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Moving is stressful enough without trying to align your schedule with that of a van line or a professional moving company. Zippy Shell provides an alternative by delivering containers that are dropped off directly at a customer’s location. The customer then has up to three days to pack their belongings (or leverage a third-party labor service) before Zippy Shell delivers the filled container to the destination, no matter how near or far.
In 2018, Zippy Shell—which also offers on-site and warehouse storage solutions—merged with 1-800-PACK-RAT. Since then, revenue has grown at a 9% compound annual growth rate (CAGR) while earnings have grown at a 32% CAGR. According to CFO Mark Linville, this growth has everything to do with the company’s ability to offer tailored and flexible solutions. “Whether a customer wants to extend their storage, change their delivery dates, change their delivery address, or add professional labor, we make it easy for them to do this,” he says.
As Linville sees it, a big part of his role as CFO is to communicate with leaders and stakeholders across departments. “Finance should not act as the sales-prevention department, but instead partner with sales and operations to ensure paths to growth,” he says. And with expansion into new metro areas—including Myrtle Beach, South Carolina; Grand Rapids, Michigan; and Spokane, Washington—planned in the coming months, Zippy Shell looks set to continue its steady growth well into the future.
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CFO, ZIPPY SHELL WAKE FOREST, NC
MARK LINVILLE
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Tricolor aims to make the car-buying process easier for Hispanics—a demographic the company’s CFO, Jerry Kollar, says is enormous and underserved. “Thirty-two percent of this population doesn’t have access to mainstream credit,” he says. “In a space where most companies take advantage of these customers, we’ve proven ourselves to be a trustworthy and reliable provider.”
Tricolor advances its mission with the help of an AI-powered platform that optimizes everything from vehicle pricing to loan underwriting. The company’s network of retail locations is designed to take the stress out of buying a car, and its Automás tool helps streamline the lending process. “We’ve put in the time and the work to understand what our customers need and their expectations for how that service should be delivered,” Kollar says. “These efforts have resulted in astronomical growth for our company and a deep, trusting relationship with loyal customers.”
Tricolor operates more than 50 retail centers in five states from Texas to California and expects to expand to two more states by the end of 2025. Meanwhile, its revenues have grown from roughly $300 million in 2020 to more than $1 billion in 2023. As CFO, Kollar has been deeply involved in creating strategies to drive greater efficiency and profitability, including developing dynamic modeling and forecasting tools to provide strategic support for future growth. “You’ll see further, deep technology investments with an aim to widen our competitive moat around this customer demographic and to deliver a superior, differentiated customer experience for them,” he says.
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CFO, TRICOLOR DALLAS
JERRY KOLLAR
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In just five years, Doral Renewables has built a 15-gigawatt network of solar and battery storage projects across 34 states and nine electricity markets. And there’s plenty more to come: Doral has $20 billion worth of projects in the pipeline and another $50 billion in longer-term projects on the horizon.
“Solar and energy storage are good business propositions for our shareholders and communities,” says Nick Cohen, Doral’s president and CEO. “Harvesting the sun to create and store electrons is relatively inexpensive. Since the fuel is free, it’s sustainable. Investors can realize profits. Consumers get cheaper energy. Corporations and society can meet their carbon-reduction goals through our business. We’re solving problems for everyone.”
In fact, Doral’s work is focusing on more than just solving energy problems. The company is a recognized leader in the agrivoltaics industry, which combines solar farms with traditional agriculture. In Indiana, more than 2,000 sheep, alpacas, pigs, and donkeys graze around Doral’s huge photovoltaic solar arrays. In the coming years Cohen hopes that Doral will continue to expand the ways large-scale solar developments can help farmers diversify their land holdings. “Fortunately,” he says, “we’re starting to see environmental benefits merge into direct social attributes for projects.”
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PRESIDENT AND CEO, DORAL RENEWABLES PHILADELPHIA
NICK COHEN
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PRESIDENT AND CEO, DORAL RENEWABLES PHILADELPHIA
NICK COHEN
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In our increasingly electrified world, rare earth magnets play a critical role. They help put the oomph into electric engines, make smartphones smart, and turn wind power into usable energy. But because the vast majority of rare earth magnets are produced in China, companies relying on these crucial components also have to navigate the uncertainties of today’s global supply chain.
