Delivering an Executive Search to Secure Strategic Financial Leadership for a Major Health Service in Victoria
A critical leadership role leading financial operations in a large, highly regulated environment.
The Brief
Future Leadership™ was engaged by a major Victorian health service to appoint a Chief Financial Officer (CFO) and Executive Director Finance, incorporating the role of Chief Procurement Officer. The health service operates three primary facilities, holds strong collaborative relationships with a key university and is focused on being a leader in health systems. This appointment was critical to strengthening financial governance, driving operational efficiency, and supporting strategic objectives during a period of sector-wide transformation and centralisation of services.
The organisation faced significant challenges, including the integration of new service functions, compliance with evolving regulatory frameworks, and the need to maintain financial sustainability while delivering high-quality patient care. The CFO role required a leader who could combine technical financial expertise with strategic vision, stakeholder engagement, and the ability to foster a high-performing culture across diverse teams.
The Process
To meet the organisation’s urgent need for a strategic financial leader, Future Leadership™ implemented a bespoke search methodology that balanced speed with rigour as there was an interim arrangement in place with a defined end date. The approach was designed to uncover candidates who could not only manage complex financial operations but also influence organisational strategy and culture during a period of significant change.
The process unfolded through several integrated stages:
- Role Definition and Strategy Development
Liz Jones led an in-depth briefing with the Chief Executive Officer to clarify organisational objectives, role scope, and the desired leadership attributes for this critical appointment. This session informed a tailored search strategy aligned with the Future Leadership™ Capability Framework which underpinned the search process. - National Targeted Search
The consultant and research team executed a national search with a strong focus on Victoria, leveraging relationships with known candidates and trusted referral networks. Key targets included senior finance leaders within the health sector and high-potential candidates from comparable complex environments. The search process was supported by a limited online advertising to attract candidates with relevant sector experience and transferable skills. - Candidate Engagement and Evaluation
High-potential individuals were identified from the candidate pool and their capability was assessed through structured interviews and behavioural analysis. Evaluation focused on technical expertise, strategic thinking, and cultural alignment, using the Future Leadership™ Capability Framework as a benchmark. - Selection
The selection panel was presented with a qualified shortlist, which included a written report on the results of the psychometric assessments. Future Leadership facilitated panel interviews, and provided comparative insights to support decision-making, including remuneration guidance and risk considerations to ensure a smooth appointment process
Future Leadership Capability Framework
Strategy and Purpose
Develops and leads strategy for the function/organisation, taking a broad and long-term perspective. Understands and considers context.
Communicates and gains buy-in to the function/organisation goals, direction and vision, promoting change initiative
Commercial Acumen
Provides a deep understanding of relevant industry, marketplace and business drivers as applicable to the organisation. Leverages the application of commercial tools and frameworks to manage opportunities, conflicts and trade-offs.
Governance & Compliance
Establishes, champions and measures the effectiveness of an organisation’s regulatory and reporting systems. Identifies and evaluates risks, develops strategies to mitigate risk.
Organisational Capability
Understands the organisation's future requirements and identifies opportunities to build potential across the organisation. Seeks opportunities to develop other people and takes appropriate action to address skill gaps in others.
Digital Literacy
Draws on technology to connect with others. Identifies and builds digital solutions to create value for the organisation, while managing risk (with data and well-being). Leverages technology to drive innovation, performance, productivity, and efficiency.
Critical Thinking
Gathers and examines different data points, testing for assumptions and gaps in logic; reframes problems and presents well-reasoned insights considering diverse perspectives. Analyses, interprets and objectively evaluates information enabling judgements.
The Outcome
The executive search culminated in the appointment of the finance professional that had been filling the role on an interim basis. An accomplished finance leader with nearly three decades of experience across public health services and complex multinational organisations, the appointee brought a proven record of delivering financial sustainability and governance excellence in highly regulated environments.
Prior to this appointment, the appointee served as Chief Financial Officer at a major Victorian health service, where they consistently delivered breakeven operating results over four consecutive years despite fiscal constraints and dynamic funding models. Their leadership ensured robust cash management, strengthened governance frameworks, and secured strategic investment opportunities, including major system upgrades and capital projects.
In their interim tenure at the health service, the appointee demonstrated immediate impact by finalising a breakeven operating budget for FY25, improving cash forecasting, and fostering transparent communication with the Board and Executive team.
