Revolving Doors – March 2024

While it’s hard to believe summer has officially ended, we hope you were able to enjoy the outdoors, despite the unusually wet and windy weather.

But, as the weather cools, the CFO Job market is heating up!

After a busy January and February, listed companies have wrapped up their head-down period to prepare, publish, and discuss their half-year financial reports.

The February recruitment market was significantly more active than the typically slower January market. As predicted, market activity for CFOs is on the rise. We’ve witnessed high-profile CFO changes in large private and ASX200 companies, as well as a flurry of activity in the startup space.

Many vacant roles identified before the end of the calendar year progressed through the interview stage and offers were made. Additionally, hiring for new vacancies commenced in earnest. Notably, we saw a marked increase in market activity for Accounting & Finance positions.

The current market climate is interesting. Restructuring activity has increased with the associated redundancies. Most sectors are facing some type of headwind particularly with costs, whether funding, material, or labour. Having said this, the market itself is holding up and the demand for the best professionals remains strong.

We’ve highlighted some recent heavyweight changes and interesting tactical moves within the local CFO landscape:

ASX CFO Moves In

• Ventia, a leading provider of essential infrastructure services in Australia and New Zealand (ANZ), announced the appointment of Mark Fleming as its new CFO. He takes over from Stuart Hooper, who stepped down on 21 February. Fleming, with his background in financial, strategic, and commercial leadership, is expected to contribute significantly to the company’s ongoing efforts in redefining service excellence.

• Fleetwood, a leader in providing innovative and sustainable modular building solutions, announced Cate Chandler as their new CFO. Cate brings over 20 years’ of experience leading finance teams across diverse industries.

• Resimac Group, a non-bank lender operating across ANZ, named James Spurway as its new CFO, effective 1 May 2024. James joins from Challenger Limited, where he served as CFO for the past 13 years.

• Tourism Holdings Limited continues its search for a permanent CFO. Steven Hall, Deputy CFO, has returned from parental leave and will assume the role of Acting CFO from 1 March 2024, until the search is completed.

• Jason Smith, after a long tenure improving hearing at Cochlear, has made a career change to the nuclear medicine field. He joined Cyclopharm Limited, a global radiopharmaceutical company pioneering medical devices, effective 26 February 2024.

• Global fintech company Revolut has expanded its Australian leadership team by appointing Martin McLeod as its CFO. Martin brings extensive experience in the financial services industry to the company.

ASX CFO Moves Out

• James Spence, CFO at Genesis Energy (Auckland HQ) will leave the company on 24 May for a trip across the ditch to Corporate Travel Management as their new CFO. Genesis Energy have initiated the search for a replacement.

Interim to permanent CFO appointments

• Domain has appointed Peter Williams as their permanent CFO. Peter had been serving as interim CFO since November 1st, 2023, and emerged as the strongest candidate in the official search.

• Forbidden Foods Limited announced the permanent appointment of Michael Ryan as their CFO in February 2024. Michael has been with the company since July 2023, originally serving in an interim capacity.

• Bree Greeff has transitioned from Finance Controller to CFO at CleanSpace Holdings Limited (CSX), effective March 1st, 2024. Bree previously served as Interim CFO since August 2023.

• Not one to get too comfortable, Cameron Mehr has progressed through the ranks to secure the CFO position at Boody.

• Still looking for her dream home, Interim CFO Kristy Douglass has been made permanent at Rawson Homes, as she emerged as the preferred candidate following an extensive and highly capable executive search.

Interesting Moves Outside ASX

• Patrick Boocock, former CEO of CapitaLand Investments (CLI), will take over as Ausgrid’s new CFO in March. This follows the departure of Michael Bradburn to Australia Post in November 2023.

• Buildcorp has strengthened its executive leadership team by appointing Jeff Jones, an expert with extensive experience in the Tier 2 construction, engineering, and property development market segments, as their new CFO.

• Jemena, a leading energy infrastructure company, has appointed Kate Webster as its new Group CFO. She will assume her responsibilities in early 2024.

• Moving from brewery to restaurant, Stephanie Nixon ex-CFO Lion, joins Compass Group Australia as their Executive Director – Finance & Technology. Tristan King, after 15yrs in the company secured the CFO role at Lion towards the end of 2023.

Authors:

Greg Madden – One of the founders and an executive director of [axr]. He leads the Career Advisory and Transformation practice and specialises in Accounting, Finance and Business Transformation Recruitment. Greg is also one of the Program Directors for The [axr] CFO Incubator.

Greg O’Shea – Greg is a founder and executive director of [axr]. He leads the Accounting & Finance practice and specialises in CFO and Senior A&F roles. With over 30 years of recruitment experience, Greg is an expert in the Sydney market – known for his advisory capabilities as he delivers career outcomes aligned to business culture and vision to stand out from others in the market.

Kunal Gupta – Kunal comes with over 15 years of experience working in Finance & Accounting. Ex-Big 4, CA qualified with industry experience across Financial Control, FP&A and Commercial Finance.