Noveon Magnetics offers an alternative: The Texas-based company makes rare earth magnets from recycled and domestically sourced materials. “Our position as one of the few manufacturers outside of China provides a strategic advantage,” says CFO Viji Subramanyam. “We attract customers who are looking to diversify their supply chains and reduce their dependence on Chinese production.”
Noveon has indeed attracted customers. In the past few years, the company has sharply increased its factory capacity and doubled its head count to meet rising demand for its rare earth magnets. As CFO, Subramanyam plays a key role in driving Noveon’s growth, developing strategies to balance investments across the company—from R&D and manufacturing to marketing and sales—with its efforts to expand global market share. “My goal is to establish a strong financial foundation to support rapid growth and capitalize on emerging opportunities,” she says.
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CFO, Noveon Magnetics
San Marcos, TX
Viji Subramanyam
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When the pandemic hit, home baking saw an explosion of interest. Consumers purchased 6.1 million bags of King Arthur flour in March 2020 alone—a 286% increase from the prior year. Since then, King Arthur has continued to experience exponential growth, with inflation driving consumers to save money by continuing to bake at home. In the past year, sales of King Arthur’s bread flour have risen 34%. “I continue to be amazed by my team’s ability to be nimble and prioritize innovation to evolve with consumers and seamlessly grow,” says Janis Abbingsole, the company’s chief operating officer.
That innovation includes the recent launch of a line of bread-mix kits that allow consumers to bake high-quality bread at home in about an hour. “Our mix kits cater to the demand for easy, approachable bakes, bridging a gap in the market for accessible homemade bread options,” Abbingsole says. In November of last year, King Arthur responded to consumer demand for sustainable food options by launching a flour grown regeneratively to prioritize soil health and minimize environmental impact.
Since 2004, King Arthur has been 100% employee-owned, giving all workers a stake in the company’s growth and helping to instill customer trust. “As employee-owners, we have the freedom to emphasize values like social and environmental responsibility, in addition to the wellness and satisfaction of employees,” Abbingsole says. “I see these values as key drivers of our growth and brand loyalty.”
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COO, KING ARTHUR BAKING NORWICH, VT
JANIS ABBINGSOLE
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When Saatva was founded in 2010, it was one of the first companies to sell mattresses directly to consumers. Not only could Saatva customers bypass furniture showrooms, but the high-end mattresses they bought would be delivered to their doorsteps. Today, Saatva has expanded from its direct-to-consumer roots by opening 20 physical stores across the country—with more on the way.
“The physical footprint has been a phenomenal success,” says Ricky Joshi, Saatva’s cofounder. “Having stores allows us to reach 100% of the addressable market. When we enter a new market with physical retail, our conversion rate effectively doubles, leading to considerable growth for the brand.”
While Saatva continues to offer mattresses for adults, kids, and even pets, it has expanded its offerings to include bed and bath products ranging from flannel sheets to fluffy spa-quality towels. Meanwhile, the company has poured resources into raising its brand awareness through external marketing and original content. The evolution of Saatva’s brand has yielded big results: The company has doubled in size since 2019 and expects to generate annual revenues of more than $450 million this year.
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COFOUNDER, SAATVA NEW YORK CITY
RICKY JOSHI
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COFOUNDER, SAATVA NEW YORK CITY
RICKY JOSHI
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Used lithium-ion batteries become hazardous waste when they’re discarded improperly. Ascend Elements keeps them out of landfills by using them to produce new, usable battery components. The Massachusetts-based company, founded in 2015, recovers 98% of the critical metals in spent lithium-ion batteries, helping to establish a sustainable supply chain and minimize the need for mining. And it does so using a process that’s more efficient than traditional methods, which leads to lower costs, improved performance, and reduced greenhouse gas emissions.
Eric Gratz helped invent the process as a postdoctoral fellow at Worcester Polytechnic Institute. As Ascend’s chief technology officer, he’s overseen the growth of the company from about 10 employees in 2020 to more than 400 today. “As CTO,” Gratz says, “I’m constantly working with the team to innovate and deploy new technologies, which leads to growth.”
Ascend’s patented technology cuts about 16 energy-intensive steps out of the traditional cathode manufacturing process, giving its finished products a lower carbon footprint and helping electric vehicle (EV) manufacturers achieve their own net-zero goals. “Sustainability drives our business forward,” Gratz says. “It increases demand for our decarbonized cathode products and leads to growth.”
