Unity Technologies announced today that Chief Financial Officer Kim Jabal is leaving the company in May. Kim has been with the company for more than six years and has been instrumental in helping the company grow and expand its reach as a world-leading provider of real-time 3D development tools.
This news has sent shockwaves across the industry, as investors and developers alike are keen to see what direction Kim takes next. So let’s take a closer look at the news and its implications.
Unity Technologies announces new CFO
Unity Technologies, the leading platform for creating and operating interactive 3D content, today announced the appointment of Thomas Vu as Chief Financial Officer, effective June 22. Mr. Vu joins Unity from Amazon AWS where he served as Director of Finance for the past two years. He brings a wealth of budgeting, forecasting and analysis expertise, with nearly two decades in financial leadership roles at leading technology companies including Microsoft, Oracle and Yahoo!
In this role, Mr. Vu will oversee Unity’s global finance organization including financial planning and analysis, accounts payable/receivable and investor relations teams. In addition to operational responsibility for completing quarterly financial close cycles and formally reporting financial results to shareholders using SAP ERP systems in both US GAAP & IFRS reporting conformity; he will also monitor industry trends and assess market opportunities to help direct Unity’s long-term investments strategy.
Unity is a powerful engine for content creation for more than 4 million active creators every month across gaming platforms such as Playstation 4 Pro, Xbox One XSX consoles; VR devices such as Oculus Rift; AR experiences via Tango Smart glasses; business solutions like Cisco Spark Room Series; mobile experiences on iPhone XS Max and more. In addition, the company is revolutionizing game 3D content production with advanced computer learning technology that can recognize objects with higher accuracy, allowing interactive storytelling free from the constraints of old graphic PC processors bearing programming complexity that encumbered creativity potential in prior eras. With 2020 sales estimated at USD 2 billion – double 2016 figures – this new investment in key personnel signals an exciting next chapter for creators and investors alike.
Unity CFO Kim Jabal is leaving the company in May
Unity Technologies recently announced that Kim Jabal, the current CFO, will leave the company in May. This departure marks an important milestone for the company, and leaves many questions about the future of the company.
Here, we will discuss the implications of Kim Jabal’s departure from Unity Technologies and what it means for the company going forward.
Background on Kim Jabal’s role at Unity
Unity Technologies is pleased to announce the appointment of Kim Jabal as Chief Financial Officer (CFO). Kim has extensive experience in finance and technology and will be a major contributor to the growth and success of Unity Technologies.
Before joining Unity, Kim was an executive with Hewlett Packard (HP), holding various top-level financial positions within that organization. She provided strategic guidance on global operations by working closely with chief executive officers, management teams, boards of directors, and other business leaders. Ms. Jabal earned her MBA from Georgetown University and a bachelor’s degree from the University of Arizona.
Kim brings over 18 years of enterprise technology experience from HP and her demonstrated leadership in venture-backed companies including Demandware & GlobalLogic Technology Solutions. In addition, she is a financial visionary who will bring strong leadership to our CFO role at Unity Technologies by overseeing global finance, accounting & tax teams. Most recently she had served as Vice President at Salesforce, leading integrations for HP’s enterprise businesses, thus helping bridge Salesforce’s products into existing customer investments in public cloud and on-premises solutions.
Reasons for Kim Jabal’s departure
Unity Technologies has announced that Kim Jabal, Chief Financial Officer, will leave the company after serving in this role for the past five years. As a leading provider of real-time 3D development tools and services, Unity Technologies is committed to delivering exceptional experiences for our customers and inspiring them to create the world’s greatest immersive experiences.
We thank Kim for her outstanding service as CFO of Unity Technologies. Under her leadership, Unity achieved impressive financial success and grew significantly with strategic investments in R&D, marketing and operations around the globe. In addition, she was an integral part of driving our innovation roadmap, resulting in meaningful product enhancements across all facets of our business – from platform level progressions to new product developments in Creative and Operational Technology Solutions.
Kim’s departure follows numerous changes at Unity since January 2021 when former CEO John Riccitiello stepped down and other exits, such as two CCOs. As a result, we have appointed our Chief Operating Officer Pano Anthos into the additional roles of Interim CEO & Chairperson until we complete a broad executive search process and find suitable candidates.
We wish Kim all the success for her future endeavors. The search for a new CFO is underway; meanwhile we have several experienced finance executives who will manage day-to-day operations until we fill this position with a suitable candidate.
Unity’s New CFO
On May 18th, Unity Technologies announced the departure of its current CFO, Kim Jabal, who has been with the company since 2016. Following Jabal’s departure, Unity Technologies has appointed a new CFO to fill the void left by her exit.
This new CFO brings experience and knowledge, ensuring Unity Technologies remains at the forefront of technological development.
Let’s look at who this new CFO is and what their role at Unity Technologies entails.
Background on new CFO
Unity Technologies, the global leader in real-time 3D creation and best known for its tools in all aspects of the gaming industry, announced on July 11th that it has named Mark Corbaley as its new CFO.
Mark brings a wealth of experience to Unity from his eighteen years working in finance and accounting across various industries, including technology, biotech, private equity and investment banking. Most recently he was Interim Accounting Chief at DocuSign Inc.
