From the editor.

• Author: Marshall, Jeffrey
• Position: Editorial

Psychologists and others often talk about the difference between action based on thought, versus that stemming from feeling--head vs. heart. In our cover story, David L. Dotlich, president of the Mercer Delta Executive Learning Center, adds another dimension, which he calls "guts," to a leadership skills troika.

Directing his message to CFOs, Dotlich uses a terrific illustration of two highly accomplished finance chiefs (they're real, but their names aren't used). One has difficulty relating to other viewpoints or sensing that he can learn new skills; he is essentially at a dead end. The other, who opens himself to new experiences and new relationships, has set himself on a course for further promotion, possibly to CEO.

Technology has been one of the greatest sources of change and growth in the finance function in recent decades, which have been marked by the emergence of such now-basic tools as personal computers and Excel spreadsheets. In this issue's FEI@75 feature, management consultant and author Peter Cohan looks at the broad sweep of technological change in finance and how it has altered key processes, and FEI member Malcolm Schwartz adds a reminiscence related to the tension between information management and information technology.

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FEI has been blessed with a long history of thoughtful and accomplished volunteer leaders. Our annual profiles of incoming chairs looks at the new U.S. Chair, Richard R. Schrader, and new FEI Canada Chair Kathleen Stevenson.

Anyone reading the financial headlines these days has seen a huge jump in the number of deals collared by private equity firms, including names like Toys R Us and Hertz. Writer Paul Sweeney spoke with a host of equity specialists, attorneys and others to find out what has been driving the phenomenon, which shows no signs of slowing down.

If you're a CFO who has been waiting by the phone, hoping for a call to serve...