This story originally appeared on Forbes.com
In 2021, ADP’s HR leader reached out to Don McGuire, then the company’s globe-trotting EMEA president, to gauge his interest in stepping into the CFO role. McGuire was surprised, as it had been nearly two decades since he had shifted away from the traditional finance track. In the intervening years, he had taken on various global leadership roles that diverged from the typical CFO path.
However, as the former CFO of ADP Canada, McGuire was no stranger to financial leadership. Still, the leap from overseeing a single geography to becoming the CFO of a publicly traded corporation was significant. McGuire’s diverse career journey made the unexpected offer even more intriguing.
Today, 3 years into his ADP CFO role, McGuire reflects on how Wall Street has instilled a sense of rhythm into his job. “When I talk to my fellow CFOs,” he observes, “I realize that many of us record our tenure based our number of earnings calls, which in my case is 12 right now. My biggest surprise in this role thus far has been the sheer amount of time required to work with the Street.”
McGuire’s nontraditional career path has allowed him to introduce a broader perspective to his work with the Street. Drawing from his experience in Europe and Asia, McGuire has better exposed ADP’s menu of maturing opportunities. “One of the things I hope I’ve brought to the conversation is insight into what’s happening beyond the North American market,” he says, pointing to opportunities emerging beyond ADP’s core markets in the U.S., Canada, and France.
This CFO emphasizes how different geographies drive growth at varying rates: “Although we pay over a million people in India every payday, the price points there are very low, so this doesn’t show up on the revenue radar—but it will, as their economy matures.” His global view has led him to advocate for long-term investments in emerging markets in order to position ADP for sustained growth.
“ADP has significant potential to expand in developing countries. The challenge is competing against indigenous players and vendors like Intuit that offer aggressively-priced payroll solutions,” says Albert Pang, president of Apps Run The World, a research organization focused on the Apps marketplace. “The upside is that ADP has the reach and the support of a robust ecosystem of partners to take its full spectrum of services to underserved markets around the world.”
McGuire’s focus on growth and adaptability extends beyond ADP’s business strategy to the development of his finance team. He emphasizes the importance of broadening skill sets by encouraging team members to gain diverse experiences both inside and outside of traditional finance roles. “My corporate treasurer today is someone who actually followed me into the role of president of AsiaPac,” McGuire shares, highlighting his belief in rotating team members through different parts of the business to give them a deeper understanding of the company.
McGuire explains that his team is divided into two groups: BU CFOs who work closely with business units, and corporate functions such as treasury and investor relations. This structure allows team members to contribute to the broader finance strategy while gaining valuable operational experience. ADP’s finance chief sees this approach as critical to the team’s success, enabling them to engage with strategic and operational issues and ensuring they have the skills needed for ADP’s continued growth.
This focus on talent development closely reflects McGuire’s own career path, where a variety of roles and global experiences have shaped his leadership style and strategic approach. He credits his diverse journey, from traditional finance to global business leadership, with having instilled in him a mindset that emphasizes both personal growth and organizational development. For McGuire, fostering talent and expanding ADP’s global footprint go hand-in-hand.
McGuire notes that acquisitions have long played a key role in driving growth for ADP. “We always have the organic versus inorganic discussion. There’s always something on the desk, but the majority of opportunities don’t make sense because they’re not a good fit,” he explains.
Over the years, ADP has made strategic acquisitions to strengthen its portfolio and global reach. In 2023, the acquisition of Securax Tech Solutions expanded ADP’s time and attendance offerings in the APAC region, while the purchase of Honu HR reinforced ADP’s commitment to automating HR processes. Additionally, ADP’s acquisition of Integrated Design in 2021 further enhanced its human capital management (HCM) capabilities, improving payroll and HR experiences for clients worldwide.
McGuire explains that communicating the rationale behind acquisitions requires both planning and careful dialogue. “We review all opportunities to ensure we’re making the best assessments, and then we maintain ongoing dialogue with the Street and broader stakeholders,” he says.
McGuire’s first encounter with ADP came 26 years ago when, as a seasoned accountant and finance executive at Black & Decker, he was fascinated by ADP’s unique money movement operation, where the company managed the collection and disbursement of client funds for payroll and taxes. “I didn’t know much about them, so I did some research and was surprised to learn just how pervasive they were,” McGuire recalls.
The allure of ADP’s operations has long captured the attention of finance professionals. It’s perhaps no surprise that ADP’s founder, Henry Taub, was also an accountant. Having witnessed the chaos caused by a payroll disruption, Taub founded the industry’s first payroll processing company, setting the stage for ADP’s continued success.
Reflecting on his decision to move away from traditional finance two decades ago, McGuire says, “I saw the challenge and found it really attractive. It was something a little different from the day-to-day standard finance.”