CFOs are far ahead of their bosses in financial acumen and in lock-step with regard to other technical, left-brain characteristics that drive things like decision quality, strategic mindset, global perspective, and execution alignment. What was your state of mind when you got the job?
Total precision and reliability to the point of dullness: Were you able to sleep at night? He did not change, but his role changed and he needed different qualities to succeed in his new role. But in the organisations I am responsible for, I look for very different qualities in these two senior executives.
We were the host. Are you comfortable in your skin being a CEO? They have to have a highly sensitive radar which spots financial nonsense, three months in advance and helps us avoid financial meltdown. How did you come to the realization that you had to focus much of your attention on your attitude and tone?
He has failed to change. I was very cognizant of that, and still am. I want it to be accurate. Political folklore is that good chancellors make poor Prime Ministers. But I did over-compensate.
And the learning curve is exponential. I have just come out of a three hour meeting on input and output VAT, exempt, non-exempt, zero rated, recoverable and non-recoverable VAT. However hard you work, however successful you are as a CFO, however strategic your orientation, the reason the odds are against you comes down to something you may be hard-pressed to overcome: I do not want a charismatic, inspirational and motivational CFO.
Churchill was great in war and lousy in peace.
Nowhere, no time, not with our board, not in front of 10 people or 5, Mind you, Lloyd George, Neville Chamberlain and Winston Churchill all went from number 11 to number 10 Downing Street, so your folk lore may be myth more than reality.
It became clear to the person next to me that I was uncomfortable. I never questioned my confidence and courage. Email Last Updated Apr 29, 8: Now look at the skills which I am not really looking for in a CFO: I represented a position and an institution.
Then I became the CEO. But when Brown moved from number 11 to number 10 he was horribly exposed. I do not want a visionary CFO. And that is a message for all of us. Past success can kill our future prospects.
They have to be deaf whenever it comes to hearing excuses about why budget can not be met. You have to make the news.
The person turned to me and said. When we are promoted or move jobs, we can not simply continue with our previous model of success. Suddenly, people were reading my mood as if it were tea leaves.
He does not allow himself the protection of a PowerPoint presentation or any other communications aid.
I do not want too much creativity and flexibility from the CFO:Even the McKinsey survey found some specific circumstances in which CFOs could make good CEOs: where the company needed focus on financial re-engineering, such as in a turnround or in a post-transaction environment; or with a sudden CEO resignation.
In some holding companies the numbers are the only common language binding the. Do you think CFOs who do become CEOs are aware of the extent of the challenges before taking the job?
For any first-time CEO, it’s shocking. It doesn’t make a difference what role you’re coming from. Do CFOs make good COOs?
Why or why not? Update Cancel. ad by SpareHire. Do COOs make good CEOs? What are typical personality traits and talents of good CEOs and good CFOs? Why do CFOs rarely take the blame for a business failure over a CEO?
Why do startups need CFOs? Chief Executive Officer While the CFO tends to use left side of the brain, the CEO often relies more on the right side of the brain where the imagination, creativity, and intuition centers lie. The CEO’s role is to think outside the.
CFOs aspiring to become CEOs need to understand a very different set of skills. CEOs are responsible for the administration and management of an organization, as well as establishing and carrying out its vision.
Do you think finance departments are the best place to train future CEOs? Provide two actual examples of CFOs of publicly-traded companies who became CEOs of publicly-traded companies within the past 5 years. Do these.Download