He replaces 26-year veteran Michael Conley, who has retired. - The hardest lesson of community development work is to let people do the work—don’t do things to people or, worse, for people. When she retired at 42 as one of Canada’s richest women, Newfoundlander Zita Cobb did what most people just dream about … she spent four years sailing around the world on a 47-foot yacht. Some information in it may no longer be current. Zita Cobb grew up on Fogo Island and went on to a career as a senior finance professional in the high technology industry. The company was incorporated in Texas twenty-eight years ago and is no longer active. Dec 02, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot Zita Cobb, an 8th generation Fogo Islander, left the island to attend college in the 1980’s, eventually becoming the CFO of a high-tech company in Ontario. When the company merged with a big U.S. firm Cobb was able to exercise stock options and retire, becoming a multi-millionaire. ‘The instinct of the tech beast is to eat its young and move on’. Zita Cobb is not your typical hotelier. Early life. This article was published more than 2 years ago. She left Fogo at age 16 to study business at Carleton University in Ottawa. May, 2019: Zita Cobb discusses her endeavors at Fogo Island, including how to turn money into fish. All Rights Reserved. What is different is the purpose. Readers can also interact with The Globe on Facebook and Twitter . The new CFO has a “very tough job ahead of him,” says Ulysses Yannas, an analyst with Buckman, Buckman & Reid, who believes Flaherty “went into the job with his eyes open.” The company hopes to find a buyer for all or part of its operations while also working out a debt-restructuring plan–strategies in which Flaherty will obviously play a lead role. Salvo, formerly VP and treasurer of The Clorox Co., was named EVP and CFO at New York­based winemaker and marketer Robert Mondavi Co. Welcome to The Globe and Mail’s comment community. Its Innkeeper, Zita Cobb, was born on Fogo Island and left to make a living. Joy Covey, former CFO of Amazon .com Inc., became SVP of corporate strategy, research and development, then left in April 2000. We’re all stronger characters because of navigating this complex tangle of love and work together. PepsiCo Inc. CFO Indra Nooyi was previously SVP of corporate strategy and development. Paull was recently promoted to EVP and CFO of fast-food giant McDonald’s Corp., based in Oak Brook, Ill. Yale University, in New Haven, Conn., has a new big finance man on campus: Robert L. Culver. - We created a travel destination in service of the community of Fogo Island, which is where I grew up. She was the chief financial officer of JDS Fitel, and senior vice president of strategy for fiber optics manufacturer JDS Uniphase. Harry L. You, that is. Cobb was born and raised on the island before pursuing a (very successful) career in business and technology, returning in her early retirement to establish the Shorefast Foundation with her brothers. He is also accountable for the controller and worldwide tax staff.Â. Cobb resolved to build an inn — and help transform the island into a geotouristic destination. - In the world of ideas, the most important thing is enthusiasm. On the flip side, if you’re not a CFO, a VP of strategy gig can be a stepping-stone. Joy Covey, former CFO of Amazon .com Inc., became SVP of corporate strategy, research and development, then left in April 2000. James Keane was SVP of corporate strategy prior to landing the CFO spot at Steelcase Inc. in February. That means: Comments that violate our community guidelines will be removed. Zita Cobb At age 16, she left to study business at Carleton University in Ottawa and became a senior finance professional in the high technology industry. That fear blinded me to the deeper issues with the company. 351 King Street East, Suite 1600, Toronto, ON Canada, M5A 0N1, Brett Wilson on surviving cancer, his big bet on cannabis and his spirit animal, Due to technical reasons, we have temporarily removed commenting from our articles. Jesse Greene, former CFO of Compaq Computer Corp., was named SVP of strategic planning in March, and announced his retirement in June. Thank you for your patience. Zita Cobb is Founder and CEO of Shorefast and Innkeeper of the Fogo Island Inn. Statia Elliot, left, director of the University of Guelph's School of Hospitality, Food and Tourism Management, presents an award to Zita Cobb. Welcome to The Globe and Mail’s comment community. The Fogo Island Inn Phenomenon How Zita Cobb’s Ingenuity Can Change the Way We All Do Business There is no success story quite like that of Zita Cobb. There are exceptions, of course. Zita Cobb, CM, is a Canadian ... a Canadian charity, with her brothers Tony and Alan Cobb on Fogo Island. Fogo Island, however, was never far from her mind and she later returned to its wind-battered shores to nurse it back to economic health and foster what she calls cultural resiliency. A connection is made when two people are officers, directors, or otherwise associated with the same company. - My dad always said, ”I don’t care about what you think or what you feel; I only care about what you do.” What you do shows your true character, and it is also what impacts other people. Statia Elliot, left, director of the University of Guelph's School of Hospitality, Food and Tourism Management, presents an award to Zita Cobb. Henry Salvo certainly has no reason to whine! Restaurant Properties Inc. as COO and CFO. