IPO market is ‘really strong,’ NYSE president says, calls for long-term focus
Good morning. Similar to the volatility observed in April, market uncertainty increased in October amid renewed concerns over a potential flare-up in the U.S.–China trade war. Lynn Martin, president of the New York Stock Exchange (NYSE) Group, offered some advice for business leaders.
“Stay calm, invest for the long term,” Martin said during our discussion at the Fortune Most Powerful Women Summit in Washington, D.C., this week. “Keep doing the things you’re doing to drive business,” she told the audience. “Our economy is super strong. The fundamentals are good. The banks are doing well. There’s a vibrancy associated with the dealmaking environment.” Big banks reported strong earnings this week.
Martin noted that public listings on the NYSE have come roaring back in 2025. “The IPO market is really, really strong,” she said. “We’ve had a great year so far across all sectors.”
The digital finance sector, in particular, has performed especially well—from crypto exchanges to stablecoin firms like Circle, which held its IPO on the NYSE, she said. In design and fintech, notable IPOs included Figma and Klarna. She’s hearing from CEOs who are eager for the government to reopen, which indicates further activity.
Martin applauded the U.S. Securities and Exchange Commission (SEC) for issuing updated guidance last week that allows some IPOs to move forward under a 20-day effectiveness rule due to the recent government shutdown.
She also said she doesn’t necessarily see headwinds for companies pursuing IPOs, but noted that many are choosing to stay private for longer. “Some of that is due to the costs of being a public company,” she said.
“We’re incredibly optimistic about the proposal that SEC Chair Paul Atkins recently issued to give CFOs the option of semiannual reporting,” Martin added. “I don’t know how many CFOs will actually take the SEC up on that.”
Atkins announced last month that the SEC would propose a rule change allowing publicly traded companies to opt for semiannual rather than quarterly reporting.
Martin said semiannual reporting could help private companies ease into the public markets. The NYSE has long advocated this approach, she added.
“I think the rigidity around reporting has become onerous, and there’s a cost associated with that,” she said. “There’s a scaffolding that comes with being a public company—the quarterly earnings calls, the prep work, the roadshows, the disclosures upon disclosures. Simplifying some of those requirements would certainly lessen the cost.”
Resilience and adaptability continue to define the companies that endure.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Fortune 500 Power Moves
Christopher DelOrefice was appointed CFO of Ulta Beauty (No. 375), effective Dec. 5. Chris Lialios will continue to serve as interim CFO until then. DelOrefice succeeds former CFO Paula Oyibo, who left the company in June. He joins Ulta Beauty from medical technology company Becton Dickinson & Co., where he has served as EVP and CFO since September 2021. Before that, DelOrefice spent over 20 years with Johnson & Johnson in various financial leadership roles, including VP of investor relations, VP of finance, and CFO of North America consumer.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Lydia Brown has been appointed CFO of Citrin Cooperman, a professional services provider for private, middle market businesses and high net-worth individuals, effective Oct. 13. Brown succeeds Larry Diamond, who will retire after three years of dedicated service as the firm’s CFO. Brown brings more than 30 years of experience in the professional services industry, including senior financial leadership roles across both private-equity-backed and publicly traded companies. Most recently, she served as CFO for HKA, a global consultancy.
Vitor Roque, SVP of finance, business units and corporate financial planning and analysis, has been named interim CFO at BD (Becton, Dickinson and Company) (NYSE: BDX), a global medical technology company. Chris DelOrefice, EVP and CFO, will depart the company effective Dec. 5 for the CFO role at Ulta Beauty. BD is conducting a search to identify a permanent successor.
Jonathan Mir was appointed CFO of Bitfarms Ltd. (Nasdaq/TSX: BITF), a North American energy and digital infrastructure company, effective Oct. 27. Bitfarms’ current CFO, Jeff Lucas, is retiring and will remain on as a strategic financial advisor and consultant through Q1 2026. Mir has more than 25 years of capital markets experience in energy infrastructure. He spent most of his career at Lazard Inc., where he served as head of North American power, energy and infrastructure. Most recently, Mir was a managing director in Bank of America’s Natural Resources and Energy Transition group.
Craig Chamberlin was appointed EVP and CFO of Vertiv Holdings Co. (NYSE: VRT), a digital infrastructure company, effective Nov. 10. Chamberlin succeeds David Fallon, who previously announced his intention to retire from Vertiv and serve as a consultant to the company through Dec. 31. Chamberlin joins Vertiv from Wabtec Corporation, where he most recently served as group VP and CFO of the company’s transit segment.
Mark Daniel was appointed CFO of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company. Daniel is a senior finance leader with more than 25 years of experience. He also brings deep treasury and capital markets expertise relevant to Atossa’s transition from clinical development to commercialization.
Kris Smith, CFO of Suncor Energy (NYSE: SU) will retire on Dec. 31, after more than 25 years of service. During his tenure at the company, Smith has held several roles, including EVP, downstream and interim CEO. Troy Little, currently SVP of external affairs, will be appointed CFO. Little has over 25 years of financial experience.
Big Deal
The AuditBoard’s Risk Intelligence Report combines proprietary platform data, including major U.S. companies, with survey insights from more than 400 global risk leaders, covering how enterprises are managing AI risks.
A key finding is that enterprises are eager to invest in AI; however, inconsistent execution—not budget—is the barrier keeping most organizations stuck in a “middle maturity trap.” While AI is creating new risks, enterprises with a mature approach to risk management are using the technology to strengthen governance, embed continuous monitoring, and transform oversight into foresight, according to the report.
Fifty-three percent of enterprises report implementing AI-specific tools, and 39% plan to expand AI/ML skills. However, fewer than 30% feel prepared for upcoming AI governance requirements.
Going deeper
Overheard
“Smart, early career, and motivated employees can be an organization’s greatest asset, especially at a time when AI early adopters are in high demand—but it’s critical to understand and mitigate the risks each generation brings with them.”
—Nick Kathmann, chief information security officer at LogicGate, writes in a Fortune opinion piece titled, “Gen Z’s digital native status is a double-edged sword. They have cyber blind spots.”
