Business - FDs take 18 months to become effective
Finance directors need to have been in a post for 18 months before they can be fully effective, Nigel Stapleton, co-chief executive of publisher Reed Elsevier, told last weekend’s Finance Directors’ Forum.
The event is attended by nearly 400 finance directors and in a closed session on the role of the FD, Stapleton, Reed Elsevier finance director until 1996, set out the qualities a successful FD should display.
Speaking to Accountancy Age, he said: ‘I think it’s an area where you grow in the job and you cope with it better, but I think very few FDs come into the job and can get the balance right in the first year to 18 months. In order to get the balance right you need to acquire confidence in your direct reports.’
FDs also needed to ensure they had a good relationship with managers in other parts of the business. ‘I’ve seen people who have a good rapport as chief financial officer with the chief executive officer, but have not spent what I would see as a reasonable amount of time with each of the business group divisional chief executives,’ he said.
But once appointed, Stapleton said finance directors should be careful not to view themselves as more important than the rest of the main board team. ‘I don’t think the FD is fully equipped to be a deputy CEO,’ he said.
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article