Meet this fab four female finance leaders: talk about clarity, collaboration & decision-making in extraordinary times.

• Author: Heffes, Ellen M.
• Position: COVER STORY - Interview - Cover story

Emerging from the deepest recession in a generation--when many organizations have been fighting for their very survival--the recommendations of financial executives have taken on much more weight. Added to this, there has been significantly less time to reflect on some very difficult actions that have needed to be taken.

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If nothing else, the past year-and-a-half has taught that not heeding sound financial advice--provided by the company's trusted finance executives--can lead to an organization's undoing.

So what lessons can be learned from how top financial executives arrive at their most difficult decisions? Where do they seek information? What details inside their companies demand their attention? Which facts are most important? What trends are they tracking in their industry? To whom do they listen?

And, if these executives are women, are gender differences and approaches to problem-solving evident? How do they identify key trends? Once convinced they've reached the right decision, how do they persuade others in the C-suite that the path must be accelerated, slightly altered or completely changed?

Cindy J. Gustafson, director of finance and controller, of The Seattle Times Co., says: "Maintaining your fundamental values is important, because they will be tested, and it's much easier to make decisions if you're not also questioning your values at the same time."

Eileen F. Burza, vice president and chief financial officer of Perdue Farms Inc., says: "Decisions are only difficult when I don't have all the facts or as much information as I need." Sometimes, she concedes, you can't get all the facts, and "you have to make a decision based on the information you have--at the time."

Carol B. Zoellner, corporate controller for Hallmark Cards Inc., says: "I'm a visual person, so I try to get experts in the room and I start drawing pictures of the problem. They coach me, by adding to the picture. In this way, everyone has a chance to give us all the pieces that we need to consider before we make the final call."

Andee G. Petersen, CFO of Kaiser Foundation Health Plan, Mid-Atlantic States Region, says: "Collaborating, ultimately, takes clarity--and an environment that encourages teamwork, rather than hero-worshipping."

While the four women profiled here have different approaches, it's clear that the best decision-making involves four key attributes--some of which are derived from professional training (such as the fact each of the women started her career in an accounting/auditing environment). Other attributes derive from their individual personalities:

1. They are clear about their values--a trait that becomes very important when values are tested, as they have been since October 2008.

2. They find solutions by getting the facts. It starts by gathering all relevant data, then sifting through to determine which information is most important.

3. They share advice so that others are able to get it. They don't expect other executives to learn their language. Instead, they try to connect with others where they are. Or they create new analogies that others outside of finance will understand.

4. They enjoy collaborating with others--which doesn't mean they will compromise. If need be, they will push against the crowd when the answer they have is the right one for the company.

Clarity About Fundamental Values

Cindy Gustafson joined The Seattle Times in the fourth quarter of 2008, a time she characterizes as "nothing more dramatic in my career." The 113-year old family publishing business--the largest independent, locally-owned metropolitan newspaper in the United States--was experiencing challenges as serious as any in its long history.

Since then, she has been a steady and reliable leader providing counsel, discipline, support and data that were and continue to be essential in the company's survival. In February, the company restructured its debt, which gave publisher Frank Blethen the breathing room to say, "The Seattle Times is here to stay. A year ago, rumors suggested that our days were numbered."

Negotiating the debt meant that the newspaper will be able to stay in business--though it will be quite different. In the past two years, costs have been cut by 34 percent, including employment being reduced to 1,245 employees, from 1,919.

With such a backdrop, one would wonder why Gustafson--a CPA and FEI member of the Washington State Chapter for 25 years--decided to take this job. She'd previously been an independent consultant and held key financial positions at a biomedical research institute and a Fortune-500-sized investment company. She says she accepted the challenge because she felt she could play a meaningful role in helping to save a venerable institution.

"It is one of the first newspapers in the U.S. to implement new software that is placing news content on smart-phones and other electronic formats." So it was the paper's rich history, "a need for top-quality journalism to help preserve democracy," combined with the owners' drive to be innovative that engaged her interest.

Gustafson didn't know much about the business of The Seattle Times, but soon found that revenues had dropped precipitously--as a result of the effect of the deep recession on advertisers--and the company, like most companies at this juncture, was unable to borrow money. "Cash was tight, any cost-cutting measures would take months to take effect, and it...