676: The Next Transformation Journey | Paul Lundstrom, CFO, Flex

Published: Feb. 21, 2021, 11 p.m.

Back in 2015, after nearly two decades of diligent career-building across United Technologies, Paul Lundstrom fixed his career builder\u2019s gaze upon the span of companies known as the\xa0Fortune\xa0500.

Like many seasoned finance executives who spend the balance of their careers inside large enterprise companies, Lundstrom had to confront the obvious truth that for every company, the CFO office has but one occupant.

By all accounts, a\xa0Fortune\xa0500 company was a worthy target for Lundstrom\u2019s CFO ambitions, but here, too, the number of CFO roles quickly diminishes when you consider the industry-specific focus that spans the arc of Lundstrom\u2019s career and those of so many others.\xa0\xa0

Finance executives often tell us that it was here within this realm of heightened ambition and shrinking opportunity that they dared to add one of the most satisfying chapters of their CFO careers, and so it was for Lundstrom.

Last fall, the UT veteran landed safely inside the\xa0Fortune\xa0500 world when he was named CFO of Flex, a $24 billion contract manufacturer. However, it was the 4 years between UT and Flex that Lundstrom now points to as constituting one of the most satisfying periods of his career.

Back in 2016, Lundstrom exited UT to accept a CFO position with Aerojet Rocketdyne, a struggling aerospace company that had recently found it necessary to restate its financials.

\u201cThis was a $2 billion NASDAQ company that did not have a controller,\u201d explains Lundstrom, whose 4-year tour of duty as Aerojet\u2019s CFO coincided with a rise in the company\u2019s stock price from $16 to $50 per share (pre-COVID).

\u201cThe goal was business transformation,\u201d explains Lundstrom, who now characterizes his Aerojet years as a \u201cturnaround\u201d chapter that no doubt put yet another stripe on his CFO career path sleeve. \u2013Jack Sweeney


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