As EV production continues to ramp up and lithium-ion batteries become more popular in grid-scale energy storage systems and heavy-duty commercial equipment, Gratz sees demand ballooning during the next 10 years. For him, the outcome is simple: “We need to continue to grow if we are going to meet that demand.”
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CTO, ASCEND ELEMENTS WESTBOROUGH, MA
ERIC GRATZ
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Praveer Melwani is among the new breed of CFOs who believe that their role in the C-suite should go far beyond crunching numbers. At Figma, a software development platform for designers and developers, Melwani works closely with other areas of the business to better understand how the company can drive growth and boost efficiency. “A CFO shouldn’t confine themselves to a spreadsheet,” he says. “They can be the best storytellers a company has and connect the financial dots to create a compelling narrative for the product and the business.”
Indeed, Figma has excelled at driving growth in recent years. The company has introduced a slate of new products, including Figma AI, and expanded its presence around the world with new offices in New York, London, and Tokyo. In June, nearly 12,000 people attended Figma’s annual user conference at its home base in San Francisco—some 10,000 more attendees than its first conference, just a few years ago.
Figma’s new products are a direct response to growing demand for collaborative tools for building software and other digital products. With enterprise software spending expected to eclipse $1 trillion in 2024, Figma has positioned itself as a go-to resource for businesses ranging from one-person design shops to major corporations such as Google, Volkswagen, and NBC Universal. “In a world where more software is being created and reimagined because of AI, designing and building digital products is everyone’s business,” Melwani says.
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CFO, FIGMA SAN FRANCISCO
PRAVEER MELWANI
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Companies are back to embracing face-to-face meetings. From panel-heavy conferences to corporate confabs, the events market is booming. That’s been welcome news for Access, a destination management company that designs and executes events for clients around the country. Since 2022, the San Diego–based firm has more than quadrupled annual revenue, expanded into 18 new markets, and doubled its team size.
For Michelle Crespo, senior vice president of business operations, a key to Access’s success lies in its customer-centric focus. “By placing our clients at the heart of everything we do, we’ve built lasting relationships and fostered organic growth,” she says. “Service is everything to us, and we’re obsessed with getting it right.”
Crespo works closely with Access’s executive leadership team—including the three women who share the title of CEO—to guide the company’s strategic growth. In recent years, the team has focused on building a strong culture of innovation and coming up with smart strategies to manage the company’s resources efficiently. Crespo says this approach is crucial in today’s event industry, where technology advancements and fast-changing client preferences require companies like Access to stay on their toes. “This landscape presents unparalleled opportunities to innovate, adapt, and deliver extraordinary experiences,” she says. “It’s an exciting time to be in the industry, and we’re thrilled to be at the forefront of this evolution.”
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SVP, BUSINESS OPERATIONS, ACCESS SAN DIEGO
MICHELLE CRESPO
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SVP, BUSINESS OPERATIONS, ACCESS SAN DIEGO
MICHELLE CRESPO
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Scout’s largest line of business, Scout Clinical, coordinates payments and travel for patients participating in clinical trials. It’s a complex space with multiple stakeholders, including the sponsor (the pharmaceutical company), the contact research organization (the company hired by the sponsor to coordinate the trial), a network of trial sites (the doctor’s offices conducting the research), and the patients. “Each of these groups has unique needs, and all of them are critical,” says Matt Sowards, Scout’s chief innovation officer.
In the past several years, Scout has leveraged its deep experience in the life sciences industry to deliver tailored solutions for each stakeholder and drive remarkable growth. In 2020 and 2021, Scout Clinical’s growth rates exceeded 100%; in 2023, the company grew by 80%.
This growth has been fueled by a service-first approach to customer needs. “Everyone loves fancy tech, but people want responsive, reliable, live support when they need it,” Sowards says. “We’ve also stayed very agile in our growth, which has allowed us to immediately react to customer needs without waiting for a long road map to deliver what customers are ready to buy today.”
Over the next few years, Scout plans to continue to expand its existing business while also strategically entering adjacent markets in the life sciences where it can leverage its strengths and expertise. “Scout’s vision is to redefine industry standards and set new benchmarks for excellence,” Sowards says. “The future is looking bright.”
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CIO, SCOUT DALLAS
MATT SOWARDS
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11-04-2024 | by fastco works