High Turnover: Are Auto CFOs Unable to Handle a Crisis?

In his view, CFOs must now take charge, particularly when CEOs lack strong restructuring experience. He stresses that both OEMs and suppliers must focus on fundamental CFO responsibilities, especially cash flow optimisation and cost reduction, to navigate the crisis. However, Steinel believes that many companies are still too hesitant with their cost-cutting efforts. As he puts it,  

“The automotive industry is in exactly the kind of crisis where one should say: ‘All power to the CFO’—especially when the CEO lacks strong restructuring experience.

Steinel emphasises that CFOs must act decisively to implement financial adjustments that ensure survival. He warns that failing to execute effective cost-cutting and cash management strategies could have severe consequences. Banks are becoming more cautious with financing, and companies that do not take bold financial measures could struggle to secure funding in the future. According to Steinel, the CFO’s role is no longer just about managing finances—it is about actively steering the company through a complex transformation. 

Read the full article by Philipp Hafner published in Finance Magazin on March 14, 2025.