CFO to CEO > Aspirations to move into the top role

Many CFOs aspire to become CEOs. I was one of them early in my career.

After being a partner in a large auditing firm, I joined a public company as its CFO. I loved the role but had a strong desire to become the CEO. To prepare, I read extensively, including books like What They Teach You at Harvard Business School and Mark McCormack’s What They Don’t Teach You at Harvard Business School.

I realised that to become a CEO, I needed to understand every aspect of the businesses we were invested in. This was not an easy task. Sure, I understood the numbers and what each business did, but that was only part of the picture. We had 17 operating businesses—mostly industrial, with several factories.

Understanding the business

Every morning, before starting my work as CFO, at 7:30 a.m., I visited a different factory. I embraced the concept of MBWA—Management by Wandering Around. I also met with the CEOs of each division. By the end of the year, I had a deep understanding of every business and its challenges. This allowed me to contribute meaningfully to strategy discussions—not just by analysing the numbers but by understanding real operational issues and identifying relevant solutions.

I actively engaged with departments beyond finance, including operations, sales, marketing, and product development. None of the CEOs saw me as a threat; rather, they welcomed my involvement and insights.

Communication skills

I have always enjoyed public speaking and have no problem addressing large audiences. I read numerous books on the topic, though I never managed to lose my accent! A CFO must be an effective communicator—able to articulate strategy and engage with key stakeholders.

At one of my companies, I regularly spoke at induction sessions for new employees. Each session had 20 to 30 participants, and I consistently received 10/10 ratings. My secret? Making my presentations easy to understand, avoiding unnecessary jargon, and focusing on clarity rather than trying to sound impressive.

Build a strong network

A CFO who has strong relationships with the board, presents financials articulately, and actively contributes to discussions is well-placed to throw their hat in the ring when a CEO opportunity arises.

I’m often surprised when CFOs apply for a CEO role but haven’t built the necessary relationships or contributed effectively to broader business discussions. Presenting financials to investors also helps establish credibility and relationships.

One key piece of advice: never wing an answer. If you don’t know something, simply say, “Let me get back to you on that.” Nothing destroys credibility faster than giving an incorrect response—and worse, sticking to it even when the facts may prove you wrong.

Gaining experience

There are many ways for a CFO to gain experience and showcase leadership capabilities:

• Run a division or business unit.
• Lead a major transformation or strategic project.
• Oversee mergers, acquisitions, or operational improvements.

Revenue versus Costs

CFOs are often seen as cost managers, while CEOs must focus on revenue growth. A great CFO contributes to both.

It’s essential to demonstrate how financial strategy can support business expansion—even if that means increased costs, as long as it leads to profitable growth. There is nothing worse than profitless prosperity.

I had a friend who ran a small business with $1 million in annual revenue, making a $300,000 profit. He grew the business to $6 million in revenue within a year by selling to major supermarkets—but with no profit. A year later, the business collapsed. Growth without profitability is a dangerous game.

Crisis Management

Almost every CFO will face crises—currency fluctuations, economic downturns, regulatory changes, underperforming acquisitions, and more.

How a CFO navigates these challenges—whether through upsizing, downsizing, or restructuring—prepares them for the demands of a CEO role. A strong CFO embraces change and takes decisive action in difficult times.

Leadership and Talent Development

A great CFO attracts top talent and surrounds themselves with people who are smarter than they are. This isn’t a weakness—it’s a strength.

I’ve always valued working with people who are more knowledgeable than me in their respective fields. It makes the entire team stronger. A CFO who fosters talent development demonstrates their ability to build a high-performing leadership team—an essential skill for any CEO.

Additionally, allowing team members to present their own work not only empowers them but also reflects well on the CFO. A well-prepared team is a testament to strong leadership.

Seeking Opportunities

There’s nothing wrong with letting the CEO know that you aspire to one day step into their role. This doesn’t mean you’re gunning for their job immediately—rather, it positions you as a succession candidate and allows them to mentor and prepare you.

It’s also wise to make other decision-makers aware of your long-term aspirations, so when an opportunity arises, you are a natural candidate.

Final Thoughts

Be open to interim roles if they arise and continuously position yourself as a leader ready to step into the CEO role. Competent CFOs are always in demand—but those who demonstrate strategic thinking, leadership, and commercial acumen will be the ones considered for the top job.

About the Author:  Jon Brett

Jon Brett  is the Chair of Infomedia (IFM). Jon is also a Non-Executive Director of Corporate Travel (CTM) and Chair of  the Audit and Risk Committee. He also serves as a Non-Executive director of Raiz Invest (RZI).

Jon is the author of the successful podcast series “The Taking of Vocus”  which chronicles the extraordinary rise of Vocus, what went wrong with the M2 merger and the eventual privatisation of Vocus. The podcast  is accessible via his LinkedIn profile. The book, ‘The Taking of Vocus’ is now available on Kindle.