CMS Energy CFO Rejii Hayes: The C-Suite Interview

Rejii Hayes often shows up on top CFO lists as a strategic leader who’s adept at doing deals, managing multiple stakeholders and driving growth. Recruiters say he’s shown leadership during previous roles at publicly traded companies such as ITC and Exelon, as well as earlier in his career at firms like Lazard and Banc of America Securities.

Hayes, who was recently named to Forbes 2022 CEO Next list of leaders likely to lead some of America’s largest companies, sat down with Forbes to talk about his career, his industry and what’s on his radar as the next disruption to business.

The former investor banker held several leadership roles in finance across the energy sector prior to joining CMS Energy about five years ago. “The path is anything but linear,” says Hayes, a former collegiate soccer player who once had dreams of playing professionally. “I still think, at some point, Manchester United may call to see if I could play left back for them.”

These days, Hayes is focused on decarbonization and the transition to clean forms of energy transition. From having 12 coal units in 2016, CMS Energy is on track to be out of coal by 2025. Along with being one of the fastest exits of coal for vertically integrated utilities in the country, Hayes says, “that’s going to reduce our carbon footprint by 60%.” While the company is investing heavily in solar and wind farms, the challenge is maintaining reliable power.

And why is a CFO thinking about decarbonization? For one thing, the job is about more than delivering profits to shareholders. “The perspective on stakeholder management is much broader now,” says Hayes, who focuses on “a personal holy trinity of customers, coworkers and investors—what the company refers to as a triple bottom line of people, planet and profit.”

A Miles Davis fan who listens to jazz as he prepares for earnings calls and board meetings, Hayes has Art Kane’s iconic A Great Day in Harlem – 1958 photo of jazz greats on the wall of his home office.

Hayes feels privileged to be a role model to other Black professionals and takes seriously the responsibilities that come with that. He draws inspiration from Walgreens CEO Roz Brewer, who told him that she viewed it as a privilege, honor and responsibility to go as high as possible in corporate life to inspire others. From former American Express CEO Ken Chenault, he learned the importance of believing in the product you sell. And he also admires Ken Frazier, the Executive Chairman and former CEO of Merck, for using his success and power of influence to create opportunities for the next generation of diverse leaders. When Frazier was recently asked about the business case for diversity at a Harvard alumni event, Hayes says, “he responded ‘I don’t recall hearing the business case for the status quo.’”

As for his own advice to those who want to move up, Hayes says: “You have to exhibit competence, work ethic and integrity.” For him, competence involves having a perpetual appetite to learn and work ethic is about working smart, not just hard. Most important, he adds, it’s not about you. As he puts it: “The best leaders I’ve met know how to motivate people.”