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The CFO role is often the final stepping stone before the top job. We analyse 69 current NZX CFOs and trace 13 historical CFO-to-CEO transitions to understand pay uplift, performance outcomes, and who might be next.
People who appear in management team records as CFO at one NZX company and subsequently as CEO at the same or a different company. Matched via person identity linking.
Side-by-side comparison of current CFOs and CEOs across NZX-listed companies.
| Metric | CFOs (69) | CEOs (154) |
|---|---|---|
| % with CA/FCA/CPA | 33% | 14% |
| % Female | 23% | 8% |
| % with University Disclosed | 36% | 70% |
| Most Common University | University of Auckland (5) | University of Auckland (25) |
| Median Tenure (years) | 2.0 | 5.0 |
Do CEOs with prior CFO experience deliver better shareholder returns? We compare the 1-year total shareholder return (TSR) of current CEOs who previously held CFO roles against those without CFO backgrounds.
A scoring model based on tenure in role (longer suggests readiness), company size (larger companies have more visible CFOs), and qualifications (CA, MBA). This is speculative analysis based on observable characteristics, not insider knowledge.
CFO-to-CEO transitionsare identified by matching person_id across management_team records where the same individual held a role normalised as “CFO” or “Chief Financial Officer” and subsequently “CEO”, “Chief Executive”, or “Managing Director”.
Pay uplift compares the most recent executive_compensation record for the individual in their CFO role against their CEO role. Compensation figures are normalised to whole NZD.
CEO pipeline scoring uses three factors: tenure in current CFO role (0-30 points), company market capitalisation (0-30 points), and professional qualifications including CA and MBA (0-40 points). This is a data-driven heuristic, not a prediction.
TSR comparison uses the most recent 1-year total shareholder return from the performance_metrics table. Sample sizes may be small for the former-CFO CEO cohort.
Demographics are sourced from the directors table and shared.people, with fallback merging. Gender, university, and qualification coverage varies across individuals.
Data sourced from publicly available records. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
NZ Governance Power Index — top directors, board interlocks, auditor concentration, and multi-board analysis.
Interactive force-directed visualization of board interlocks across NZX, charities, iwi, and public sector.
Auditor market concentration, tenure analysis, and director-auditor independence.
| CNU |
| 1 |
| - |
| +22.3% |
| Greg Smith | STU | BRW | - | - | +6.3% |
| Mark Winter | MFBInternal | MFB | 4 | - | -6.4% |
| Mike Roan | MELInternal | MEL | 6 | - | -1.3% |
| Graham Leaming | SKLInternal | SKL | 7 | - | +22.2% |
| Scott Scoullar | SUMInternal | SUM | 9 | - | -20.7% |
| Reuben Casey | KMDInternal | KMD | 6 | - | -70.6% |
| George Cooper | ENSInternal | ENS | 10 | +72% | -2.0% |
| G A Fenn | DOWInternal | DOW | 12 | +1244% | +0.0% |
| Gordon MacLeod | RYMInternal | RYM | 11 | - | -16.8% |
| 6y |
CAMBA |
| 80/100 |
| 4 | Jason Hollingworth | VCT VCT | 7y | CA | 75/100 |
| 5 | Michael Groth | VHP VHP | 6y | CA | 75/100 |
| 6 | Jennifer Whooley | SPG SPG | 8y | CA | 65/100 |
| 7 | Malcolm Tubby | AFT AFT | 8y | CA | 65/100 |
| 8 | Andrew Lowe | MHJ MHJ | 8y | CA | 60/100 |
| 9 | Richard Wingham | BLT BLT | 7y | CA | 60/100 |
| 10 | Mark Piet | BFG BFG | 6y | CA | 60/100 |
| Chartered Accountants Australia and New Zealand |
| CA |
| Malcolm Tubby | AFT AFT | 8y | Male | - | CA |
| Andrew Lowe | MHJ MHJ | 8y | Male | University of Commerce, University of Law | CA, CTA, LLB |
| Jason Hollingworth | VCT VCT | 7y | Male | University of Canterbury (implied from MCom Hons) | FCA, CMInstD, MCom |
| Richard Wingham | BLT BLT | 7y | Male | University of Canterbury | CA, BCom |
