CFO appointments

The combination of internal and external pressures has seen the requirements of CFOs evolve. The role is no longer one purely focused on the numbers, CFOs need to extend their reach further in order to contribute to the strategic agenda of the business.

Boyden’s white paper on The Changing Role of the Chief Financial Officer highlights the need for a more commercial approach to the role of CFO: increasingly complex technical capabilities need to be complemented by a level of commercial understanding that makes the CFO a collaborative partner for the CEO. CFOs need to be able to translate numbers into opportunities. Looking at factors such as customer behaviour, demographics and consumer trends together with communications and sector insight, the CFO needs to combine technical and commercial capabilities to drive the business forward.

Cagla Bekbolet, Global Head of Egon Zehnder’s CFO practice, explains: “Whenever companies have chosen to go external, multinationals have wanted to bring in a differentiated skillset as well as the clear potential to become a Group CFO in a reasonable period of time. “Increasingly our focus as a firm is to assess those candidates not only on what they have achieved and the competencies they display, but also in terms of the potential that they show – we look for particular character attributes, like curiosity – to give the company the confidence that this is a talent that can be leveraged in the future in a more senior role.” In this new context, the CFO is emerging as the corporate conscience, sounding board and advisor who ensures the organisation does the right things the right way.

While historically the CFO route to the top job may have been expected, pressures from investors for boards to have a clearer view of Executive Committee succession planning has encouraged CFOs to serve on outside boards to gain exposure complementary industry strategies and challenges, learn from experienced board colleagues, and further refine their leadership abilities.

External CFO Appointments:

BG Group
Simon Lowth, Finance Director

Lowth has experience of the gas and power industry and a background in engineering. He served as Interim Chief Executive at AstraZeneca in 2013 and CFO of AstraZeneca from 2007 to 2013, where he helped the company improve productivity, cash management, and capital allocation. This will no doubt benefit BG Group’s current priority of executing and creating value.

Tushar Morzaria
Group Finance Director

This is Morzaria’s second leading role at an international institution, having worked as Chief Financial Officer at JP Morgan. His 20 years of experience in strategic financial management will be invaluable in his role as Group Finance Director. He served as Global Controller of Derivatives and European Controller of Fixed Income at Credit Suisse Investment Bank from 2002 to 2005.

Himanshu Raja, CFO

G4S recruited Himanshu Raja, the Chief Financial Officer of Mysys, brought in to strengthen its and add to the financial experience of its management team. The appointment comes as new Chief Executive Ashley Almanza, himself one of the UK’s most experienced Finance Directors, announced plans to overhaul the business following the company’s blighted security contract at last year’s Olympics.

Reed Elsevier
Nick Luff, CFO

Luff joins the in dual UK/US and Netherlands-based listings company from Centrica plc, a FTSE 30 company and the UK’s biggest consumer energy group, where he has been CFO since 2007. He was also worked in the finance function at P&O, the FTSE 100 logistics and shipping group. He also serves on the board of Lloyds Banking Group plc. He served as a Non-Executive Director at QinetiQ Group plc, the defence, aerospace and security services company, until December 2010, and at Royal P&O Nedlloyd NV from 2003 to 2005.

Sage Group
Steve Hare, CFO

Hare was previously Operating Partner & Co-Head of the Portfolio Support Group at Apax Partners.

Johnson Matthey
Den Jones, Group Finance Director

Jones was previously Interim CFO of BG Group.

Imperial Tobacco
Oliver Tant, CFO

Tant was previously Vice Chairman & Head of Audit at KPMG.

Adam Walker, Group Finance Director

Walker was previously Group Finance Director at Informa.

Doug Webb, CFO

Webb was previously CFO for the London Stock Exchange.

Internal CFO Appointments:

Marc Dunoyer
Executive Director & CFO

Dunoyer was announced as Executive Director and CFO of AstraZeneca, taking responsibility for Finance and Investor Relations and AstraZeneca’s business in Japan. Dunoyer joined AstraZeneca in June 2013 as Executive Vice-President, Global Portfolio & Product Strategy from his role at GlaxoSmithKline Japan, where he was Global Head of Rare Diseases and Chairman.

Nick Read, Group CFO

Read was appointed Group CFO and a member of the Vodafone Group Board. Read has held a number of senior roles since joining Vodafone in 2001, including CFO, CCO and CEO of the UK operating company, Vodafone Limited. His most recent role was Regional CEO for Africa, Middle East and Asia Pacific. Prior to joining Vodafone, he held senior global finance positions with United Business Media and Federal Express Worldwide.

InterContinental Hotels
Group (IHG)

Paul Edgecliffe-Johnson, CFO Edgecliffe-Johnson was previously CFO of IHG’s Europe & Asia, Middle East & Africa regions.

Legal & General
Mark Gregory, Group CFO

Gregory was previously Financial Director - Retail.

Burberry Group
Carol Fairweather, CFO

Fairweather was previously Senior Vice President - Group Finance.

CFO industry consultant listings

Blackwood Group

Alan Stewart


Simon Bailey

Egon Zehnder

Cagla Bekbolet

Heidrick & Struggles

Susie Clements

Hogget Bowers

Karen Wilson

JCA Group

Kate Rankine

Korn Ferry

Rebecca Morland

MWM Consulting

Ian Butcher

Norman Broadbent

David Bailey

Neil Holmes

Odgers Berndtson

Mark Freebairn

Redgrave Partners

James Howells

Russel Reynolds Associate

Suzzane Wood

Saxton Bampfylde

David Munns

Spencer Stuart & Associates

Aidan Bell

The Zygos Partnership

Ben Jones