Conducting an Executive Search for a CFO to Drive Financial Health and Strategic Innovation in a Leading Victorian Hospital
The Brief
Following the impending retirement of the incumbent, a major women’s healthcare organisation sought to appoint a Chief Financial Officer (CFO) to provide strategic and operational financial advice to the CEO, Board, and Executive. The ideal candidate required a strong commercial acumen, an understanding of revenue diversification, and strategic insights into health system funding mechanisms to ensure the organisation’s long-term financial sustainability.
Future Leadership™ leveraged its extensive relationship with the hospital, spanning over a decade and multiple executive appointments, to design a tailored search for a high-calibre CFO who could align financial strategy with organisational goals.
Candidate net Promote Score
Future Leadership combines truly personalised relationships with innovative technology solutions to ensure an approachable and efficient process for all our Net Promoter Score across clients, successful candidates and unsuccessful candidates is well above industry standard.
Candidates supported every year
We maintain genuine relationships with past candidates and continue to support them with leadership solutions long term, after they land their role.
Senior Women Appointed since 2002
Over half of the executive search assignments undertaken by our team have resulted in the appointment of outstanding female or LGBTQI+ leaders to high profile roles.
Candidate Retention Rate for 12 months since 2002
Our thorough briefing process and ability to engage passive candidates mean that we go to great lengths to find the right person for the role – long term!
The Process
Future Leadership™ assembled a specialised team, including the Health Practice Leader and a finance-focused researcher, to lead the search. Key steps included:
- Targeted Search and Talent Pooling: The team focused on candidates with health sector experience within Victoria, as well as those from aged care, disability services, not-for-profit, and education sectors, ensuring a broad range of relevant skills.
- Comprehensive Shortlisting and Evaluation: Future Leadership™ drew on recent candidate searches, quickly identifying a qualified and diverse pool. A shortlist was developed, highlighting candidates with robust financial expertise and commercial insight.
- Panel Interviews and Strategic Presentation: Two rounds of panel interviews were held, where the final two candidates presented their vision for the hospital’s strategic direction over the next five years, showcasing their strategic thinking and adaptability.
With rigorous 360-degree reference checks, the preferred candidate was identified and offered the role within the set timeline.
The Executive Search team targeted search and close collaboration with the healthcare network’s leadership enabled an efficient and effective appointment process.
Emerging Capabilities
Accounting Standards
Skilled in applying established accounting standards to ensure compliance, accuracy, and consistency in financial reporting.
Managerial Finance
Proficient in managing financial resources to support strategic goals, including budgeting, forecasting, and investment decisions.
Financial Statements
Experienced in preparing, interpreting, and analysing financial statements to provide insights into organisational performance.
Certified Public Accounting (CPA)
Qualified in public accounting practices, with expertise in auditing, financial reporting, and tax assessments.
Quantitative Finance
Skilled in using quantitative techniques to analyse financial data, aiding in decision-making for investments and risk management.
The Outcome
The successful candidate, an experienced and relational executive, commenced in June 2024. Known for her strong financial skills and commercial approach, she brings extensive experience from public transport and health sectors. Key impacts of the new CFO included:
- Strategic Financial Leadership: Introduced initiatives for financial sustainability, exploring innovative revenue streams in alignment with the hospital’s mission.
- Operational Excellence: Enhanced financial processes, ensuring efficient use of resources to support high-quality care.
- Stakeholder and Team Engagement: Fostered collaborative relationships across departments, reinforcing a shared commitment to the organisation’s goals.
Feedback from the CEO and Board praised Future Leadership thorough and customised search process, highlighting the CFO’s immediate positive influence on organisational stability and growth.