| Lyndal York | FPH FPH | 7y | Female | Macquarie University, Pepperdine University | CA (Chartered Accountants Australia and New Zealand), GAICD (Australian Institute of Company Directors) |
| Guy Robertson | TRU TRU | 7y | Male | University of Cape Town | Bachelor of Commerce (Honours), Member of the Institute of Chartered Accountants (Australia) |
| Mark Piet | BFG BFG | 6y | Male | - | CA |
| Dave Fraser | ARG ARG | 6y | Male | University of Auckland, University of Auckland Chief Financial Officer of Argosy Property Limited who joined the company in | CA, MBA |
| Simon Kebbell | POT POT | 6y | Male | University of Auckland | CA |
| Michael Groth | VHP VHP | 6y | Male | - | CA |
| Shane Sampson | SKO SKO | 4y | Male | Victoria University of Wellington | BCA, LLB (Hons), CA |
| Deidre Campbell | TWL TWL | 4y | Female | Auckland University of Technology, Wintec – Waikato Institute of Technology, Wintec | CA |
| Jean McMahon | WIN WIN | 4y | - | University of Auckland, University of Canterbury | CFA |
| Ben Rodgers | NZK NZK | 4y | Male | - | - |
| Andrew Hirst | SKT SKT | 3y | Male | - | - |
| Richard Thomson | AIR AIR | 3y | Male | University of Canterbury | Bachelor of Commerce, Bachelor of Law (Hons) |
| Suzanne Watts | SDL SDL | 3y | Female | - | CA |
| Paul Alston | SAN SAN | 3y | Male | - | - |
| Steve Penney | KPG KPG | 3y | Male | - | - |
| Tupu Angitu | NZL NZL | 3y | - | - | - |
| Mark O'Malley | SCT SCT | 2y | Male | - | - |
| Jaime Monaghan | PYS PYS | 2y | - | - | - |
| Lara Stevens | SPN SPN | 2y | Female | - | - |
| Jeremy Edmonds | RAD RAD | 2y | Male | - | - |
| Robyn Hamilton | CRP CRP | 2y | Male | - | - |
| Francisco Rodriguez Ferrere | PHL PHL | 2y | - | - | CA |
| Sarah Theodore | SUM SUM | 2y | Female | - | - |
| Leonard Hansen | EBO EBO | 2y | Male | - | - |
| Katrina Smidt | CNU CNU | 2y | Female | - | - |
| Christina Green | ARB ARB | 2y | - | Washington University | MBA |
| Rob Woodgate | RYM RYM | 2y | - | - | CA |
| Alistair Gray | EBO EBO | 2y | Male | - | - |
| Alexa Preston | CHI CHI | 2y | Female | University of Business Studies | CA |
| Richard Collier | HGH HGH | 2y | Male | - | - |
| Stewart Reynolds | AIA AIA | 2y | Male | - | - |
| Kalpana Goundar | GXH GXH | 2y | Female | - | - |
| Louise Newsome | MFB MFB | 2y | Female | - | - |
| Malcolm Ashcroft | DOW DOW | 2y | - | Newcastle University | Bachelor of Commerce, Chartered Accountant |
| Angus Guerin | 2CC 2CC | 2y | Male | - | - |
| Jo Hempstead | NZM NZM | 1y | Female | Microsoft | - |
| Andy Liu | SML SML | 1y | Male | - | - |
| Katherine Scott | CCC CCC | 1y | Female | Queensland University of Technology, Lancashire Polytechnic | CPA Australia, Bachelor of Business (Accounting), Bachelor of Science (Biochemistry with Microbiology) |
| Kar Yue Yeo | VSL VSL | 1y | Male | - | - |
| Mark Dunwoodie | RAK RAK | 1y | Male | - | - |
| Matt Forbes | CEN CEN | 1y | Male | - | CA |
| Andrew Murray | FCG FCG | 1y | Male | - | - |
| Paul Stephenson | CMO CMO | 1y | Male | - | CMC |
| Andrew JB Porter | AFI AFI | 1y | Male | University of St Andrews | FCA, MAICD |
| Julie Amey | GNE GNE | 1y | Female | University of Waikato | CA ANZ |
| Helen Peters | MEL MEL | 1y | Female | - | - |
| Sarah Hipkiss | MPG MPG | 1y | Female | - | - |
| Richard Hopkins | MCY MCY | 1y | Male | - | - |
| Carla Webb-Sear | KMD KMD | 1y | Female | - | - |
| Cameron Alderton | HLG HLG | 1y | - | - | - |
| Grant Gibson | PEB PEB | 1y | Male | - | CA |
| Peter Scott | PGW PGW | 1y | Male | - | - |
| Brian Musfeldt | IKE IKE | 1y | Male | - | - |
| David Muscat | ATM ATM | 1y | Male | Monash University | - |
| Sebastian Black | CMO CMO | 1y | Male | - | CMC |
| Aaron Hockly | TRA TRA | 1y | Male | - | - |
| Ben Washington | KMD KMD | 1y | Male | - | - |
| Stewart Taylor | SPK SPK | 1y | Male | University of Durham | CA, Bachelor of Arts in Economics |
| Peter Fredricson | SKC SKC | 1y | Male | University of Auckland | - |
| TS Runnalls | SKL SKL | 1y | - | University of Commerce | CA |
| Mark Fleming | VNT VNT | - | Male | - | - |