Revolving Doors – November 2022

Inflation continues to rise, and with it, the Reserve Bank continues to raise interest rates. I understand the need to temper inflation by curbing spending – raising interest rates seems to be the preferred method.  Let’s hope their plan works…. Whilst there is a lot of talk on the impact raising interest rates has on the economy, we are not yet seeing any slowdown in the recruitment market – especially for roles below $200,000. With 8 weeks left before Christmas, we are seeing just as much activity at this level.  Candidates are keen to secure their new role before Christmas so they can be excited about their new opportunity starting in 2023.

Clients are also keen to hire – they want to offer now, allow for notice periods, and ensure their new teams are locked in place for the New Year ( and just in case the dreaded “hiring freeze” is introduced to their business in 2023).

In CFO land activity was once again mixed. Overall activity was 11% down on the same period last year.  Queensland and Victoria leading the drop in activity. NSW was slightly up on last year, with WA once again showing an increase in activity.

CFO Appointments – ASX Listed

ASX CFO Moves In

•             After leaving oOh!media earlier in the year, Sheila Lines has a new role as CFO at Nick Scali – Australia’s largest importer of quality furniture. Sheila takes over from Chris Malley.

•             Alex Bell returns to Challenger as Group CFO following Rachel Grimes’ decision to step away from executive positions. Alex was previously deputy CFO at Challenger before she went to KPMG.

•             Building materials company Boral have appointed Belinda Shaw as their new CFO.  Belinda joins from Sydney Airport where she was acting CFO. Belinda takes over from interim CFO, Jared Gashel.

ASX CFO Moves – Out

•             Diversified financial services business, Thorn Group, have announced CFO Luis Orp has left the business. There is no mention of his replacement.

•             Residential aged care operator Estia Health have announced the retirement of CFO, Steve Lemlin. Steve retires after six years with the group. A search is underway for his replacement.

•             IT Security business Cipherpoint have announced the resignation of CFO, Tom Carolan.  The company have decided to outsource the CFO position going forward.

ASX CFO Moves – becoming CEO

•             Having recently returned to Australia as the CFO of the gaming business Activision Blizzard, Alexis Woodward has been promoted to the MD APAC role.

•             Pete Findlay recently moved from the CFO role at Bega to become COO.  As reported last month, Gunther Burghardt took over Pete’s CFO role. Now Pete has been elevated to the CEO role. Pete replaces Paul van Heerwaarden who is stepping down as CEO.

•             Jourdan Thompson, after 5 years in the CFO role at Halo Food Group has been appointed to the CEO role. A search for a new CFO will commence shortly.

Interesting Moves outside the ASX

•             Wayne Twigge is the new CFO at M3 Logistics – Wayne has great experience in this sector following his time at Unitrans.

•             Josee Lemoine has secured a new role. Josee moves into the CFO role at Bingo.

•             Following 5 years in China with Pernod Ricard, Alexis Augereau has been rewarded with the plum job of CFO at Pernod Ricard Winemakers, based in Sydney.

•             Andrew Housden the CFO of trading firm Tibra Capital moves out of Sydney. Andrew is joining forex and CFD broker – Pepperstone which is based in Melbourne.

•             Chris Scholz has landed a new role, Chris is the new CFO at disability services provider Nextt Group.

•             Michael Knapstein the previous CFO at Nextt Group moves to become CFO at IT services business Nexon Asia Pacific.

•             Rajan Sappideen takes up his first CFO role. Rajan is moving on from BSA to become CFO at fun business – Let’s Play Games.

•             Hospitality Business, Trippas White Group have appointed a new CFO. Dennis Aktypis recently joined the group as CFO and Company Secretary.

•             Australian FinTech Lakeba has announced Damon Fenner as their new CFO. Damon moved from F45 where he was Director of Finance and Operations.

Author – Colin Kerr

With over 25 years’ experience, Colin is a specialist interim and contracting recruiter within Accounting and Finance. If the role requires a qualified accountant – that is Colin’s area of expertise. He focuses on the Chief Financial Officer (CFO) role and the 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.