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www.HartfordBusiness.com September 14, 2015 • Hartford Business Journal 23 CFOs become key strategists as roles evolve T he role of the chief financial officer has grown over the years as CFOs take more ownership in developing com- pany strategy. In many organizations, CFOs aren't just responsible for crunching numbers; they're sitting side-by-side CEOs, chief operating officers, and other c-suite executives shaping key deci- sions beyond finances. Take Glenn MacInnes, for example. The CFO and executive vice president of Waterbury's Webster Financial Corp. has spearheaded much of the bank's expense-management strategy in recent years. He also helped oversee a major acquisition that signifi- cantly expanded the regional lender's market share in the health savings account business. Then there's Laurie Whelan, who serves as CFO of the Hospital for Special Care. She orchestrated the termination of the New Britain care provider's pension plan and helped oversee implementation of an electronic medical record system. Meantime, Rick Sorensen, CFO of Hartford-based Insurity, has played a role in guiding his company through eight mergers and acqui- sitions, including two in the last year. Michael Ciarcia, chief financial officer of Newington-based Costel- lo Industries, has played an integral in his company's ability to win multi-million dollar construction projects. But he also serves as a coach to staff, helping build a highly motivated and committed team. In this week's issue, we celebrate four Greater Hartford leaders with Hartford Business Journal's 2015 CFO of the Year awards. They are drawn from Connecticut's broad spectrum of industries and organizations, for-profit and nonprofits alike. We also pay tribute to a larger group of finalists. And collectively they were honored at our Sept. 10 luncheon celebration in Hartford. In this special section, we'll tell you a little more about the winners and their organizations. Together they have presented a compelling tapestry that captures the tough task being performed daily by these CFOs. In terms of methodology, the business com- munity was invited to submit nominees in four categories — nonprofit (full-time paid); private company (less than or equal to 100 employees); private company (greater than 100 employees); and public company. Our judges — Tom Wood, CFO of the Ameri- can School for the Deaf; Robin Barrett, vice pres- ident, CFO and human resource director of Data Management Inc. and Infinity Music Hall and Bis- tro; and Matthew O'Connor, dean and professor of finance at Quinnipiac University — reviewed the nominations and came up with our four winners. Please join HBJ in congratulating our winners and all their accom- plishments. And remember, we'll be back with our CFO of the Year Awards again next year, so if you know of worthy candidates please nominate them, as they could be featured in next year's issue. — Greg Bordonaro Editor Hartford Business Journal 24 GLENN MACINNES Webster Bank Winner: Public Company 26 MICHAEL CIARCIA Costello Industries Inc. Winner: Private Company — Less than or equal to 100 employees 28 RICK SORENSEN Insurity Winner: Private Company — Greater than 100 employees 30 LAURIE A. WHELAN Hospital for Special Care Winner: Non-Profit (Full-Time Paid) 32 FINALISTS 34 JUDGES The world gets more complex and the stakes get higher every day. Nowhere is that more true than in tax and audit. You need a business partner who is agile enough to keep up with your changing business. A partner confident enough to give you advice you can turn into action. We think this makes us a little different. Our clients tell us it makes us better. Federman, Lally & Remis – Not Your Typical Bean Counters. Confidence and agility. 231 Farmington Avenue, Farmington, CT 06032 | 860-678-7100 | www.flrcpa.com CFO of the Year 2015