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. As someone said, Zita Cobb is smart, worked hard, grew rich, gave back. The 34-year-old finance chief replaces H.G. I always went to work late, because the morning was the only time of the day I had control over, and I always made sure to take three or four consecutive weeks of vacation at a time. The daughter of a wild island off Canada’s East Coast, Zita Cobb left her home behind to conquer Silicon Valley as CFO of tech company JDSU. “It’s generally a step out,” says E. Peter McLean, who heads The Financial Officer Practice at Spencer Stuart. But, then, nothing about the Fogo Island Inn — the hotel Cobb built in the remote reaches of Newfoundland — is typical. In one year alone, she engineered 42 takeovers. Born into the Cobb family, Mary Zita's father was an inshore fisherman. The more you can deploy your whole self in your work, the easier it is to make meaning. Former Accenture CFO Mike McGrath has moved into the position of treasurer, and is now responsible for treasury and tax functions. Zita Cobb is not your typical hotelier. Can William L. Flaherty help restore Polaroid Corp.’s tarnished image? It depends on what your last job was. Cobb, who left the island in 1975 to study business at Carleton (BComm/80), had gone on to become CFO of JDS Fitel and then senior vice-president of strategy for fiber optics manufacturer JDS Uniphase. Eventually, it grew to become JDS Uniphase and Zita grew to be its CFO and Chief Strategy Officer– and the third highest-paid woman in America. The former VP of finance and controller at The California Pizza Kitchen Inc. was named CFO of the dining chain, headquartered in Los Angeles. She made more money in her first year of work than the best year her father ever had in 50 years of fishing, and eventually became CFO for one of Canada’s most … There can be a tendency in families to focus on each others’ deficits. A child of one such fisherman, Zita Cobb left Fogo Island for university in Ottawa. But, then, nothing about the Fogo Island Inn — the hotel Cobb built in the remote reaches of Newfoundland — is typical. - My boss at JDSU, Jozef Straus, always said, ”The most important thing is to keep the most important thing the most important thing.“ This was especially relevant in technology, but it’s relevant to all undertakings—personal and professional. So our focus and energies were divided between the outside world and engaging with the local community. In the world of doing, the most important thing is perseverance. McLean and other observers agree that the move will end up being a pathway to bigger things for the former General Electric finance exec. Zita Cobb is co-founder and CEO of the Shorefast Foundation, a registered Canadian charity, and founder and Innkeeper of the Fogo Island Inn. After a very successful career in the tech sector, she returned in 2001, determined to help her remote island, home-community prosper. - Working with my brothers has been a reminder that I didn’t fully understand their needs, talents and capacities. Zita Cobb was raised in a home without electricity or running water in Joe Batt’s Arm, a stamp-size community on … In 2001, Cobb retired at the age of 42 and began to rethink how she could help Fogo Island as she sailed around the world. After a very successful career in the tech sector, she returned in 2001, determined to help her remote island, home-community prosper. In one year alone, she engineered 42 takeovers. In 2001, Cobb left the industry to pursue her personal goals and to dedicate her energies to philanthropic work. Click here to subscribe. Flaherty, 53, took over the EVP and CFO roles in June, just as the struggling instant-photography concern, headquartered in Cambridge, Mass., was teetering on the edge of bankruptcy. Yet the region has been gaining in art-world prominence thanks to Fogo Island Arts, an initiative founded in 2008 by Zita Cobb, an eight-generation Fogo Islander who left … This is a space where subscribers can engage with each other and Globe staff. 50 Broad Street, New York, N.Y. 10004. Joy Covey, former CFO of Amazon .com Inc., became SVP of corporate strategy, research and development, then left in April 2000. She worked at JDS Fitel (subsequently JDS Uniphase) in Ottawa from 1981 to 2001, helping build one of … We hope to have this fixed soon. The company bridges the experience of the current CFO by naming him to this rather nebulous role.”. “Carey” Carrington Jr., who is leaving the company to join U.S. Not everyone wants to live in a city where the cost of housing is high and the quality of life often lacking. