Nov 28, 2018

Amazon has become Silicon Valley's CFO factory

Amazon's regional headquarters in Sunnyvale, California. Photo: Smith Collection/Gado/Getty Images

Amazon is quickly emerging as the go-to source for Silicon Valley tech startup chief financial officers amidst a shortage of experienced candidates.

The big picture: In many ways, Amazon is the perfect breeding ground for future C-suite execs of pre-IPO tech companies. It provides them with big public company experience and a good deal of autonomy as finance chiefs of large divisions, but not so much autonomy that they don't aspire to run their own shops.

Just this month alone, three Amazon finance execs left for startup CFO roles:

Last year, Jason Child left to become CFO at Opendoor.

Ex-Amazon senior employees have also taken up other top jobs at tech companies, such as Greg Greeley joining Airbnb as its president of home-sharing, Sebastian Gunningham as WeWork's vice chairman, Assaf Ronen as SoFi's head of product, and Len Eschweiler as The RealReal's chief revenue officer.

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,251 people and infected almost 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.