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The New CFO and your Finance Team: Who Stays? Who Goes?

Congratulations! You have been selected as Company XYZ’s new CFO. The selection process was long and difficult, and you have been chosen as the Chief Financial Officer of the Company.

Samuel Dergel
Samuel Dergel
The announcement has been made, and you have the opportunity to meet the key people on your Finance Team. Each leader on the Finance Team is apprehensive. They don’t know you. You don’t know them. How do you approach your new reports?

Before starting any new executive position with a company, I highly recommend that you read “The First 90 Days – Critical Success Strategies for New Leaders at All Levels” by Michael Watkins

I wrote about it here:

Meet your leaders, together and individually. Learn, listen and ask questions. Your Finance Leaders have a lot of information and knowledge. An open and respectful attitude will provide you with an understanding of the leaders themselves, the department and inter-departmental dynamics, as well as critical information you will need to get your job done and be successful.

But do make decisions. CFOs need to have a plan to succeed. The first 90 days are critical to putting the plan together.

Who should stay? Who should go? Figuring this out is a key part of your plan. You need clarity as to what your team should look like to accomplish your goals.

But beware. If you don’t decide who stays and who goes, it may be decided for you. You could end up losing the very people you want and need to keep. You need to act quickly and decisively to ensure you have the team you need to succeed.

Decide who stays.

Decide who goes.

Communicate your plan.

Decide on the type of person/people you need to bring on board.

Start the hiring process quickly and using the best resources to ensure hiring success.

Don’t delay.

Samuel Dergel, CPA, CA, CPC
An Insider's Insight into the Mind of the CFO
Read all of the posts by Samuel's CFO Blog on Samuel Dergel.
Samuel Dergel has over 10 years experience in CFO Search & Consulting.
Samuel is an expert on CFOs and is regularly called upon by media and other groups to better understand the CFO and their relationship with the people they deal with.
Samuel is Director and Search Consultant at Stanton Chase International. Working out of the San Francisco office, Samuel specializes in Executive Search for Chief Financial Officers.
You can reach Samuel at:
+ 1 (415) 738-2070

Jeudi 30 Août 2012