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Zoom CFO on Leadership and Partnering With the CEO; Plus, More Corporate Dropouts

By Walden Siew | WSJ Leadership Institute

Good morning, CFOs. Michelle Chang, finance chief at Zoom, on strategizing with the company's CEO; the labor-force participation rate is at its lowest level since 1977; plus, a fire sale for U.S. office buildings.

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Zoom CFO Michelle Chang and CEO Eric Yuan, at right, speak with Alan Murray, president of the WSJ Leadership Institute, at the WSJ CFO Council Summit in Palo Alto, Calif. Photo: Nikki Ritcher for the WSJ Leadership Institute

In looking at Zoom as a company, “everything's going to get touched by AI,” CFO Michelle Chang told me in a recent interview. Senior leadership at Zoom looked at manual processes, broken processes and potential areas where AI could help boost cost efficiencies, she said.

“We have two goals: Get the satisfaction of our customers up, get the cost down. It's very clear,” she said in a discussion with CFO Journal.

In that light, she delved into how central her role as CFO has become, particularly as a strategic partner to CEO Eric Yuan.

“The CFO now plays a much more strategic role and a much more operational role,” she said. “Eric and I have found a great way of working together, that bridges a lot of that and frankly the CFO does a lot of the operations so that he can get into more shaping where the product is going.”

“Like any CFO, you're intimately involved in the operations, and how you need to evolve those to scale,” she said. “The two things that I opened up with, you see the CFO go strategic and then you see the CFO go operational. I think it all stems out of one thing. There aren't that many roles at the company that can see left or right,” referring to a holistic view of the company.

“It's a blessing to be able to see a company left or right. It's one of the reasons I'm drawn to the role,” she said.

Chang spoke recently as well with Alan Murray, president of the WSJ Leadership Institute, for our latest Leaders podcast. Both Chang and Yuan spoke at our WSJ CFO Council Summit. You can watch that podcast series here.

For the full Leaders podcast interview, check it out on wsj.com, or listen on Apple or Spotify.

 
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The Day Ahead

📆 Earnings

  • Applied Digital
  • Constellation Brands
  • Delta Air Lines
  • RPM International

📈 Economic Indicators

The Federal Open Market Committee releases the minutes of its mid-March monetary-policy meeting.

 

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What Else Matters to CFOs

The labor-force participation rate in the U.S. has been declining since the early 2000s. LUCÍA VÁZQUEZ FOR WSJ

A troubling economic trend to watch: More seniors and otherwise capable workers are opting out of climbing the corporate ladder, or the workplace entirely for that matter.

The key stat: The share of the working-age population that is either working or looking for work—known as the labor-force participation rate—edged down to 61.9% in March, its lowest level since 1977, outside of the pandemic.

The rate has been gradually falling since the early 2000s, largely due to the aging population. It nosedived in the early months of the pandemic, then rebounded and grew for a while before resuming its downward slide in 2024, ​​Jeanne Whalen reports. Here’s the full story.

  • A Fire Sale Has U.S. Office Buildings Going for 90% Off
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📰 Other headlines

  • The Day Trump’s Iran Threat Gripped the World
  • The Iran War Is Hitting California Harder Than Any Other State
  • Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust
  • Ford Asks Trump Administration for Relief as Tariffs Pummel F-150
  • GoPro to Eliminate 23% of Workforce in Cost-Cutting Move
  • Levi Strauss Raises Fiscal-Year Guidance as Turnaround Bears Fruit
  • LG Electronics Expects First-Quarter Earnings Rebound
  • Elon Musk Asks for OpenAI’s Nonprofit to Get Any Damages From His Lawsuit
  • Anthropic Set to Preview Powerful ‘Mythos’ Model to Ward Off AI Cyberthreats
  • Intel Partners With SpaceX, Tesla to Operate New Chip Plant
  • SpaceX Isn’t Even Public Yet. Investors Are Already Abuzz About a Tesla Merger.
  • Podcast: More Coding, Less Slop? Why OpenAI Ditched Sora
 

Big Number

$96

New 2026 forecast for Brent crude per barrel, up from $79 a barrel previously, according to the latest short-term energy outlook by the Energy Information Administration. The EIA now expects U.S. benchmark West Texas Intermediate crude to average $87 a barrel, up from $74 a barrel in the March outlook.

 

CFO Moves

Kura Sushi USA CFO Jeff Uttz will leave the company on April 28 to accept a new position within the restaurant industry, the Irvine, Calif.-based revolving sushi bar chain said Tuesday. Kura has started looking for candidates to succeed Uttz. In the meantime, Chief Executive Hajime Uba will serve as interim CFO.

—Katherine Hamilton contributed to today’s Ledger.

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About Us

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.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.

 
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