Revolving Doors – November 2023

The recruitment market goes well when the economy is going up, it also goes well when the economy is going down. It doesn’t do so well when no one is sure which way the economy is going. I feel that is the situation we are currently in.

A series of geopolitical issues is bringing significant uncertainty, and volatility to both the Australian economy and the world economy more broadly. War in the Middle East, war in Ukraine, rising inflation, and political instability in the US. If there is an excuse for not making a decision, then people do not make a decision – they would rather wait for more clarity. This delays decisions around hiring, acquisitions, divestments, capital spending, etc – these are the activities we love in recruitment.

In summary, I suppose I am saying – let’s wait and see what happens next.

In CFO land, activity during the last month was down on the previous month and also in comparison to last year. Of the moves that did happen, I found the following moves of most interest this month.

ASX CFO Moves In

•             IAG have announced their replacement for CFO Michelle McPherson who announced her retirement. They have appointed William McDonnell as the new CFO. William will be relocating to Sydney with his family from London.

•             Following last month’s musical chairs, with the CFO of Charter Hall moving to GPT Group as CEO, and the CFO of GPT Group moving to Charter Hall as CFO, the Deputy CFO of GPT Group, Dean McGuire has been appointed interim CFO of GPT Group.

•             Interim CFO solutions are remaining popular with Domain seconding Peter Williams, currently CFO Digital and Publishing at Nine Entertainment, into the interim CFO role at Domain. Peter will work closely with outgoing CFO John Boniciolli.

•             Rare earths explorer Vital Metals have appointed Lara Iacusso as their new CFO. Most of Vital Metals sites are based in Canada.

•             Rewards and Incentives technology company Incentia Pay have promoted their Financial Controller, Kunal Kapoor, into the CFO role. Previously the CEO Ani Chakraborty had also been performing the interim CFO role.

•             Magnesium specialist, Latrobe Magnesium have appointed John Collier as its CFO to assist with the expansion of its activities and operations.

ASX CFO Moves Out

•             Home Loan provider Resimac are in the market for a new CFO. Jason Azzopardi who has been CFO for over 5 years has announced his resignation. Jason will stay with the business until the New Year. A search is underway for his replacement.

•             Telecommunications provider Superloop are also in the market for a new CFO. Current CFO, Luke Oxenham has resigned effective immediately. Dean Tognella has moved internally into the interim CFO role. 

•             Infrastructure services provider Ventia have announced Stuart Hooper will step down from the CFO role, effective February 2024.

Interesting Moves Outside ASX

•             Roy Brown has landed a sweet job as the new CFO at Darrell Lea. He takes over from Stephen Fish.

•             Forestry Corporation of NSW have appointed Katy Van Poppel as their new CFO. Forestry Corporation manage more than 2 million hectares of State forests.

•             Pasquale Guerrera’s career “has gone to the dogs” as he joins Greyhound Racing NSW as their new CFO. Pasquale has replaced Stuart Pauly.

•             Stuart Pauly moves from Greyhound Racing NSW to become the new CFO at Central Coast Leagues Club.

•             Design and Architecture business NBRS, have appointed Marc Hassan as their new CFO. Marc moves across from YMCA NSW where he was CFO for 3 years.

•             The Property Council of Australia have a new CFO. Marc Bernard has started as their new CFO. Mark was previously CFO of The Australian Worker’s Union. Marc replaces Andrew Nightingale.