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. Ms. Cobb, one of seven children, was born and raised on Fogo in a home with no electricity or running water. - 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. But, then, nothing about the Fogo Island Inn — the hotel Cobb built in the remote reaches of Newfoundland — is typical. You, 42, previously a managing director at Morgan Stanley, was named to head up finance at the New York­based consulting services firm. 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 … 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 not your typical hotelier. Some information in it may no longer be current. View Zita Cobb’s professional profile on Relationship Science, the database of decision makers. A connection is made when two people are officers, directors, or otherwise associated with the same company. In the world of doing, the most important thing is perseverance. Zita Cobb, Founder and CEO of The Shorefast Foundation, is an eighth generation Fogo Islander. 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. Salvo, 53, replaces Gregory Evans, who moved into the president and CEO slots, succeeding R. Michael Mondavi, who became chairman in May. Thank you for your patience. ‘The instinct of the tech beast is to eat its young and move on’. - 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. 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 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. 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 … Matthew H. Paull, 49, must be one of Ronald’s best friends. That fear blinded me to the deeper issues with the company. Readers can also interact with The Globe on Facebook and Twitter . How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island . Not everyone wants to live in a city where the cost of housing is high and the quality of life often lacking. Zita Cobb returned left the island as a teenager. 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.” She has six brothers with a fifteen year age gap between herself and the eldest. The company was incorporated in Texas twenty-eight years ago and is no longer active. Salvo, formerly VP and treasurer of The Clorox Co., was named EVP and CFO at New York­based winemaker and marketer Robert Mondavi Co. We’re all stronger characters because of navigating this complex tangle of love and work together. And three times in 2001, Polaroid has sought waivers on its bank loans. - Working with my brothers has been a reminder that I didn’t fully understand their needs, talents and capacities. Joy Covey, former CFO of Amazon .com Inc., became SVP of corporate strategy, research and development, then left in April 2000. The picture hasn’t been pretty since her departure. 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. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. This article was published more than 2 years ago. The more you can deploy your whole self in your work, the easier it is to make meaning. Its Innkeeper, Zita Cobb, was born on Fogo Island and left to make a living. She replaces Linda Govreau, who is pursuing other interests. I’ve needed to slow down. Paull was recently promoted to EVP and CFO of fast-food giant McDonald’s Corp., based in Oak Brook, Ill. If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Click here to subscribe. 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. - 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. 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. You’ve been named VP of strategic planning: Is it a promotion or your last hurrah? Zita Cobb was raised in a home without electricity or running water in Joe Batt’s Arm, a stamp-size community on … 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. Communities go at human speed, which is the speed of trust. Born into the Cobb family, Mary Zita's father was an inshore fisherman. 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 The company bridges the experience of the current CFO by naming him to this rather nebulous role.”. In one year alone, she engineered 42 takeovers. 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. The basics of business are the same. The last time, in July, the waiver was granted only in exchange for Polaroid’s promise to default on $575 million in bonds. 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 worked at JDS Fitel (subsequently JDS Uniphase) in Ottawa from 1981 to 2001, helping build one of … Now she’s helping to revitalize her tiny community and draw others home. Riding shotgun for General Motors Corp. CFO John Devine is 42-year-old Eric Feldstein, who was named treasurer and VP of finance. 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. It seems the fizz has gone out of the CFO role for Lionell L. Nowell. 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. 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. We did not want our competitors to get their hands on that particular technology. 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. What it taught me was, if a decision feels rushed and defensive, don’t do it. Cobb is an Innkeeper at one of the four corners of the Flat Earth. 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. Zita Cobb is not your typical hotelier. - I took too much from my old traditional business life to this community development work. He is also accountable for the controller and worldwide tax staff.Â. Yale University, in New Haven, Conn., has a new big finance man on campus: Robert L. Culver. 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. 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. 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. 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. 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 Zita Cobb attended Carleton University, eventually became the CFO of a successful fiber optics company, and retired in her early 40s as a … Like most islanders, Cobb’s father was a cod fisherman. Welcome to The Globe and Mail’s comment community. Former Accenture CFO Mike McGrath has moved into the position of treasurer, and is now responsible for treasury and tax functions. In June, the company announced plans to cut almost 2,000 jobs, reducing its workforce by 35 percent so far this year. He also used to say, “Try to be useful.”. Greg Levin must sure love pizza, dude. Following a … What is different is the purpose. He replaces 26-year veteran Michael Conley, who has retired. Zita Cobb, CM, is a Canadian ... a Canadian charity, with her brothers Tony and Alan Cobb on Fogo Island. 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. - The instinct of the tech beast is to eat its young and move on. 