The Evolving Role of the CFO
There was a time when a CFO's success was measured largely by the accuracy of the numbers, the strength of financial controls and the confidence they gave the board. Those things still matter. They remain the foundation of the role. But on their own, they are no longer enough.
Over the past year, one question has come up repeatedly in conversations with CEOs, Chairs and CFOs across the East of England: what do businesses really need from their CFO today?
The answer is that the role has expanded significantly. Today's CFO is expected to contribute far beyond finance, playing a central role in strategy, growth and organisational change. Understanding what that looks like in practice, and what enables a CFO to succeed, is one of the most important conversations a board can have before beginning a search.
The foundations remain. The role has broadened.
Every organisation still needs strong financial stewardship, technical expertise and confidence in the numbers. What has changed is everything alongside those fundamentals.
Three forces have reshaped the CFO role over the past decade. Capital markets have become more complex, requiring greater strategic financial judgement. Governance and regulatory responsibilities have expanded, with areas such as ESG, data governance and transparency increasingly sitting within the CFO's remit. Meanwhile, technology, from AI and automation to systems and data strategy, has placed finance leaders at the centre of major business decisions.
This shift is reflected in Gartner's 2026 CFO Leadership Perspectives survey, where finance transformation remains the number one strategic priority. AI and automation continue to rise up the agenda, while data strategy and governance have entered the top priorities for the first time. These are now core responsibilities for modern CFOs rather than specialist concerns.
"The CFOs who add most value in a deal situation are those who can hold the commercial narrative together under pressure — not just the numbers, but the story behind them. The best finance leaders we work with are thinking about value creation from day one, not just when due diligence begins."
Doug Bentley, Corporate Finance Partner at Grant Thornton
The weight of responsibility
Grant Thornton's recent research highlights a challenge many boards already recognise. Among 530 CFOs surveyed, 85% said workload pressures and skills shortages are creating unsustainable strain within finance functions, while 79% reported unclear ownership of key risks across their organisations.
What the report describes as the "unshared load" is familiar to many finance leaders. As businesses have become more complex, responsibility for transformation, technology, governance, cyber security, ESG, data and investor relationships have increasingly gravitated towards the finance function.
Because CFOs have visibility across the organisation, they naturally become trusted advisers to CEOs and boards. The question for businesses is whether they are creating the conditions that allow CFOs to focus on where they add the greatest value, rather than simply expecting them to carry more responsibility.
That often means thinking beyond technical capability and considering the support around them, the influence they will have and the clarity of mandate they are given from the outset.
What the best CFOs do differently
Having supported 135 CFO and Finance Director appointments since 2020 across listed businesses, family owned companies, private equity backed organisations and public institutions, we see a consistent pattern among those who make the greatest impact.
They are commercially curious. They understand how the business creates value, not just how it reports it. They contribute confidently to strategic discussions because they understand the wider commercial implications behind the numbers.
They simplify complexity. The ability to turn financial, operational and technological challenges into clear decisions is increasingly what separates strong CFOs from exceptional ones.
They build credibility across the leadership team. The most effective CFOs are not viewed solely as guardians of governance. They are trusted commercial partners who help drive better decision making across the organisation.
And they lead change effectively. Successful transformation requires discipline and structure, but it also requires empathy, communication and the ability to bring people with you.
“The right cultural fit and good commercial acumen are now key components of an exceptional CFO. The ability to contribute to the strategic direction of the business and then deliver this change with control and understanding is key to the success of the organisation.”
Matthew Sparrow, Group CEO at Milbank Group
Building the right conditions for success
The strongest CFOs do more than support the CEO. They build finance functions that support the whole business.
When commercial insight exists throughout the finance team, better decisions are made at every level. Finance leaders can spend less time firefighting and more time focusing on the strategic contribution they were appointed to make.
The most successful CFO appointments we have supported tend to have one thing in common. Before the search begins, the board takes time to think carefully about the future. Where is the business heading? What challenges lie ahead? What support, influence and culture will a new CFO need to succeed?
Because perhaps that is the real question.
Not whether the role of the CFO has changed. It clearly has.
But whether our expectations, support and definition of success have evolved alongside it.
If you are considering a CFO or Finance Director appointment and would like to discuss what the role demands today, and how to build a search brief that reflects those demands, I would be delighted to have that conversation.
Jodie Woodrow | Executive Director, Pure Executive | jodie.woodrow@pureexecutive.com
Pure Executive has made 135 CFO and Finance Director appointments since 2020 across professional services, manufacturing, technology, food and agriculture, retail and not for profit organisations throughout the East of England.