Blockchain’s Macrina Kgil Among Growing Number of Women CFOs
Macrina Kgil, the Chief Financial Officer at Blockchain.com, is one of a growing number of female CFOs to lead financial operations at some of the world’s largest and most influential companies.
Kgil’s latest position is a testament of her rapid rise in the world of finance. Kgil, who was named Blockchain’s CFO in 2018 has a strong record of driving growth, initial public offering (IPO) expertise, and successfully managing finances for publicly held companies.
“Macrina has helped restructure liability, acquire and dispose of assets and take companies public. As our business expands, we can’t imagine a more perfect person than Macrina to help us build finance and risk operations of the highest order,” said Peter Smith, Blockchain’s CEO, at the time of her appointment.
Progressive Career in Financial Roles in Korea and the United States
Macrina Kgil began her career in South Korea, working for Samil PricewaterhouseCoopers (Samil PwC), the Korean branch of the multinational accounting and consulting giant. In her position, Kgil advised numerous Korean companies on auditing, accounting, and IPOs in the U.S. market.
Afterward, Kgil became a manager, both in Seoul and New York City, of the Global Capital Markets Group, providing expert advice in capital market transactions, such as IPOs and public debt, business carve-outs, and complex technical accounting matters.
In 2008, Macrina Kgil became a Vice President for the Fortress Investment Group, serving as an in-house expert on finance and accounting issues related to portfolio company transactions for the company’s private equity fund. She served as the company’s lead on acquisitions and capital market transactions, working closely with the financial departments of each portfolio company under Fortress Investment Group.
In 2013, Kgil took on a series of progressively higher level roles at Springleaf Financial Services, now known as OneMain Financial. She started as a Group Controller and later was named as Chief Financial Officer, leading a team of more than 100 people in finance and accounting. Kgil strategically guided Springleaf Financial through its IPO, various debt capital market transactions, acquisitions, and dispositions. In 2015, Kgil was named the Executive Vice President of Finance after Springleaf acquired OneMain Financial from Citigroup and was renamed.
Just prior to joining Blockchain Kgil was the Chief Financial Officer and Strategic Advisor for GPB Capital Holdings, a $1.5 billion private equity fund.
Growing Number of Women Leading in Finance as CFOs
According to an analysis by Crist Kolder Associates, an executive recruitment firm, there is an increasing number of female leaders in finance. As of August of 2020, there are 90 female CFOs among S&P 500 and Fortune 500 companies. This number represents the largest of any prior year.
By comparison, there were fewer than 60 female CFOs in 2010 and fewer than 40 in 2004.
That being said, the number of female CFOs is still relatively small when compared to the total number of 675 sitting CFOs in the group of companies studied. Female CFOS represented 13 percent of all CFOs in 2020, 9 percent in 2010 and 6 percent in 2004.
Growth among women holding a position as a CFO has been significant in the consumer and services industries, with each industry nearly doubling the number of female financial leaders in the past five years. In the financial and technology industries, the ratio of females holding a leading position in finance has remained relatively flat with minimal growth.
Notable CFO Appointments
In recent months, in addition to Macrina Kgil, several other major companies have named female CFOs, including:
- Jamie Miller, Cargill Inc.
- Jackie Marks, Condé Nast
- Gina Goetter, Harley-Davidson Inc.
- Ann Gugino, Papa John’s International Inc.
- Caroline Litchfield, Merck
- Deana McPherson, Smith & Wesson Brands, Inc.
- Amy O’Keefe, WW International (Weight Watchers)
Blockchain.com is the world’s leading cryptocurrency financing company, which was founded in 2011. The company operates in more than 200 countries and has managed more than $800 billion in transactions with more than 31 million verified users.