Good morning, CFOs. Why a small deli-prepared foods company is posting significant revenue growth; a close look at the challenges facing OpenAI's CFO Sarah Friar; and why Jerome Powell decided to stay at the Federal Reserve.

American consumers are hunting for ways to trim their spending as they pay more for everything from groceries to gas. This has helped deli-prepared foods manufacturer Mama’s Creations sell its meatballs, pasta and other items.

Restaurant menu inflation remains higher than in some grocery store aisles, Chief Financial Officer Anthony Gruber told the WSJ Leadership Institute’s Jennifer Williams, who wrote about the conversation for today’s newsletter.

Some key data points: Deli department prices are up 1.3% in the first three months of 2026 compared with the prior-year period, according to market-research firm Circana. Meanwhile, fast-casual and quick-service restaurant prices are up 3% and 2.6%, respectively, in the same period, the data show. 

“With the consumer getting pinched by gas prices, and just the whipsaw with the duties and just basic inflation, they’re looking for deals,” Gruber said. Mama’s Creations’ revenue increased nearly 40% in the year ended Jan. 31 compared with a year earlier, driven in part by the recent acquisition of ready-to-eat meal manufacturer Crown I Enterprises.

To stretch their budgets, shoppers are eating at home, the CFO said. When they turn to the deli for that at-home food, that helps Mama’s Creations. Some shoppers are trading single-serve prepared meals for bigger pack-sizes that last longer, which the company sells at chains such as Costco Wholesale.

But Mama’s Creations is feeling pressure too. Rising fuel prices from the war with Iran have made it more expensive to move products across the country. In response, the company is considering minimum order quantities and ensuring trucks are fully loaded with goods, Gruber said. The company might also consider lifting prices, but so far, retailers are reluctant to accept increases aimed at covering the higher gas costs, he said. 

“You have to really make a good case to get some pricing increases in place.”

• Earnings season continues, with companies including Palantir Technologies, Shopify, Disney, Uber Technologies and Airbnb scheduled to report results.
   
• The April jobs report from the Bureau of Labor Statistics is due on Friday.
   
• I’m also tracking what CFOs are saying about the Iran war, including the impact of higher commodity costs. President Trump said Sunday the U.S. would start guiding commercial ships out of the Strait of Hormuz where they have been trapped by the war, in an effort to unblock the vital supply route.

It falls to OpenAI CFO Sarah Friar to pull off what is envisioned as one of the biggest IPOs ever—at the exact moment when the company’s growth has slowed relative to rivals.

If she moves too slowly, OpenAI could fall behind and hit the market behind Anthropic, missing out on pools of investor money. Move too quickly, and she could stretch the business too far.

In other words, she doesn’t have much room for error.

• Berkshire Hathaway’s Greg Abel took the stage Saturday to address investors for the first time as CEO, paying tribute to Warren Buffett while laying out a case that the sprawling conglomerate will remain on firm footing.
   
• Jerome Powell, the departing Federal Reserve chair, didn’t want to remain on the board. He concluded he had no choice.

📰 Other headlines

• Why eBay, in Its Latest Incarnation, Is a Takeover Target for GameStop
• Here’s What’s Shoring Up the Global Economy During the Energy Shock
• The Fuel-Price Crunch That’s Turning Into a Disaster for Airlines
• Spirit’s CEO on the Airline’s Last Days

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• Deere, the Moline, Ill.-based farm equipment company, named Brent Norwood as CFO, effective immediately. Norwood was most recently a finance director at the company. He succeeds Joshua Jepsen, who resigned in January to become CFO of Honeywell Aerospace.
   
• KB Home, a Los Angeles-based home builder, said CFO Robert Dillard resigned, effective May 8.
   
• Cisco Systems, the San Jose, Calif.-based networking-equipment company, named Nichlas Fink as chief accounting officer, effective May 20. He succeeds M. Victoria Wong, who is retiring.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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