Ronald Goldstein
Chief Financial Officer, Eirion Therapeutics
Ronald Goldstein is the Chief Financial Officer at Eirion Therapeutics. He first joined the company in 2021. Eirion Therapeutics is a biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of cancer. Founded in 2016, the company utilizes cutting-edge scientific research and technologies to identify and target key biological pathways involved in cancer progression. Their pipeline includes a range of promising drug candidates at various stages of development, aimed at addressing unmet medical needs in multiple cancer types.
Previously, Goldstein was a VP of finance at the New England Mobile Book Fair – and before that a VP of finance at NKT Therapeutics. Earlier in his career, he worked with SLI Inc. as a CFO. Goldstein earned an MBA in finance and an undergraduate degree from Boston University.