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island . This is a space where subscribers can engage with each other and Globe staff. Born in the late 1950s, Zita Cobb didn’t leave the tiny outport of Joe Batt’s Arm … Read our, I'm a print subscriber, link to my account, Avoid the use of toxic and offensive language. Only 100 square miles and home to just 2,700 residents, the enclave also houses Fogo Island Inn, helmed by self-proclaimed innkeeper, Zita Cobb. ... CFO Excel Connections for Zita Cobb. Zita Cobb at Fogo Island Inn – photo by Karen Anderson. Sep 06, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot Schultz, 37, worked on the Jim Henson account for eight years while a partner at PricewaterhouseCoopers LLP, her most recent position. She’s a slender woman in her early 50s, with close cropped hair that gives her a certain iron-pixie mien. Being Zita. Zita Cobb attended Carleton University, eventually became the CFO of a successful fiber optics company, and retired in her early 40s as a … Greg Levin must sure love pizza, dude. Otherwise, you would just die. Homecoming Zita Cobb on Fogo Island, in front of her foundation’s first ... and then left to study business at Carleton University, in Ottawa. You need to have lots of both to convince people your ideas have merit. Cobb is an Innkeeper at one of the four corners of the Flat Earth. Zita Cobb’s integrity, ideas and vision – and above all her actions – have made her a leader of the social entrepreneurship movement, which she practises as well as preaches, having personally invested 40 million dollars in building a sustainable world-class community-driven business in her … - I took too much from my old traditional business life to this community development work. What it taught me was, if a decision feels rushed and defensive, don’t do it. - I was responsible for mergers and acquisitions at JDS Uniphase, and in a very short time, we acquired dozens of companies valued in the billions. The basics of business are the same. Zita Cobb is Former Member, Board of Directors at The Rooms. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island Into an Arts Mecca A multimillionaire tech exec returns home with dreams of turning little Fogo Island into a magnet for the arts. Salvo, 53, replaces Gregory Evans, who moved into the president and CEO slots, succeeding R. Michael Mondavi, who became chairman in May. Your email address will not be published. A brilliant woman who grew up on Fogo Island off the coast of Newfoundland, she left home at the age of … Now she want to rebuild it by doing old things a new way ... Zita Cobb, president of Shorefast Foundation, ... which will generate more than 70 jobs. Culver, who most recently served as EVP and CFO of Cabot Corp., was named VP for finance and administration, replacing Joseph Mullinix, who has taken on the job of CFO at the University of California. Why Zita Cobb left her CFO job to found the Fogo Island Inn ‘The instinct of the tech beast is to eat its young and move on’ Published May 25, 2018 Updated May 28, 2018 Many people want to have an urban life and so they should. I never felt I could let my guard down when working in tech—the next wave of technological advancement could render our company irrelevant. When commercial fisheries depleted the cod supply, he left Fogo Island and resettled his family in Ottawa. When a CFO gets “promoted” to VP of strategy, or a similar role, it’s often a thinly veiled segue to retirement. Zita Cobb, Founder and CEO of The Shorefast Foundation, is an eighth generation Fogo Islander. Zita Cobb returned left the island as a teenager. It seems the fizz has gone out of the CFO role for Lionell L. Nowell. Aug 04, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot Zita emphasizes the innate entrepreneurial culture of the islanders and says that up until the mid-late 1960s, “Everything we had, pretty much, we made ourselves.” Communities go at human speed, which is the speed of trust. It’s time to get things started at The Jim Henson Co. (headquartered in Hollywood), where Nancy H. Schultz has just been named CFO. Zita Cobb, former CFO of JDS Fitel Inc. (later JDS Uniphase Corp.), was named EVP of strategy and business development in May 2000, and took a leave this past April to sail around the world. Dennis Carey, former CFO of The Home Depot Inc., was named EVP of business development, strategy, and corporate operations in May. She has six brothers with a fifteen year age gap between herself and the eldest. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Nowell had been finance chief at Somers, N.Y.-based Pepsi Bottling Group Inc. for a little under a year before he left to pursue other opportunities. - I wish someone had told me to hold my opinions and beliefs lightly, because they can get in the way of understanding. Aug 06, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot The last time, in July, the waiver was granted only in exchange for Polaroid’s promise to default on $575 million in bonds. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. He also used to say, “Try to be useful.”. He replaced Carl L. Lueders, acting CFO since the January resignation of Judith G. Boynton, who left a day before Polaroid reported a fourth-quarter loss. Zita Cobb, Social Entrepreneur (EG13) on Vimeo Cobb resolved to build an inn — and help transform the island into a geotouristic destination. Zita Cobb asked. Like most islanders, Cobb’s father was a cod fisherman. Accenture Wants You! “In his case,” says McLean, “it’s a real job.”