This week, an interesting article by Rigzone came out discussing the phenomenon of the ‘vanishing CFO’. As we know, companies in the oil & gas industry have had to make layoffs and other cost-cutting measures, but Rigzone points out that there have been major shakeups in C-suite executives as well, particularly the CFOs. There has been a wave of chief financial officers deciding to step down from their position– Rigzone cites three in Houston in a one week period.
“A company needs assurance that it has the capabilities within the organization to navigate forward, by assigning a capable person to the role”, says Nowitz, managing director for SOLC Capital. While every company’s most important asset is its people, the transition to a new CFO is extremely important to a company’s success and transition should be as seamless as possible. The biggest component is selecting the right candidate, and in oil & gas, experience in the industry is of great importance.