Rebuilding the Finance Team as a New CFO

Most new CFOs change the finance team.

Sometimes the change is small: one new hire, a few role changes. Sometimes it is large: a new structure, several new leaders and a different way of working. Either way, the team you build in your first year shapes your success as CFO.

Move too fast and you lose good people, knowledge and trust. Move too slowly and problems persist, results suffer and the board starts to wonder whether you can lead.

This article covers how to assess before you act, how to decide who to keep, grow, move or exit, how to hire key leaders, how to keep the business running and how to show it as an achievement later. This is general guidance, not advice on employment law or process. Always work closely with HR.

The first 90 days: assess before you act

In your first three months, focus on understanding.

• Meet every direct report one-on-one, more than once

• Meet a sample of the wider team

• Ask business leaders how finance supports them

• Review recent performance reviews and engagement results

• Ask the auditors for their view of the finance team

• Look at turnover, overtime and vacancies

Ask each person:

• What works well?

• What frustrates you?

• What would you change?

• What do you want from your career?

You will learn a lot. Some people will surprise you, in both directions.

Who to keep, grow, move or exit

After 60 to 90 days, you will usually have a clearer view. Most finance teams have a mix of:

• Keep. Strong performers in the right roles.

• Grow. People with potential who need support or a bigger role.

• Move. Good people in the wrong roles.

• Exit. People who are not right for the role the business now needs, despite support.

Be fair and thoughtful. Give clear feedback and support. Work with HR on any changes. Treat everyone with respect, including those who leave.

Hiring your key leaders

Your direct reports are your most important hires. Typical roles include:

• Group Financial Controller

• Head of FP&A

• Treasurer

• Head of Tax

• Commercial finance leads

Take time to hire well:

• Be clear about the role and what success looks like

• Use a structured process, including references

• Look for leaders who complement your strengths

• Consider internal candidates seriously

A strong leadership team lets you spend your time on strategy, the board and the CEO.

Keeping the business running during change

Change creates risk. Month end, the audit, payroll and lender reporting must all continue.

• Plan changes around key reporting dates

• Make sure knowledge is handed over properly

• Use interim support if needed

• Communicate clearly with the team about what is changing and why

• Keep the CEO and board informed

If results slip during a restructure, it damages trust in both you and the change.

Communicating with the team

People worry during change. Be as open as you can:

• Explain the reasons for change

• Share the timeline

• Talk to people directly about changes that affect them

• Be visible and available

Silence creates rumours, and rumours spread fast. Clear communication builds trust.

Showing it as an achievement later

A successful team rebuild is a strong resume result. Show:

• What you inherited

• What you changed

• What happened as a result

Example bullets:

• “Rebuilt the finance leadership team in the first year, appointing three of five direct reports and promoting two internal candidates.”

• “Restructured finance into reporting, FP&A and business partnering teams, cutting month end from 10 to 5 days and lifting engagement by 20 points.”

• “Reduced finance turnover from 28% to 11% within 18 months.”

See leadership skills on a senior resume.

Common mistakes

• Making big changes in the first month

• Keeping people out of loyalty or avoidance

• Bringing in your whole old team

• Neglecting the people who stay

• Letting core reporting slip during change

• Not working closely with HR

How search consultants view team rebuilds

When I was in executive search, CFO candidates who had rebuilt a team well stood out. Boards and CEOs knew how hard it is. A clear story of what was inherited, what changed and the results was often one of the strongest parts of a CFO interview.

Interview preparation

Expect questions such as:

• How would you assess our finance team?

• Tell us about a time you rebuilt a team.

• How do you handle people who are not right for the role?

• How do you keep reporting on track during change?

Prepare specific stories.

Your profile

If team building is a strength, show it. “CFO known for building strong finance teams, including two full rebuilds and four direct reports who went on to CFO roles.”

A quick self-check

At the end of your first 90 days, can you name each direct report’s strengths, gaps and career goals? If not, keep listening before you act.

Your own style

Every CFO leads differently. Be clear about how you like to work and what you expect. Share it early with your leadership team. A short conversation about your standards, communication style and priorities saves months of confusion.

Inherited loyalty

Some team members may be loyal to the previous CFO. Others may have hoped for your job. Acknowledge this openly and fairly. Give everyone a clear chance to succeed under your leadership before making judgements.

Using external help

Sometimes an outside view helps. A short review by an adviser, an interim specialist for a key role or a coach for the leadership team can speed up the rebuild. Use external help only where it adds real value, not as a substitute for your own leadership.

Keeping the board informed

Major team changes should not surprise the board. Brief the CEO and, where appropriate, the audit committee chair on your plans, especially if they affect key finance roles or the audit.

The people who leave

Treat people who leave with dignity. Help them with their next step where you can. The finance community is small, and how you handle exits will be remembered by those who stay and those who go.

The people who stay

Do not forget the people who stay. Change can unsettle them too. Recognise their work, explain where the team is heading and give them new chances to grow. Strong rebuilds are as much about keeping good people as hiring new ones.

A quick tip

Write a one-page team plan by day 90: structure, key roles, gaps and priorities. Share it with the CEO. It turns your observations into a clear, agreed direction.

Measuring the rebuild

Set two or three measures at the start, such as close time, turnover and business satisfaction with finance. Track them every quarter. They tell you whether the rebuild is working and give you clear, credible results to share with the CEO and board.

Your next step

If you are a new CFO, schedule one-on-ones with every direct report this month. Ask the four questions above and write down what you learn.

If you want help showing your leadership results clearly, my CFO resume writing is built for senior finance leaders across Australia and New Zealand.

If you are starting a new CFO role, book a complimentary Clarity Session.