CFO appointments rise amidst SPAC boom
Startups, which are raising an abundance of cash, are moving to hire more chief financial officers (CFOs), WSJ reported. Usually, startups would have just a few dozen employees and would be looking to stay light-footed, keeping their payrolls less burdened in their first few years. Many would delay hiring CFOs until they became more robust organizations and had more of the means to do so. However, now, balance sheets have been rising quickly, and SPACs have given a new route with which to go public.
The number of CFO appointments for U.S. startups that have raised between $10 million and $100 million increased 95 percent, with the total number now sitting at 162 for the 12 months that ended May 14 compared to the year prior, according to WSJ.Read more