CFO turnover has been on the rise during the latter part of '22 and is on the rise in the near term. The calls for change have been hot and heavy across industries. The need for a "wartime" CFO who can take on the cost rationalization and "Fix my Finance" department has been elevated. No surprise given the rising interest rate environment. For many living with leverage (following the M&A acquisition binge over the past few years)...has not been kind.
Putting the economic cycle aside (barely), the need for finance organizational change in this business environment has been pushed to heightened alert. In a rapid response environment, the issues and efficiency gaps being addressed necessitate an overreliance on the organization (people) to solve the problems. Digital spending alone will not solve the governance or business issues that have beset many companies nor will machines manage customer, stakeholder, or employee relationships. Finance leadership is in high demand when the cash gets tighter and the need for rapid response is required. Cash is king and as such, the protector of the magic wants starts in finance.
For some, lots of opportunities to jump into the CFO chair.. for others... time to reflect on what to pack in the rucksack for the next climb up on the journey. We live in interesting times... to be continued.
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