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Q&A with Stuart P. Stoller, Vice President and Controller of The New York Times

Q: When did you decide to become a CPA?
A: During my high school years, one of my strongest subjects was math, and I thought it would make sense to use my aptitude with numbers to become an accountant. In college, my professors explained the importance of professional certification, and then I set a goal for myself to become a CPA.

Q: Which school’s accounting program did you attend?
A: I attended Brooklyn College, which is part of the City University of New York system. After working several years, I returned to school in the evening for five years and attained an MBA in finance from Hofstra University.

Q: Where did you get your start? What led you to your current position?
A: I spent approximately four years in public accounting at a national public accounting firm and one of the “Big Eight” accounting firms. Then I left public accounting and worked 14 years at R.H. Macy & Co., Inc. (“Macy’s”), starting as a senior accountant in the corporate office and ending as their senior vice president and corporate controller. After Macy’s was acquired by Federated Department Stores, I took a position as the controller for Coopers & Lybrand and then I joined the New York Times Company (“NYTCO”) as their vice president and corporate controller. This is my 10th year with the NYTCO.

Q: Please describe your current position as vice president and corporate controller of The New York Times.
A: My current responsibilities include the administration of the internal reporting, external reporting, budgeting, forecasting, tax, risk management, polices and procedures, strategic sourcing and the operations of the company’s shared service center. Direct reports include trained executives in the disciplines noted above. As the controller, your involvement in many company actions and initiatives is not limited, as you can use your abilities to partner with all areas of the business. These initiatives could include reviewing and redesigning executive compensation and benefit plans, cost savings programs and efficiency efforts, as well as playing a role in acquisitions and dispositions.

Q: What were your expectations in pursuing an accounting career?
A: As a young man entering accounting I would never have dreamed that my career would include working at the largest accounting firms in the world, one of the nation’s most well known retailers, and then at the prestigious New York Times Company. Additionally, who would have thought that the son of two hard-working parents from Brooklyn, who were not fortunate enough to go to college, could become a financial officer at two New York institutions, the Times and Macy’s.

Q: Has your career trajectory been different from how you first imagined it?
A: When I first started in accounting I really didn’t know what to expect. At first, I would have thought that I would remain in public accounting and provide service to clients. After several years, I lost my desire to become a partner in a large accounting firm. At that point, the decision was made to try industry. That choice was the right one for me. I have never looked back, and with a little luck, grit and determination, I feel very fortunate to be where I am today. Luck plays a role, as I had wonderful mentors, including one who was especially instrumental to my career trajectory.

Q: What advice would you give to students who might want to pursue an accounting career but are undecided?
A: My advice to any student who is undecided but who has an inkling that accounting may be the right path is to start as an accounting major. An accounting background is a good foundation for a countless number of career opportunities.

Q: How do you think the recent accounting scandals have affected the public’s perception of the profession?
A: The recent accounting scandals have tarnished the reputation and credibility of the profession. Public accounting has now become a “regulated industry.” We as a group need to restore the confidence of the financial markets and the business world by living up to the standards that are expected of the accounting industry.

Q: What are the pros and cons of working in industry as opposed to an accounting firm?
A: Tough question to answer, as each person has their own views. I originally left public accounting because I wanted a more structured life so I could attain my master’s degree and at least be able to predict the work-cycle peaks and valleys. As we were planning a family, I believed industry would also allow me to strike a normal work-and-life balance.

Additionally, as I worked in industry I always felt a sense of accomplishment in my work, feeling like I made a difference to the organization. Now in industry about 25 years, I still come to the office each day and feel good about what I do.

Q: What do you enjoy most about your current position?
A: The most enjoyable part of my position is working with talented professionals at the company, developing initiatives as a team that will benefit the organization. It is wonderful that after we reach a conclusion on an idea, we can also execute the plan and see the results.

Q: Tell me about your committee work with the Society. When did you get involved? Do you think it’s an important networking step?
A: I became involved with the Publishing and Printing Committee when I started at NYTCO. I was new to the industry and wanted to learn more from those who had more experience. It was an important networking step for me, and a gratifying one. I’ve developed various contacts within all aspects of the publishing industry, which include books, magazines and newspapers, and practitioners who serve the industry. The committee provides a forum for discussion among those who have common industry interests. Additionally, we all have someone to call or e-mail with questions.

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