676: The Next Transformation Journey | Paul Lundstrom, CFO, Flex

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Back in 2015, after nearly two decades of diligent career-building across United Technologies, Paul Lundstrom fixed his career builder’s gaze upon the span of companies known as the Fortune 500.

Like many seasoned finance executives who spend the balance of their careers inside large enterprise companies, Lundstrom had to confront the obvious truth that for every company, the CFO office has but one occupant.

By all accounts, a Fortune 500 company was a worthy target for Lundstrom’s CFO ambitions, but here, too, the number of CFO roles quickly diminishes when you consider the industry-specific focus that spans the arc of Lundstrom’s career and those of so many others.

Finance executives often tell us that it was here within this realm of heightened ambition and shrinking opportunity that they dared to add one of the most satisfying chapters of their CFO careers, and so it was for Lundstrom.

Last fall, the UT veteran landed safely inside the Fortune 500 world when he was named CFO of Flex, a $24 billion contract manufacturer. However, it was the 4 years between UT and Flex that Lundstrom now points to as constituting one of the most satisfying periods of his career.

Back in 2016, Lundstrom exited UT to accept a CFO position with Aerojet Rocketdyne, a struggling aerospace company that had recently found it necessary to restate its financials.

“This was a $2 billion NASDAQ company that did not have a controller,” explains Lundstrom, whose 4-year tour of duty as Aerojet’s CFO coincided with a rise in the company’s stock price from $16 to $50 per share (pre-COVID).

“The goal was business transformation,” explains Lundstrom, who now characterizes his Aerojet years as a “turnaround” chapter that no doubt put yet another stripe on his CFO career path sleeve. –Jack Sweeney

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