. The picture hasn’t been pretty since her departure. She replaces Linda Govreau, who is pursuing other interests. ... Cobb was CFO. - I think people see me as having gone from the business world to the philanthropy world, but I’ve actually just gone from the ”for-profit” world to the ”not-just-for-profit” world. Aug 04, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot The Possibility of an Island, in Canada Aug 04, 2020 Zita Cobb asked. There are several recent examples. Eventually, it grew to become JDS Uniphase and Zita grew to be its CFO and Chief Strategy Officer– and the third highest-paid woman in America. And three times in 2001, Polaroid has sought waivers on its bank loans. Zita Cobb has been associated with one company, according to public records. Progressing in her field, she became the CFO of JDS Fitel, subsequently JDS Uniphase, and contributed to building the company into one of the leaders in high-tech innovation. Zita Cobb, former CFO of JDS Fitel Inc. (later JDS Uniphase Corp.), was named EVP of strategy and business development in May 2000, and took a leave this past April to sail around the world. In June, the company announced plans to cut almost 2,000 jobs, reducing its workforce by 35 percent so far this year. You, 42, previously a managing director at Morgan Stanley, was named to head up finance at the New York­based consulting services firm. Feldstein, formerly treasurer and VP of the company, is responsible for treasury operations in New York, Detroit, Brussels, and Singapore. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. View Zita Cobb’s professional profile on Relationship Science, the database of decision makers. Required fields are marked *, Copyright © 2020 CFO. Its Innkeeper, Zita Cobb, was born on Fogo Island and left to make a living. Fundamentally, says Yannas, the key to the Polaroid situation “is money, and money means the CFO.”, Your email address will not be published. Following a … It’s taken a long time to learn that. We did not want our competitors to get their hands on that particular technology. "You want to know why I am the way I am?" If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. Aug 27, 2020 Homecoming Zita Cobb on Fogo Island, in front of her foundation's first exercising stock options worth $69 million, and left to sail her 47-foot ... www.fastcompany.com As someone said, Zita Cobb is smart, worked hard, grew rich, gave back. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. When you teach a young person how to do a good job under pressure, you’ve given them their greatest gift as a chef. - Meaning doesn’t fall out of the sky—we need to make meaning for ourselves. “It seems to happen when there’s a chance to bring in a hot new CFO. You’ve been named VP of strategic planning: Is it a promotion or your last hurrah? Riding shotgun for General Motors Corp. CFO John Devine is 42-year-old Eric Feldstein, who was named treasurer and VP of finance. Those amenities didn’t arrive on the island until 1972. My background in tech conditioned me to go fast. He sure has a lot to focus on. Walk away. Matthew H. Paull, 49, must be one of Ronald’s best friends. Zita Cobb, former CFO of JDS Fitel Inc. (later JDS Uniphase Corp.), was named EVP of strategy and business development in May 2000, and took a leave this past April to sail around the world. I’ve needed to slow down. It took decades for Zita Cobb to make her way back to Fogo Island. Now she’s helping to revitalize her tiny community and draw others home. ... Why Zita Cobb left her CFO job … Ms. Cobb, one of seven children, was born and raised on Fogo in a home with no electricity or running water. Zita Cobb deserves a tremendous amount of credit for her drive, her imagination and her passion to help stimulate growth and economic security in the area. Until she was ten, she recognized Fogo Island to have an independent minded culture. A registered Canadian charity, Shorefast uses business-minded means to help secure economic and cultural resilience for Fogo Island, Newfoundland: one of Canada’s oldest settlements. CFO Publishing LLC, a division of The Argyle Group. - The instinct of the tech beast is to eat its young and move on. We aim to create a safe and valuable space for discussion and debate. © Copyright 2020 The Globe and Mail Inc. All rights reserved. His replacement, Alfred H. Drewes, 45, previously served as SVP and CFO for Pepsi-Cola International. One deal, in particular, was a disaster because we got caught up in a bidding war. Fogo Island Inn is the brainchild of Zita Cobb. 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Also accountable for the former General Electric finance exec of ideas, the most important thing is enthusiasm live! Says McLean, “ it seems the fizz has gone out of the beast! 26-Year veteran Michael Conley, who heads the financial officer Practice at Spencer.! Gave back when two people are officers, directors, or otherwise associated with one company, to! Or otherwise associated with the same company account, Avoid the use toxic... Someone said, Zita Cobb grew up on Fogo in a bidding war to their!