Life Beyond CFO: Getting Ahead of Your Next Move

For CFOs considering what’s next, owning their succession and transition plan will benefit the organization but will also be incredibly empowering.

But where do outgoing CFOs begin?

Russell Reynolds Associates interviewed nine former public company CFOs to provide advice on:

• Identifying the right opportunity beyond the CFO role
• Getting ahead of what’s next 
• Positioning and communicating a transition

Identifying opportunities beyond the CFO role

Modern CFOs have broad skillsets. In addition to their strong financial skills, they are strategic, focused on talent and of course board literate. Below are the most common opportunities we see outgoing CFOs pursuing and the learnings from these moves.

• CEO/General Management: As CFO roles have become more operational and strategic in nature, there are more CFOs moving to CEO.
• Board roles: Often on the path to retirement, many CFOs move to non-executive board roles, with a focus on audit committee chair / member.
• Operating partner: CFOs are also exploring operating partner roles at private capital firms, as there is an increasing need for advisors to portfolio CFOs.

CEO/General Management

RRA’s CFO Turnover Index shows that 34% of outgoing transitioning CFOs in 2024 took a CEO or President role, up from 20% in 2023.² The most notable examples of this transition include the CEOs of HSBC, BP, Principal Financial, Campbell’s Co and British American Tobacco.

Despite this aptitude, interviews with former CEOs highlight that many CFOs struggle with visibility and the softer skills necessary to inspire and engage a broad range of stakeholders.

Geraldine Matchett, current board member at Nestlé, ABB and Swiss Re and former CFO and co-CEO at DSM, noted that “CFOs are often seen as the cold voice of data. Becoming an effective storyteller and charismatic leader often requires deliberate effort and training”.

To bridge these gaps and prepare for a successful transition into the CEO role, CFOs must:

Board roles

Our interviews revealed that CFOs are uniquely positioned for board roles, such as chair, audit committee chair/member, or qualified financial expert (QFE). Their experience in managing complex financial landscapes, risk assessment, and compliance makes them invaluable, especially as an audit committee member or QFE.

Aspiring board members are encouraged to view board mandates as a long-term goal—one that may take time to secure—rather than a quick transition. To set themselves up for success, they should:

Operating Partner

The operating partner role at private capital firms has gained popularity in recent years amongst former CFOs. The operating partner acts as a specialist who the private capital deal/portfolio operations team can draw upon for functional expertise. They are advising on best practice and structure for finance teams, developing a community and network for portfolio CFOs, and are tasked with mentoring and developing portfolio finance talent.

CFOs who are steeped in value creation, lead through influence, and are relationship experts are well suited to this dynamic role, where you have the flexibility to define the role and the value you add.

To bridge the gap between the CFO and operating partner remit, CFOs should:

Getting ahead of what’s next

To transition successfully from CFO to CEO/General Management, board, or operating partner roles requires more than just deep financial expertise. While still in seat, CFOs need to:

Get the right experience

• Supplement deep financial expertise with broader business experience to broaden one’s skill set.
• Identify any knowledge gaps through proactive learning and strategic relationships — operations, governance, supply chain, cost reduction, and strategy.
• If you’re in a trending niche, seize the opportunity.

Build the right network

• Cultivate robust relationships with boards, auditors, search consultants, and industry peers.
• Actively raise your profile in relevant forums and events, such as the World Economic Forum, CFO conferences and others.
• Be patient—securing the right mandate may take a year or longer.
• Use networking to craft a narrative that emphasizes your strategic contributions.

Embrace mentorship (it’s a secret weapon)

• Seek out mentors who provide candid feedback and challenge your assumptions – career goals are achieved with the right support.
• Effective mentorship can highlight blind spots, guide the development of a more assertive communication style, and offer insights into board culture, where speaking up and challenging assumptions is vital.

 

Positioning and communicating your transition

Once you’ve determined what’s next, factors like timing, role availability, and personal considerations all contribute to how one should communicate a planned transition to the CEO and board.

Create the right dialogue After a few years into role as CFO at Sysco, Chris Kreidler’s CEO and board sat him down and inquired about what he was looking to do next. While many people’s instincts  might be to keep this information close to their chests, Chris reiterated that being transparent in this conversation significantly benefitted his eventual transition. While some CEOs and boards might proactively inquire about your career plans, this is by no means the rule. Continually communicating your career goals, and estimated transition timelines will enable you and your organization to develop a succession plan and help you to appropriately scope possible next opportunities, sometimes the best network for your next role are those in your own organization and on your Board.

Consider timing The timing has to be right for your transition. Ensure that there is a succession plan in place, while also keeping an eye on the market for your next role’s availability. For example, while you might have your eye on the CEO role as a next step, building a candid relationship with the CEO so you know their succession timeline can factor into the your timeline. Thomas Aebischer, current board member of Solvay, Sika and Dormakaba and former CFO of LyondellBasell & Lafarge Holcim, discussed his transition to Audit Committee Chair. “The transition wasn’t easy, people aren’t waiting around with opportunities and the timing has to be right. It took 1.5 years before I got onto my first board.”

 

References

_{¹ Is the CFO the Right Next CEO? | Russell Reynolds Associates
² Global CFO Turnover Index | Russell Reynolds Associates}

Authors

Jenna Fisher co-leads Russell Reynolds Associates’ Financial Officers practice globally. She is based in Palo Alto.
Jasmine Jenny is a senior member of the Russell Reynolds Associates’ Financial Officers practice. She is based in Zurich.
Mohammed Khan is a member of the Russell Reynolds Associates’ Financial Officers Knowledge team. He is based in London.
Jim Lawson co-leads Russell Reynolds Associates’ Financial Officers practice globally. He is based in New York.
Catherine Schroeder leads Russell Reynolds Associates’ Financial Officers Knowledge team. She is based in Toronto.
Emily Taylor co-leads Russell Reynolds Associates’ Private Capital practice globally. She is based in New York.

Our insights would not be possible without the generous time and input from our esteemed participants.

Thomas Aebischer
Former CFO, LyondellBasell and Lafarge Holcim
Board/Audit Committee Roles Held; Quotient, Dormakaba Holding, Solvay and Sika

David Edelson
Operating Partner, Bain Capital
Former CFO, Loews
Board/Audit Committee Roles Held: AutoNation

Renato Fassbind 
Former CFO, ABB and Credit Suisse
Board/Audit Committee Roles Held; HSBC, Swiss Re, Kuehne + Nagel and Nestlé

Ed Fitzpatrick
Strategic Advisor, Genpact
Former CFO, Motorola and Genpact
Board/Audit Committee Roles Held: CBOE Global Markets

Chris Kreidler
Senior Adviser, McKinsey & Co.
Former CFO Sysco
Board Roles Held: TrueBlue, Alyasra Foods, Soul Foods

Geraldine Matchett
Former CFO & Co-CEO, Koninklijke DSM and Former CFO of SGS SA
Board/Audit Committee Roles Held; ABB, Nestlé and Swiss Re

Thomas Müller
Former CFO, Swiss Life and Former CEO, BSI 
Board/Audit Committee Roles Held; Twelve Capital, Credit Exchange and Raiffeisen Switzerland

Jörg Riboni
Former CFO, Emmi Gruppe
Board/Audit Committee Roles Held; Erni, Arytza, Heritage B, Hochdorf Holding, Rothorn Group, Glas Trosch and SoftwareOne

Peter Wuffli
Former CFO & CEO, UBS
Board/Audit Committee Roles Held; Elea Foundation, Partners Group, IMD, Zurich Opera and Sygnum Bank