- Author: Colin Kerr
- Posted: November 9, 2020
Departures & Arrivals
By Colin Kerr
November has proved to be another busy month, Melbourne Cup, US Election, State of Origin and most importantly the latest CFO Market Update. Last month continued another good month in terms of activity and also for female CFOs. The activity of interest included:
• Lianne Bolton becoming interim CEO at Maia Financial.
• Anita Hoskins has moved from Carnival to become CFO of Fraser Property Australia (property is becoming a strong sector for female CFOs).
• Francoise Merit becomes the new CFO at Endeavour Energy – moving from Aurecon, Francoise replaces Navodit Narain.
Last month I mentioned I would update my analysis for female CFOs in the ASX100 companies. Some key points from my analysis include the following:
• In early 2019 there was 17 female CFOs across the ASX 100. As of November 2020 – this number has increased to 23 (looking at my earlier analysis from 2017 – there was only 9 female CFOs back then).
• Of the 18 new CFOs appointed into ASX 100 companies so far in 2020 – 4 were female; Joy Linton (CSL), Rebecca Lowde (Afterpay), Ayten Sarides (Oil Search) and Michelle McPherson (IAG) and interestingly they all replaced male CFOs.
• Kirsten Morton (Magellan) is the longest serving CFO in the ASX 100 with just over 7 years tenure. She edges out Anastasia Clarke (GPT) and Alison Harrop (Dexus).
• Chris Wilks (Sonic) is the longest serving CFO – 27 years.
There has not been as many moves into the CEO space this month. Apart from Lianne mentioned above, the only other CFO to CEO move I picked up on was Richard Gregg’s promotion at New Horizons Enterprises – a fabulous organisation that supports people experiencing mental health issues.
Activity overall in CFO land continues to be steady with NSW and VIC having most of the moves. Some of the CFO positions highlighted last month as being vacant have now been filled. These include the following:
• Clive Cuthell takes up the CFO role at Real Pet Foods
• Simon Yeandle is back in the ASX world – moving from 3PL to be the new CFO at Quickfee – the payments solution provider.
• BNK Bank have confirmed their new CFO with Andrew Kitchen being appointed. Andrew has a strong financial services background. Jussi Nunes left BNK in September to join Openpay.
• One School Global has appointed Wayne Dorsey as their new CFO, Wayne is moving after 15 years plus with Beiersdorf.
• Aidan Hughes is the new CFO at TAFE NSW. Following a restructuring of roles, current CFO Mark Easson will leave the organisation at the end of the year.
• I had mentioned last month that YMCA NSW has appointed a new CFO – I just was not sure who this was. I can now confirm that Marc Hassan has moved to YMCA NSW as Executive Leader, Finance and IT.
The other CFO moves of interest this month include:
• Matt Croasdaile is the new CFO at DIMEO Cleaning Services – a busy sector with COVID.
• Altium have promoted their new CFO from within. Martin Ive replacing the outgoing CFO Joe Bedewi.
• Thorn Group have a new CFO with Peter Forsberg exiting the business. His role is taken by Luis Orp.
• Probably the biggest move this month was the appointment of Tino La Spina becoming the new CFO at Boral. Timing is everything as Tino’s role as Head of International at Qantas has recently been made redundant. Tino had also been a previous CFO at Qantas.
We are seeing a gradual increase in activity across all levels. Each month the number of roles we are working on increases. We are still not at the same levels as this time last year, but trending in the right direction. I suspect with restrictions continuing to be eased, this trend will continue.
Colin Kerr, Senior Associate, Executive Accounting & Finance | U&U Recruitment Partners
Colin recruits interim and contracting roles in the Accounting and Finance space. This includes the Chief Financial Officer (CFO) role and their direct reports (Financial Controller, Finance Manager, Management Accountant, Financial Planning & Analysis), as well as any other finance roles that sit in a corporate head office – tax, internal audit and treasury.
Colin has two decades of experience in accounting and finance recruitment in Sydney. A qualified Chartered Accountant, he began his career with PwC in their audit team in London. After a secondment to PwC Jakarta for three years, Colin moved to Sydney in 1997 and his career in recruitment began.