Best Path for Interim CFO to Become Permanent

August 30, 2023

Interim CFOs are an important part of any organization, as they provide stability and leadership during times of transition. However, the goal for many interim CFOs is to become permanent CFOs. To achieve this, interim CFOs must demonstrate their value and commitment to the organization.

Here are the top ten best practices that interim CFOs can take to be named as permanent CFOs

  1. Understand the company: Interim CFOs need to take the time to learn about the company, its culture, and its stakeholders. This understanding will help them make informed decisions that align with the organization's goals.
  2. Build relationships: Interim CFOs should make an effort to build strong relationships with the management team and key stakeholders, including investors, lenders, and customers.
  3. Communicate effectively: Strong communication skills are essential for any CFO. Interim CFOs should be clear, concise, and transparent in their communication with stakeholders.
  4. Focus on the bottom line: The CFO is ultimately responsible for the company's financial performance. Interim CFOs need to show that they can deliver results and improve the company's financial position.
  5. Implement controls: Interim CFOs should prioritize the implementation of controls and processes to protect the company's assets and maintain financial stability.
  6. Be proactive: Interim CFOs should be proactive in identifying potential financial issues and developing solutions before they become major problems.
  7. Demonstrate leadership: Effective leadership is crucial for any CFO. Interim CFOs should lead by example, demonstrating their commitment to the organization and its values.
  8. Be adaptable: Interim CFOs must be able to adapt to changes in the organization and the market. They should be able to pivot quickly and adjust their strategies as necessary.
  9. Invest in the team: The CFO is only as strong as their team. Interim CFOs should invest in their team, providing them with training and development opportunities that will help them grow and contribute to the success of the organization.
  10. Focus on the future: Interim CFOs should be forward-thinking, with an eye toward the future. They should be able to develop and execute long-term financial strategies that will help the organization achieve its goals.

By following these ten best practices, interim CFOs can demonstrate their value and commitment to the organization, increasing their chances of being named as permanent CFOs.

For additional reading consider an article by CFODive where they explore how the Interim CFO of Hertz was able to land the permanent role.

Access for additional reading on this topic.