As global competition has intensified and the pace of business has quickened, the modern CFO has also increasingly had to focus on the "risk management aspect of the balance sheet," says Michael Adler, a professor of finance and international finance at Columbia University's Graduate School of Business. He defines the role as "monitoring the viability of the company's operating ability, free of any pressure from costs of financial distress." He explains, "That's not just a matter of going into bankruptcy. It can be rumors that in the future a company could have problems–rumors which can damage the company's access to debt and equity markets."

But it's not just the public face of a corporation that improves under the direction of an influential CFO. George Parker, a professor of management at Stanford University, says that companies with especially strong CFOs and finance departments tend to function better–they understand their business model and view cash flow and growth as equally important.

MARTIN INGLIS @ Ford Motor Co.

Inglis' assumption of the CFO post last August came at a delicate time in the No. 2 auto maker's history. Still reeling from the fallout of the Firestone-Explorer recall and a recession-induced slowdown in auto sales, Inglis, 51, had little time to try out his new chair and desk before tackling some pretty formidable tasks. What enabled him to jump right in, and what he believes is crucial for success as a CFO, is the melding of finance and operations. "Finance and the CFO have a major role in setting the agenda, which means working with operations management to ensure that all the right levers are pulled to make sure all the commitments are delivered," says the 30-year Ford veteran. He should know. Before taking the CFO post, Inglis was vice president of Ford North America, responsible for product development, manufacturing, sales, marketing, customer service and financing for Ford's largest division. And it has come in handy on several fronts. "When we meet with the ratings agency analysts, they want a lot more than your numbers," he says. The same holds true for investors, too. "They like to make their own independent analysis of your operations and even ask things like what specific features are going to go in your vehicles, " he says.

KEITH SHERIN @ General Electric Co.

When the Enron scandal compelled Wall Street to start asking questions about GE's accounting practices, it was Sherin, 43, who spoke to investors. He made quite an impression, receiving high marks for making information available and transparent. "We are comfortable with GE's accounting, and take comfort in their cash flow," says one analyst. It hasn't always gone so smoothly. Sherin, who was named CFO in 1998, had to help fend off questions when GE's proposed acquisition of Honeywell Inc. was rebuffed by European antitrust regulators. Nevertheless, observers note that Sherin, who joined GE in 1981 right after graduating from the University of Notre Dame, is a prot?g? of former CEO Jack Welch–which counts for something. What's more, though his roots are in finance, Sherin has worked in a variety of GE divisions, including aircraft, plastics and medical systems.

INDRA NOOYI @ PepsiCo Inc.

What do you call a chief financial officer who relaxes many evenings by reading an entire book and jamming on her electric guitar? In the case of Nooyi, you call her one of the hottest finance chiefs in the business. Nooyi, who's also PepsiCo's president, represents a new breed of chief financial officer, doing much more than just working the numbers. She plays a central role in the company's acquisition and divestiture activities and has received wide praise for helping get the soft-drink and snack-foods giant back on track. "Indra gets it," says Lehman Brothers analyst Mike Branca. "While most companies approach acquisitions from the perspective of cost savings, Nooyi recognizes that acquisitions should be about growth, not costs." PepsiCo's acquisition of orange juice maker Tropicana is a case in point: Branca says that much to Nooyi's credit the Tropicana purchase "was conceived and played out as a revenue growth synergy story, not a cost-savings story."

JEFF MISNER @ Continental Airlines Inc.

When Misner got the CFO spot in May, replacing Lawrence Kellner, who had been promoted to president, the airline industry was already battered by a slowing economy. Things got much worse after the Sept. 11 attacks, with per-seat-mile revenue tumbling 30%. But in many ways, this wasn't anything new for Misner, 48. A seven-year veteran of the Houston airline, Misner was there when Continental spiraled to near bankruptcy in the late 1990s and managed to maneuver its way back to profitability. Facing yet another challenge in the storied airline's history, Misner responded to the recent crisis by rescheduling and stretching out aircraft deliveries and by raising additional funds through a $175 million convertible note offering and a $172 million stock offering. Job cuts were also part of the plan, as were flight cancellations. Misner's decisive moves worked wonders: Continental's cash flow has improved so significantly that Fitch IBCA's negative outlook was lifted last month.

FRANK D'AMELIO @ Lucent Technologies Inc.

When Lucent Technologies severed relations in May 2001 with its $9 million-a-year trophy CFO, Deborah Hopkins, there was fear among lenders and investors that the progress the beleaguered telecom had made fixing its financial woes would be undone. Enter D'Amelio, a 20-year-plus veteran of the company, who joined back when Lucent was the Bell Labs research division of AT&T. He moved immediately to quell rumors that the company was floundering in turnaround. "He's been the point person for the restructuring program, which has been basically a matter of trying to get costs down," says Steve Levy, an analyst at Lehman Brothers. "It's a little early to say he has succeeded, but you can say he is playing a much more substantial role than usual for a chief finance officer." Analysts say it helps that D'Amelio knows Lucent and its product line, having served as group president of its switching solutions group before becoming CFO.

