Why this is more urgent than you think
A CFO is responsible for much more than the numbers. The role provides oversight of liquidity, reporting, forecasts and relationships with banks, owners and auditors. When the CFO leaves – whether the departure is planned or sudden – the organisation quickly loses both momentum and confidence in its financial decisions.
The biggest risk is not the departure itself. It is that many businesses wait too long to act, hoping an internal solution or a quick hire will fix the problem. The result is often a loss of control – precisely when control matters most.
The first few days: Stay in control
Before you think about recruitment, make sure the essentials are covered:
- Identify exactly what the CFO is responsible for – reporting deadlines, covenants and ongoing processes.
- Clarify who will take temporary responsibility for liquidity, accounting and communication with the board.
- Inform the board early, with a clear transition plan.
Interim CFO or a quick permanent hire?
The temptation is to go straight for a permanent hire. But time pressure dramatically increases the risk of making the wrong choice – and hiring the wrong CFO is costly. That is why many businesses first appoint an interim CFO: an experienced finance leader who takes responsibility from day one, ensures financial control and capacity, and gives you time to find the right long-term solution.
Interim management then acts as a bridge: You maintain momentum while a thorough executive search is carried out without panic. The interim period often also provides valuable insight into what the role actually requires.
What the board should clarify
The board has a particular responsibility when a key finance role becomes vacant. It should establish reporting requirements, define the mandate for the interim period and clarify how risk will be managed until a permanent CFO is in place. This is part of leadership readiness – something more boards should consider before the situation arises.
Summary
Secure control first, inform the board and do not let time pressure force you into a rushed hire. An interim CFO gives you the breathing space to find the right long-term solution – and reduces risk where it is greatest.