Good morning. After nearly a decade helping steer Charter Communications’ cable and broadband business, CFO Jessica Fischer is leaving for a Blackstone- and Google-backed venture investing billions to meet soaring demand for AI computing capacity.
The move puts an experienced Fortune 500 finance chief at the center of one of corporate America’s biggest investment booms. It also reflects how the AI infrastructure buildout is pulling capital and senior talent from established industries as companies race to add computing capacity.
“I’m embarking on an exciting new opportunity in the AI infrastructure space, joining the newly formed joint venture between Blackstone and Google in October,” Fischer wrote on LinkedIn Monday. A Blackstone spokesperson confirmed to CFO Daily that Fischer will become CFO of the venture.
Blackstone and Google announced the venture in May, with plans to build a U.S.-based company providing computing infrastructure for AI models and applications. Blackstone is committing an initial $5 billion in equity. The company is targeting 500 megawatts of capacity by 2027 and plans to expand substantially beyond that. Google will provide its AI chips and related technology, while longtime Google infrastructure executive Benjamin Treynor Sloss will serve as CEO.
Fischer will step down from Charter on Oct. 15. Kevin Howard, a Charter veteran and its EVP, chief accounting officer, and controller, was appointed interim CFO on Monday. Charter will search for a permanent finance chief.
Fischer, age 41, joined Charter as corporate treasurer in 2017, later becoming EVP of finance and CFO in 2021. Before Charter, she was a partner in EY’s national tax department. Charter CEO Chris Winfrey called Fischer a key member of the executive team and credited her with helping build Spectrum into the country’s largest broadband and video provider.
Her departure comes as Charter, No. 85 on the Fortune 500, grapples with steeper-than-expected broadband subscriber losses amid intensifying competition from fixed-wireless providers. Charter said in an SEC filing that Fischer’s resignation did not stem from a disagreement with the company and was unrelated to its operations or financial reporting.
Fischer is moving between two capital-intensive industries at very different points in their growth. Charter is competing for subscribers in a mature connectivity market. Her new employer is preparing to spend billions building computing capacity as demand for AI infrastructure accelerates.
That environment also raises the stakes for the CFO. Building AI infrastructure requires huge upfront investments and decisions about how quickly to add capacity when future demand and returns remain uncertain. Fischer brings experience overseeing finance at a large public company accustomed to making long-term infrastructure investments.
Her move reflects a broader shift in where corporate capital and executive talent are flowing. As billions pour into the infrastructure behind AI, finance chiefs with experience managing large investment programs are becoming central to how quickly the industry can grow and whether those investments ultimately pay off.
Sheryl Estrada
Sheryl.Estrada@fortune.com
This story was originally featured on Fortune.com