CHARLES NOSKI @ AT&T Corp.

A finance chief with real-world operational experience, Noski is not a typical CFO by most measures. But according to Noski, that understanding of operations is essential. "Going back into finance with that perspective, you have a better understanding of the issues and prospects of the company," says Noski, 49, who joined AT&T as CFO in 1999 after serving as president and COO of Hughes Electronics Corp. "You speak the language of the operations folks, so they know where you're coming from, and they tend to listen to you." That knowledge paid off last fall when AT&T struggled with how to address the stumbling Concert joint venture it had with British Telecom. Amid all the talk of creating even more complicated partnerships, Noski's push for simplicity eventually won out, with AT&T and BT unwinding the venture. All that's likely to come in handy again as the struggling telecommunications giant restructures. And Noski, who late last month was elected to AT&T's board, has done much more, reducing debt by $22 billion and helping to structure the sale of AT&T's cable assets to Comcast Corp. for $72 billion.

JUDY LEWENT @ Merck & Co.

Like other top CFOs, Lewent, 52, has operations experience, though one might say she got it in an unorthodox way. A 22-year veteran of the No. 2 pharmaceutical company and its CFO for the last nine years, Lewent learned how to run businesses through a series of joint ventures Merck set up to develop new drugs. Lewent's approach has been to team up with the partnering company's CFO in executive committees and deal directly in that role with the joint venture's CEO. It's a time-tested system that Lewent says cuts through bureaucracy, allows speedy decision-making and has spared Merck some of the outlays rivals made for outright acquisitions. All that certainly helps Merck at a time when the entire industry is in a downturn, and the emphasis is on cost control. Merck's situation is particularly precarious because several of its drug patents are nearing expiration and no new products are slated to launch this year. But observers are confident that Lewent's experience and sway within the company can help Merck's outlook. "Lewent is a highly regarded CFO," says Michael Useem, a management professor at the University of Pennsylvania's Wharton School. "She definitely has [CEO Raymond] Gilmartin's ear."

JOHN DEVINE @ General Motors Corp.

When Devine left Ford after 32 years to join GM in December 2000 as its CFO, he clearly had big dreams in mind. That's why he insisted–and got–the additional title of vice chairman. The story goes that Devine, 57, wanted to be sure he had the authority and credibility to put into place a plan that has brought new life to the often slow-off-the-mark No. 1 car maker. Shortly after arriving at GM, Devine convinced CEO G. Richard Wagoner that the company should trim North American production by 21% in the 2001 first quarter and an additional 17% in the following quarter. The cutbacks kept GM from being laden with inventory once auto sales began to tank later that year. That vice chairman title might also have the additional benefit of shoring up his chances of getting the top job if Wagoner steps down. History gives him an edge: Since the 1930s, GM's CEOs have traditionally been recruited from the ranks of the finance department.

FRED ANDERSON @ Apple Computer Corp.

In the six years since Anderson joined Apple as CFO, it's safe to say that he has carved himself a comfortable niche. While founder and Chairman Steve Jobs is the visionary who focuses on sales and marketing, Anderson, 57, is the finance guy with operations experience (formerly CFO of Automatic Data Processing Inc. and COO of MAI Systems Corp.) that Jobs relies on to make his dreams reality. "You had someone in the No. 1 spot who was not particularly interested in the nitty-gritty of running a company," says an investment bank analyst familiar with Apple. "Jobs needed someone like Anderson who could do that. They were very complementary." Their partnership has had good results, rejuvenating Apple after it was left for dead in the mid 1990s and helping it weather the last two years of turbulence for computer makers. Besides being able to get funding for the company, Anderson's attentiveness to both the top and bottom lines was key in decisions to keep Apple's inventories to a minimum and to introduce new products.

ROBERT WAYMAN @ Hewlett-Packard Co.

Wayman's ascension to CFO was a traditional one. He has worked at H-P since 1969, starting in the controller's office, before taking various finance jobs that helped him become CFO in 1984. His role as finance chief, however, isn't so mundane. Analysts say that if, as an outsider, CEO Carleton Fiorina is the "ying," Wayman's nearly 33 years at H-P make him the critical "yang"–the one who helps maintain the company's traditional character at time when Fiorina is shaking things up. The most notable example has been his role in helping make the case for the proposed $25 billion acquisition of Compaq Computer Corp. "When you bring in a CEO from the outside, particularly at a time like this when you're doing a major merger, it's important to have someone like Wayman who knows the company and its traditions inside out," says an analyst who follows H-P.