PPG CFO: Plan for Downturns During Good Times

Companies should plan for downturns even during good times, PPG Industries CFO William Hernandez told attendees at CW's CFO Conference in New York yesterday. CFOs are responsible for monitoring growth initiatives and "putting the brakes on" if things get out of hand, Hernandez says. Strategies employed by Hernandez at PPG include spreading out term debt to avoid large payments, "stress testing" tax plans for maximum flexibility, and building earn-outs into M&A transactions. Companies should also be careful about stock repurchases...

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