What does it take for a CFO to move on in their career?
We asked this question to CFOs in January 2013 and had over 150 responses to this question.
The responses shown in the graph give a good indication why CFOs leave.
What I found more interesting (and personal) was the detailed reasons given below.
- Board decided they wanted a different profile CFO
- Corporate consolidation/restructuring
- Board forced new CFO, CEO resisted then succumbed, I was hired as new CFO, CEO made life tough for me, I offered resignation after 2 years.
- No more personal growth potential
- I resigned due to a desire to relocate to another state
- I was with my former employer for twelve years as their CFO. Owner’s son got married and needed a job. The owner decided to give my job to his son.
- Company changed direction in terms of exit strategy.
- unsustainable business model
- It was apparent that the foreign founders wanted to re-domicile the company to their country of residence, so I began evaluating other opportunities.
- Disagreement over revenue recognition policy
- moved management positions to a different city
- After selling controlling interest to PE I did not adapt fast enough to PE requirements vs. family owned prior to sale.
- Left to start a consulting practice.
- Sold the Company
- No opportunity for equity
- Company moved HO to another country.
- Internal restructuring, consolidation of back office functions
- Lead the restructuring process with CEO, which transformed the company to service a specific market, eliminated all C-Level positions.
- Get bored quickly
- Was resigning regardless of another opportunity.
- It’s complicated – but in essence, I was no longer effective as CFO there.
- I did the restructuring and elected to leave due to lack of opportunity and company prospects.
- Poor fit
- Disagreement with CEOs strategy or lack of it…
- New CEO (2 responses)
- The wife of the president was involved in the company. she often disagreed with the president’s decision
- Controlling interest taken by Venture Capital Firm who in turn brought in new BOD and New Executive Team
- One of the partners was creating major issues as he wanted to significantly modify the business model. His disagreements were also with our lender, which was creating cash flow issues.
- Various reasons not listed above. No longer felt like it was a fit for me professionally.
- Under resourced
- Interim CFO role
Interesting food for thought, isn’t it?
What do you think about the results of this survey?