Chief Financial Officer Moves
Chief Financial Officer Moves is a quarterly series issued by Russell Reynolds Associates’ Financial Officers Practice
representing a snapshot of CFO trends and moves.
We have had a busy start to 2010 and the continuing movement of CFOs during the summer months show this trend
continuing. There has been particular focus in hiring senior treasury and investor relations positions which is likely to be
as a result of the increased profile of these roles as we emerge from the economic downturn. There has been consistent
movement of CFO and Finance Directors across every sector as well as a healthy movement of Non-Executive Directors
with a finance background. In September 2010, we saw many changes across board members in the financial services
sector which is likely to cause a downward ripple of changes to further senior finance positions over the coming months.
We have also noted the following general trends:
• Private Equity operating in a difficult IPO market. Despite many Private Equity firms signalling an intention to IPO,
this market remains difficult and a sale may be more pragmatic in the short term. Regardless, the Private Equity firms
remain keen to hire CFOs with IPO credentials, although the focus remains on those with track record of creating value
in either public or private companies.
• CFOs stepping into Chairman roles. It was announced that Douglas Flint will take over as Group Chairman following
15 years as Group Finance Director at HSBC. Ken Hanna’s move into the Chairman role at Inchcape in 2009 following
his tenure at Cadbury as Finance Director and a long career in various Group Finance roles highlights the progression
that the role of CFO or Finance Director has made over the last few years. The vast majority of companies in the current
market view their most senior finance professional as a true business partner to the CEO.
• Increased importance of Investor Relations Directors. The increasing importance CEOs are placing on their Investor
Relations Directors in an important theme. In recent months, firmly establishing a robust reputation in the City has
often been the difference between an undervalued and a healthy Market Capitalisation. Organisations are focussed
on IR Directors who have a first-class, commercially focussed finance background with perhaps some operational
experience or time in an advisory role. There is a clear trend away from placing communications experts who have
had limited financial exposure.
• Iain Mackay has been promoted into the Group Finance Director position following a three year period as Chief
Financial Officer of HSBC North America.
• Scott Egan has been appointed Group Chief Financial Officer of Brit Insurance Holdings. Egan joins from Zurich
Financial Services where he held various positions including group financial controller.
• Jonathan Edwards has been appointed Head of Group External Reporting at HSBC. Edwards joins from Deloitte
where he served as a Director in their Banking and Securities Group.
• Subhajit Chowdhary has been appointed Chief Financial Officer of Barclays Shared Services in India. Chowdhary
joins from Fidelity National Information Services.
Chief Financial Officer Moves Q3 2010
• Neil Bright has been appointed Group Finance Director at Holidaybreak. Bright joins from the entertainment retailer
• Ian Dyson has been appointed CEO at Punch Taverns. Dyson was previously Group Finance Director at Marks &
• Jonathan Hill has been appointed Group Finance Director at Bovis Homes. He was previously Managing Director
of M&A at TUI Travel.
• Tim Kowalski has been appointed Group Finance Director at Findel. He was previously Group Finance Director at
• Robin Piggott has been appointed Group Finance Director at Moss Bros Group. Piggott previously served as
Group Finance Director at Alexon Group.
• John Rogers has been promoted from Property Director to Group Chief Financial Officer of J Sainsbury.
• Ben Stevens had added the responsibility of Chief Information Officer to his role as Group Finance Director at
British American Tobacco.
• Alan Stewart has been appointed Group Finance Director at Marks & Spencer. Stewart was previously Group
Finance Director at WHSmith.
• Jeremy Townsend has been appointed Chief Financial Officer at Rentokil Initial. Townsend was previously Group
Finance Director at Mitchells & Butlers.
• Peter Bream has been appointed Group Finance Director at Victrex. Bream joins from Renold where he served as
Group Finance Director.
• Mike Holt has been appointed Group Finance Director of Low & Bonar. Holt joins from VP where he has been
Finance Director since 2004.
• Brian Tenner has been appointed Financial Director at Renold. Tenner joins from Scapa Group.
• Nick Bray has been appointed Group Chief Financial Officer of Sophos. Bray was previously Chief Financial
Officer at Micro Focus.
• Andrew Davies has been appointed Chief Financial Officer at Verizon Wireless. Davies joins from Vodafone where
he recently served as Chief Financial Officer of Vodafone Essar in India.
• Paul Goodridge has been appointed Group Chief Financial Officer at Sepura. Goodridge was previously Group
Finance Director at CSR and was part of the management team behind the company’s IPO in 2004.
• Ken Lever has been appointed Group Chief Financial Officer at Xchanging. He joins from Numonyx where he
served as Group Chief Financial Officer.
• Mike Phillips has been appointed Group Chief Financial Officer at Micro Focus. Phillips joins from Morse where
he was CEO following a promotion from Chief Financial Officer.
• Stephen Wilson has been appointed Chief Financial Officer at Misys. Wilson joins from IBM where he has worked
in various roles for 25 years.
Chief Financial Officer Moves Q3 2010
• Simon Dingemans has been appointed Group Chief Financial Officer at GlaxoSmithKline. He joins from Goldman
Sachs where he was most recently Managing Director of their European M&A business.
• Simon Parsons has been appointed Group Chief Financial Officer at LGC. Parsons was previously Chief Financial
Officer at Codemasters.
Non Executive Directorships
• Michael Butterworth has been appointed a Non-Executive Director at St Ives. Butterworth is currently Group
Finance Director at Cookson Group.
• Guy Elliott has been appointed a Non-Executive Director at Royal Dutch Shell. Elliott has previously served as
Group Finance Director at Rio Tinto.
• Douglas Flint has been appointed Group Chairman at HSBC following a 15 year period as Group Finance
• Kevin Parry has been appointed a Non-Executive Director at Intermediate Capital Group. He is currently Group
Chief Financial Officer at Schroders.
• Stephen Young has been appointed a Non-Executive Director at Derwent London. He is currently Group Finance
Director at Meggitt.
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