Revolving Doors – September 2024

It’s warming up! The temperature, and the listed market is seeing an uptick. With reporting season wrapping up, many finance professionals will be breathing a huge sigh of relief. September is typically a month of change, so strap in and keep your ears close to the ground.

CFO’s transitioning to CEOs >

There is an increasing trend of CFOs transitioning to CEOs, with wider recognition given to the modern-day CFOs as being a key enterprise and strategic leader in the company and often within the industry. Spencer Stuart research in Australia found that 30% of ASX100 CEOs have held a “meaningful finance role” during their careers. Their data also shows that 19 ASX100 CEOs have come directly from a CFO role, up from 14 in 2022. Notably though, the gender gap at the “top” is staggering – with only 9% of ASX300 companies having female CEOs.

Recruitment activity >

The market has been patchy, with cost pressures being felt across industries and hiring output being sub-optimal. In contrast, employers continue to struggle to fill roles, with 40% of private sector employers and 46% in the public sector reporting difficulties, according to the latest AHRI quarterly member survey. So, if you are actively seeking your next role, stay resilient and trust the process.

CFO movements >

Activity in CFO land is up 23% on the previous month. A higher proportion of interim CFO appointments suggests a focus on maintaining continuity during permanent searches.

Here are some of the most notable ‘revolving doors’ from the past month:

CFOs Incoming >

McMillan Shakespeare Group, provider of salary packaging, novated leasing and other related financial products, have announced the appointment of Paul Varro as CFO who will commence by the start of 2025. Paul will join from Latitude Financial Services, where he has held several senior executive roles over 16 years.

Nuix, leading provider of investigative analytics and intelligence software, have appointed Cynthia Evans as interim CFO effective 30 August 2024. We wish outgoing CFO Chad Barton the best with his next adventure.

Urbanise, a growing property technology company, have confirmed Michelle Garlick as their CFO after acting in the role since 8 February 2024, when she took over from ex-CFO, Dave Goldbach.

Ora Banda Mining have struck gold with their appointment of Doug Warden as their new CFO and Joint Company Secretary effective 28 August 2024. Doug is a seasoned CFO with over 30 years of experience in leading finance functions of ASX listed companies.

Saunders International, an integrated construction and infrastructure company, have appointed Alex Dunne as their CFO and Co-Company Secretary effective 26 August 2024. Alex brings strong experience from previous CFO roles with The Murrina Group and Titan Group of Companies.

Invictus Energy, explorer in the Southern African energy market, appointed Victoria (Vicky) McLellan as their CFO effective 19 August 2024. Vicky is ex-big 4 and is an experienced oil and gas professional.

Allen and Unwin, publishing company based in Crows Nest, Sydney have appointed Jeremy Jacobs as their new CFO this month. Jeremy brings a wealth of experience from previous finance executive roles.

CFOs Outgoing <

WiseTech Global, global logistics technology provider, have announced the retirement of their CFO Andrew Cartledge at the end of calendar year 2025, marking the conclusion of a successful 35-year executive career.

Summerset Group Holdings, known as Summerset Retirement Villages based in NZ have advised that their CFO Will Wright has resigned effective 13 November 2024. A search for a new CFO is underway.

DUG Technology, with strong foundations in applied science and specialisation in analytical software development, mutually parted ways with CFO Ajesh Raithatha on 29 August 2024.

City Chic Collective, global omni-channel retainer specialising in women’s apparel, will part ways with CFO Peter McClelland as of 18 October 2024. Deputy CFO James Plummer will be appointed interim CFO as of that date.

Authors –

Kunal Gupta – An [axr] Consultant specialising in Senior Finance and Accounting Recruitment. 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.

Dave Goldbach – A Principal Consultant at [axr] specialising in Senior Finance and Accounting Recruitment for all interim and contract roles.