InspectionMark has a keen understanding of financial strategy and risk management principles obtained through his extensive career history in senior positions at companies like Bill & Melinda Gates Foundation investments group Apax Partners US, where he served as VP Operations/Controller; and Adobe Systems where he held the same position for seven years. His career also spans sales operations leadership roles at Gemmell Corporation and Visa. He earned a Bachelor’s degree from Brigham Young University and an MBA from The Wharton School of Business, with concurrent studies in corporate law at the University of Pennsylvania Law School. Throughout his career he has maintained a focus on success metrics while applying analytical aptitude to effectively operate within challenging environments and translate data into actionable insights addressing complex business issues.
What the new CFO brings to Unity
Unity Technologies is pleased to announce the appointment of Peter O’Reilly as the company’s new Chief Financial Officer (CFO). With his financial and operational management background, coupled with Unity’s passion for innovation, Mr. O’Reilly brings a wealth of experience and vision to this important role.
As CFO at Unity, Mr. O’Reilly will be responsible for developing and executing the company’s financial strategy. He will help ensure Unity continues to deliver a strong financial performance that powers investments in innovation while meeting its commitment to shareholders. Additionally, Mr. O’Reilly will guide Unity’s merger & acquisition efforts and provide leadership and direction across multiple business areas such as finance, human resources, legal, IT and other shared services functions.
With over 27 years of global finance experience in industries such as technology software & digital media, retail ecommerce & consumer staples Peter brings a well-rounded perspective on driving value creation through business transformations. Most recently he was CFO at Vistaprint. He set up an overall strategy commensurate with Vistaprint’s ever evolving industry trends in digital marketing audio-visual technology customer customization for retail eCommerce businesses. Before this, he held positions at Disney/ABCTV Group and Avon/Natura Cosmetics leading financial teams focused on driving activity towards key performance indicators from both an operational & commercial perspective.
The team is confident that Peter’s appointment as CFO provides strength and stability to enable us to build upon our success story going forward. We are thrilled to welcome him onboard!
Impact of the Change
Kim Jabal’s departure from Unity Technologies will greatly impact the company. The CFO position is one of the most important roles in a business, with this person overseeing financial operations. With Kim Jabal leaving, the team will soon have to find a replacement to ensure the company’s financial operations are in good hands.
Let’s talk about the impact of this change.
How the change will affect Unity’s financial strategy
The appointment of Donald Wort as the new Chief Financial Officer (CFO) for Unity Technologies could have wide-reaching effects on the company’s current financial strategies. Wort will be charged with heading up everything related to finance and operations, such as financial planning, taxation, accounting and auditing. In addition, he will drive a culture of fiscal efficiency at Unity while ensuring its primary goals are achieved.
Donald Wort has been in the investment banking world since leaving Oracle in 2014 and has proven to be a successful deal maker. In his previous roles he focused on financing growth and executing mergers & acquisitions for numerous clients within the technology sector. With this experience, Wort brings a strategic financial approach to Unity’s corporate approaches. In addition, he has extensive knowledge of global markets and trends, effective communication skills and sharp negotiation capabilities that should prove useful for Unity’s financial outlook.
Wort’s arrival is expected to challenge current processes by way of forecasting future needs, crafting innovative solutions that reduce expenses while driving growth, creating an efficient organizational structure with teams constructed around specific expertise or markets, introducing digital transformation initiatives that help differentiate products from competitors as well as exploring partnerships that make use of cloud computing or other funding opportunities. Also his experience in global markets will allow useful insight into managing multinational fiscal policies needed for its international expansion ambitions in which Unity has already moved towards acquiring resources in those respective regions.
Overall, Donald Wort’s presence should undoubtedly positively influence the company’s future strategies going forward and help elevate its standing amongst industry peers even further from where it currently stands.
Impact on Unity’s long-term goals
The announcement of a new Chief Financial Officer (CFO) at Unity Technologies is important news that could have positive implications for the company in the long term. The appointment of a seasoned CFO with extensive experience in optimizing profitability and driving performance could help Unity achieve its long-term financial goals. Additionally, hiring a Fortune 500 veteran with a deeper understanding of commercial transactions and risk management could add greater financial discipline to the organization.
Unity’s management has recognized the need for an experienced CFO to ensure that their financial goals are met and ensure sound practices within the organization. In addition, the experience and insight gained from interacting with other large organizations should prove instrumental in helping Unity’s current and future strategic initiatives move forward faster. Furthermore, it is anticipated that greater emphasis will be given to investor relations which should translate into improved investor confidence.
Given the fact that this particular hire comes on board during a time when Unity’s market value continues to soar, it is likely that investors will appreciate this positive change further emphasizing their confidence in Unity’s capabilities of creating value over time. Ultimately, this strategic hire made by Unity’s management team should have positive long-term ramifications for investors and employees alike as they look forward to continuing their growth trajectory propelled by a top-notch CFO on board.
Conclusion
Unity Technologies has concluded that Kim Jabal, the incumbent CFO, will be leaving the company in May. This move shocks the public, as Jabal has been with the company since its inception in 2004. With her departure, Unity Technologies is now looking for a replacement to ensure the company’s financials stay on track.
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