The document discusses why companies undergo transformations and the role of the CFO in transformations. It notes that 1/10 of public companies fail each year and 32% of current companies will not exist in 5 years due to factors like poor management, strategic mistakes, and market changes. Companies transform due to legislation, digitization, competition, and activist investors. The CFO plays an important role by establishing a financial baseline, selecting initiatives to create value, reallocating resources, and providing a bias for action balanced with stopping reckless moves. Only 24% of companies improve margins and revenue through transformations.