• Focus on the opportunity

CFOs who move into the CEO’s chair develop their careers so they have the skills to do so. Christine looks on a CFO’s work as a stretching from a chief accountant role to COO: “I was always comfortable doing an operational CFO role.”

• Get an external perspective

“As CFO, don’t lock yourself away in the back office and become buried in the detail. Be very much the right hand of the CEO,” says Hodgson. “Learn about the external market by interacting with the whole supply chain.

“A really good CFO is one that’s visible externally. He or she is not just a person who is recording what’s going on, but is a person who is out there being involved in negotiations and client relationships. “Build a top team around you so that it gives you the headroom to become more externally focused.”

• Understand the business’s operating model

“CFOs are well placed to become CEOs because they have a good grasp of all aspects of the business,” says Hodgson.  

• Build a top team around you

“If you don’t have a strong team, you’ll never be successful in any role,” says Hodgson. “Surround yourself with very clever people who are going to challenge you and be self-motivating. Feel comfortable about having people around you who want your job – don’t feel threatened by it.”

• Become a great communicator

“As CEO, externally, you are the ambassador for the brand and internally you are the one that should be rallying the troops in good times and bad,” says Hodgson. “So communication becomes a much bigger part of your role than it would have been before.”

• Be a strong leader

“The biggest single difference in moving from CFO to CEO is that, suddenly, everything stops with you,” says Hodgson. “Initially, that can be slightly unnerving and a little bit lonely. But you become comfortable with it.”

• Acquire the decisive gene

“As a CEO you need to be decisive, but you won’t be good at being decisive unless you listen to all sides of an argument,” cautions Hodgson. “You need to know when you’re wrong and how to make adjustments. However strong your team is, there will be days when things go wrong and it will ultimately be your responsibility. You must have a very steady nerve, otherwise it could become overwhelming.”

• Become a people person

“Try to nurture talent and be a supportive leader,” says Hodgson. “That doesn’t mean you’ve got to be soft.”

To read the full article on Financial Management, please click here: 8 ways to… move from CFO to CEO

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