“The CFO is now at the frontline”
Mikkel Jensen, Associate Director at Page Executive Sweden, is reflecting on how the role of Chief Financial Officer has changed over the years.
Where the CFO used to be merely the guardian of the corporate strategy, she or he is now becoming a powerful force in defining that strategy. This also has a huge impact on candidate profiles of financial executives according to Mikkel Jensen.
“The role of CFOs is rapidly changing. Their focus is no longer solely on implementing the corporate strategy; they are defining it. This has had a huge impact on what clients expect of financial executives and how they should present themselves”, explains Mikkel Jensen.
In your opinion, what is the reason for this change?
“An ever changing marketplace I would say. Organizations are forced to adapt and try to stay ahead. If you then add long periods of macro – economic turbulence to the mix such as Brexit, Greece, China etc. Then you have yourself a cocktail that demands CEOs and board members to be more engaging and acquire a strategical future-focused CFO.
What about the changes within companies, how do they play a part?
“Technology, data management, forecasting analysis and risk are now much higher priorities on the agendas in order to cope with the rapid changes. Harmonizing diverse business strategies, alongside traditional business models is critical. The CFO is now at the frontline, when it comes to balancing the risks and rewards in many areas. Therefore, the CFO role is becoming more and more forward and outward-facing, ensuring that value is maximized from new and existing activities.”