Australian CFO Award Winners Announced!

CFO to CEO Succession on the Rise as Top Australian Finance Leaders are Recognised

New data shows more than one in three CEOs in the ASX100 had previously held a significant finance role during their career, with 20% of them directly promoted from internal CFO, up from just 12% in 2019.

This comes as Australia’s most influential Chief Financial Officers are recognised at the inaugural Australian CFO Awards in Sydney.

The awards, hosted by the peak body representing CFOs and finance executives, Group of 100, and leading board advisory and executive search firm Johnson Partners, aim to elevate the important contribution CFOs make to shaping the future of Australian business.

Group of 100 Chief Executive Officer, Stephen Woodhill said the CFO role has never been more crucial or relevant as a gateway to the top job. 

“There has been a fundamental shift in the role of CFOs, more so than any other position in Australia’s largest organisations,” Mr Woodhill said.

“That role has dramatically changed in the past five years, CFOs aren’t just overseeing the finances, many now lead strategy, operations, environmental, social and governance (ESG) regulatory agendas and reporting consistency in the face of a huge digital transformation.”

The CFO to CEO trend is being mirrored in the UK where among FTSE 100 firms, about one-third of CEOs have CFO backgrounds, up from 21% in 2019; and the US with a record CEOs in the combined Fortune 500 and S&P 500 coming from the CFO chair is at a record high.

Jason Johnson, Founder & Chief Executive of Johnson Partners, said boards are increasingly prioritising leaders who can integrate capital discipline with strategic growth.

“CFOs are the quiet leaders of corporate Australia, carrying responsibilities that reach far beyond finance. These awards recognise just how central they are to company strategy and resilience with finance leaders consistently demonstrating a level of discipline and judgement that really sees them as a strategic partner to the CEO and board,” Mr Johnson said.

The other shift we are seeing is more women in leading financial roles, however gender diversity in Australia risks stagnation.

Data shows one in five of the ASX100 companies having female CFOs, which is more than double the 11% recorded in 2017, gender diversity in Australia risks stagnation.

“This is a positive improvement reflective of recruitment efforts, talent development and diversity policy, yet that figure has remained largely static for the last four years,” added Mr Johnson.

Winners have been judged across nine categories including CFO of the Year (ASX), CFO of the Year (PE), Deputy CFO, Finance Team of the Year, Deal of the Year, Lifetime Achievement, and Rising Star with each nominee assessed against Strategic financial leadership, Innovation and transformational thinking, Community and stakeholder engagement and Talent development and mentorship.

The winners, recognised across nine categories at a Gala Awards night held at The Ivy Ballroom in Sydney on March 12th, are:

ASX CFO of the Year

Richard Richards, CFO | Seven Group Holdings

Private Equity CFO of the Year

Yvonne Le Bas, Group Chief Financial Officer | Resolution Life Australasia

Deputy CFO of the Year  

Phil Clewett, Deputy Chief Financial Officer | Downer EDI Limited

Deal Award | (IPO, Capital Raise, Transaction)

Prashant Murthy, Managing Director & Robin Khuda, Founder & CEO | AirTrunk

Investor Engagement Excellence  

Michael Ackland, CFO & Group Executive, Strategy & Finance | Telstra

Sustainability Leadership  

James Crough, CFO | Orica

Finance Team of the Year  

Australia Post

Rising Star

Jane Kuang, Vice President of Strategic Projects | BHP

Lifetime Achievement Award

David Lamont | NED Telstra, APA and Chairman of the Financial Executives Institute

Award Judges included non-executive director at QBE and Santos, Yasmin Allen AM; Jarden’s Sarah Rennie; non-executive director of National Australia Bank, Worley and Airtrunk Alison Kitchen; Crispin Murray of Pendal; non-executive director and former CFO Colin Storrie; Johnson Partners Founder, Jason Johnson and Chair of the Group of 100 and incoming nab Group CFO, Inder Singh.