Good morning,
Growing up in Compton, there wasn’t much exposure to the realm of professional careers, says Cecilia Owens, the new CFO and chief operating officer (COO) at Grandview, a privately held Los Angeles entertainment management and production firm.
“My mom, at the time, worked in customer service,” says Owens. Her father worked at a steel welding company before he passed away when she was 11 years old, she says.
“When I was 16, I was lucky enough to go to a private high school,” says Owen. She then graduated from Loyola Marymount University with a degree in accounting, later earning an M.B.A. at the University of Southern California’s Marshall School of Business, and embarked on a career serving in various financial leadership positions.
The C-suite leader began at Grandview in March. The firm, founded in 2014, represents actors, writers, and filmmakers across all mediums. Grandview’s clients include filmmaker Adam Wingard (Godzilla vs. Kong), director Josh Cooley (Toy Story 4), and actress Olivia Cooke (Ready Player One, Game of Thrones), among others. Grandview’s production partner is Automatik Entertainment.
At the onset of the coronavirus pandemic, it was questionable “how the industry as a whole would react to it,” Owens explains. Though most productions immediately shut down last spring, the writers kept writing.
“And now we’re at a place where we see the growth about to occur,” she says. “As the entertainment industry continues to recover, I do anticipate a significant increase in demand resulting in what many have described as a big blockbuster year particularly with movie theaters returning to pre-pandemic capacity.”
Owens performs risk management and is “constantly re-forecasting” during these uncertain times, she says. That also means keeping tabs on every aspect of workflow, she says, “from the beginning of the relationship with our clients to the end of a project.”
Prior to joining Grandview, Owens held several leadership positions including director of finance at FOX Interactive Media, CFO at Ignition, and most recently, CFO at APM Music, a music licensing company that is a joint venture between Sony Music Publishing and Universal.
But as a Black woman, the lack of representation of Black women in CFO roles, has been challenging, she says. “I cannot tell you how hard or how challenging it is to want to see someone who looks like me in a CFO role, and not being able to find that,” Owens tells me.
Former colleagues in financial leadership roles (“that all happen to be white men with the exception of one who happens to be a woman,”) have served as mentors, she says. “We have amazing conversations, and their guidance, knowledge, and experience are invaluable,” says Owens.
The Compton native wants to pay it forward and support her peers. She is a founding member of Chief Los Angeles, which Owens describes as a private network built to drive more women into positions of power and keep them there. She also connects with young women in marginalized communities through the nonprofit EmpowHer Institute as vice president of the board of directors.
And after her speaking engagements, Owens says she tells students to keep in touch. “It’s important to be able to speak to people—who look like you—in top roles,” she says.
See you tomorrow.
Sheryl Estrada
sheryl.estrada@fortune.com
Big deal
In response to the coronavirus pandemic, the U.S. Small Business Administration offered financial assistance and loans for small businesses. But businesses with 251 to 500 employees received greater federal financial assistance, according to a new survey by Clutch, a B2B research, ratings, and reviews firm. Experts say larger companies may have had an advantage due to more accountants, advisors, and consultants available to complete the "sometimes burdensome application process," the report found.
Going deeper
A Wells Fargo/Gallup investor survey published April 30 takes a look at the financial goals of Black investors. About 38% of Black investors surveyed said they are willing to take on "a lot" or "fair amount" of risk in hopes of receiving a higher return on investment, compared with 47% of investors, overall. More than half (54%) of Black investors prefer taking on "only a little" risk. Black investors also place a “greater emphasis on entrepreneurship and pensions for retirement income while putting less emphasis on inherited money,” the report found. The investors for this survey are defined as U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds. “Approximately two in 10 Black adults meet this criterion, versus approximately 45% of national adults,” according to Gallup’s analysis.
Leaderboard
Shouzi Chew will serve in a dual role as CFO at ByteDance and CEO of TikTok, the short-form video entertainment app. ByteDance is the parent company of TikTok. Prior to joining ByteDance earlier this year as CFO, Chew "held a number of senior roles with global mandates in the technology and investment community," the company said in an announcement.
Kenneth A. Brause was named CFO at Burford Capital, a finance and asset management firm focused on law. Most recently, Brause was CFO of OnDeck Capital, a New York Stock Exchange-listed specialty lender.
Overheard
"Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market."
— Nigel Green, CEO and founder of deVere Group, on his belief that Ethereum is positioned to increase its market share, as told to Fortune.