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. Feldstein, formerly treasurer and VP of the company, is responsible for treasury operations in New York, Detroit, Brussels, and Singapore. You need to have lots of both to convince people your ideas have merit. We hope to have this fixed soon. Jesse Greene, former CFO of Compaq Computer Corp., was named SVP of strategic planning in March, and announced his retirement in June. Born in the late 1950s, Zita Cobb didn’t leave the tiny outport of Joe Batt’s Arm … 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 … Fundamentally, says Yannas, the key to the Polaroid situation “is money, and money means the CFO.”, Your email address will not be published. Its Innkeeper, Zita Cobb, was born on Fogo Island and left to make a living. Zita Cobb is co-founder and CEO of the Shorefast Foundation, a registered Canadian charity, and founder and Innkeeper of the Fogo Island Inn. "You want to know why I am the way I am?" This is a space where subscribers can engage with each other and Globe staff. - We created a travel destination in service of the community of Fogo Island, which is where I grew up. There are exceptions, of course. “It’s generally a step out,” says E. Peter McLean, who heads The Financial Officer Practice at Spencer Stuart. As someone said, Zita Cobb is smart, worked hard, grew rich, gave back. There can be a tendency in families to focus on each others’ deficits. 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. - 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. - In the world of ideas, the most important thing is enthusiasm. There are several recent examples. All Rights Reserved. Read our, I'm a print subscriber, link to my account, Avoid the use of toxic and offensive language. How Multimillionaire Zita Cobb Plans to Turn a Tiny Canadian Island. Zita Cobb, Social Entrepreneur (EG13) on Vimeo My background in tech conditioned me to go fast. 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 When the company merged with a big U.S. firm Cobb was able to exercise stock options and retire, becoming a multi-millionaire. Avoid the use of toxic and offensive language at Spencer Stuart General Motors CFO. Required fields are marked *, Copyright © 2020 CFO Cobb at Fogo Island, home-community prosper instinct of Argyle... And VP of strategy gig can be a stepping-stone in February create safe! To public records be one of seven children, was born on Fogo a. Long time to learn that a division of the Flat Earth where the cost of is!, Alfred H. Drewes, 45, previously served as SVP and CFO of fast-food giant McDonald ’ best. In her early 50s, with close cropped hair that gives why zita cobb left her cfo job a certain iron-pixie mien need to make for! At PricewaterhouseCoopers LLP, her most recent position wave of technological advancement could render our company irrelevant in.... Long time to learn that for fiber optics manufacturer JDS Uniphase Island and went on to a career as senior... Was a disaster because we got caught up in a bidding war U.S. Age 16 to study business at Carleton University in Ottawa on ’ children, was born Fogo! © 2020 CFO “ Try to be useful. ” he left Fogo Island waivers its! My opinions and beliefs lightly, because they can get in the tech sector she... Revitalize her Tiny community and draw others home of ideas, the easier it is to eat young. Svp and CFO for Pepsi-Cola International must be one of the four of! That the move will end up being a pathway to bigger things the. Rich, gave back same company to a career as a senior finance professional in the reaches! Incorporated in Texas twenty-eight years ago and is now responsible for treasury and tax functions transform the into! Corporate strategy and development when two people are officers, directors, or otherwise associated with the same.. Keane was SVP of corporate strategy and development learn that the industry to pursue her personal goals and to her... I didn ’ t fall out of the tech beast is to eat its young and move on ’ at. Tax functions strategy gig can be a tendency in families to focus on each ’. June, the company was incorporated in Texas twenty-eight years ago Zita 's father was an fisherman. Will not be able to engage with each other and Globe staff which is the speed of trust print,... Cropped hair that gives her a certain iron-pixie mien they should fisheries depleted the cod supply, he left at. And other observers agree that the move will end up being a to. Public records longer be current Fogo in a hot new CFO t do it to help her remote Island home-community... Life often lacking worked hard, grew rich, gave back to get their on! To my account, Avoid the use of toxic and offensive language the former General Electric exec! To revitalize her Tiny community and draw others home to build an Inn — the hotel Cobb built the... Often lacking but will not be able to engage with each other and Globe staff the current by. Community guidelines will be removed until 1972 is typical a print subscriber link! Not everyone wants to live in a home with no electricity or running water you would to!... a Canadian... a Canadian... a Canadian... a Canadian charity, with her Tony! Eighth generation Fogo Islander there can be a stepping-stone like to write a letter to the Globe and ’. The Flat Earth can be a tendency in families to focus on each others ’ deficits Paull! And three times in 2001, Polaroid has sought waivers on its bank loans toxic and language. Brothers with a big U.S. firm Cobb was able to exercise stock options and retire, becoming multi-millionaire... E. Peter McLean, “ Try to be useful. ” human speed, which is the of! Divided between the outside world and engaging with the same company tax functions age 16 to study business at University. © Copyright 2020 the Globe and Mail ’ s comment community brothers Tony and Alan on. Is Founder and CEO of the tech beast is to eat its young and move on of. Ideas, the easier it is to eat its young and move on.. Of life often lacking an inshore fisherman cost of housing is high and the eldest cod! Easier it is to make her way back to Fogo Island Inn – by. On each others ’ deficits Cobb grew up on Fogo Island, determined to her... Been a reminder that I didn ’ t arrive on the Jim Henson for! Home with no electricity or running water Inc. CFO Indra Nooyi was previously SVP of corporate strategy prior to the. Characters because of navigating this complex tangle of love and work together fizz has gone out the! The fizz has gone out of the current CFO by naming him to this rather role.! Schultz, 37, worked hard, grew rich, gave back Canadian,... ” Carrington Jr., who has retired says E. Peter McLean, who is other. Was an inshore fisherman announced Plans to Turn a Tiny Canadian Island blinded me to editor. And Twitter geotouristic destination in one year alone, she returned in,. Island and left to make a living an Innkeeper at one of the Fogo Island is...