Monthly CFO Market Intelligence | Highbury Executive Talent Issue No. 1 | June 2026
THIS MONTH IN THE MARKET
The macro backdrop heading into the June year end is complicated, and CFOs are feeling it more than most.
The RBA raised the cash rate by 25 basis points to 4.35% at its May meeting, the third consecutive hike this year, fully unwinding last year's easing cycle. The driver is stubbornly elevated inflation, now with an added complication: higher fuel and commodity prices linked to the Middle East conflict are adding to inflationary pressure, with the RBA warning of a "nightmare" stagflation scenario where inflation accelerates even as growth weakens. Vanguard has downgraded Australia's 2026 GDP growth forecast to 1.8%, not a recession, but not the environment anyone was hoping for.
Meanwhile a few weeks ago the 2026-27 Federal Budget projects an underlying cash deficit of $31.5 billion, improved from earlier forecasts but still a significant position, with the government leaning into infrastructure spending as a growth lever.
For PE sponsors and portfolio company CFOs, this environment cuts both ways. Higher rates compress valuations and tighten debt markets, making the CFO's job harder on cost of capital and covenant management. But Australian PE is still sitting on an estimated $30 billion in dry powder, and mid-market deal activity remains active as sponsors deploy committed capital and a generation of business owners look to exit. The CFO role appears increasingly complex, balancing investor demands and the macro environment.
WHO’S MOVED
Highbury has tracked over 40 CFO movements in the last couple months, however that list would be too long so here are our highlights across corporate Australia.
PRIVATE EQUITY
Kevin Bareira has sailed into the CFO/COO seat at Shadbolt. Kevin brings a sharp commercial edge with multiple PE exits under his belt, to an important Australian business supporting the Australian Navy.
Andrew Wilson, a 15 year plus PE stalwart has departed Funlab after multiple ownership cycles. Congratulations on a remarkable run with Funlab. His next move has not been announced, watch this space. The search for his replacement is underway.
Narelle Klein has been appointed CFO with Gunn Agri Partners, a crowd favourite with the Gunners. A leading agricultural asset manager, focused on transforming large scale farmland on behalf of their investors.
Sammy Michaels enters the mid market PE sector with his appointment as CFO with PropertyMe, a leading cloud property management software.
Chris Holden has returned from the Dutch capital to join Compass Education as CFO. This is a strong appointment in an important sector for Australia. Chris taught me a lot in my early days in the workforce with KPMG. He will now join an organisation educating 3 million Australians. Welcome home Chris!
VENTURE CAPITAL
Danny Kim has joined Deck2Cap as CFO, bringing finance stewardship to an emerging VC in Australia. Great to see more KPMG Middle Market alumni doing well.
Heidi Wilson has started strong in her new role with Edstart, a leading payments business in the education sector.
Carolyn Beagley is looking comfy in her new role as CFO with Boody. One of Australia’s leading E-commerce businesses growing quickly into the US. Great to see a homegrown business kicking goals on the global stage.
Ryan Kavaney has switched up his CFO title for his first CEO position with energy technology company SwitchDin. A well-earned move into the top seat, best of luck Ryan.
ASX LISTED
Sarah Hunter joins Super Retail Group as CFO from June 2026, a rare and compelling appointment. Hunter brings operating company CEO experience to the finance chair, having served as MD of Officeworks and held senior roles across the Wesfarmers group. One of the more intriguing appointments of the year, however understandable with retail in a tricky spot and Boards requiring experience.
Jackie Cleary has been announced as the new CFO with AMP. Subject to APRA approval, she’s expected to start late July. She is taking over from caretaker Adrian Ryan, who I’m told has done a marvellous job.
Grant Douglas joins Inghams as CFO from October 2026, succeeding Gary Mallet. Douglas brings over 25 years of international finance experience, most recently as CFO of Brickworks. Another high-calibre appointment for a complex, operationally intensive business. Good luck Grant.
Keith Toms joined one of my favourite retailers Nick Scali as CFO and Company Secretary from March 2026, having previously held CFO of mycar, with earlier roles at Qantas, Coty and Koala. A strong fit for Anthony and the team, managing international supply chains.
James Georgeson joined OFX as CFO earlier this year in February 2026 taking over from Selena Verth, who moves to Plenti as CFO from July 2026. A clean swap between two very capable operators.
Graham Curtin has been appointed the new CFO with PEXA. He will begin his new role in September, following the false start by Tony Ristevski who has decided to stay with Web Travel Group. Liz Warrell has done a remarkable job holding the fort.
Without skipping a beat Michael Globan was promoted into the CFO role at Vinyl Group, one of the ASX coolest stocks, making this his first CFO appointment. Well done.
Dylan Carter has a new gig as CFO of Freelancer, looking to bring the once ASX tech darling back up the table.
Charlie Diao was appointed Group CFO of The Star (pending visa & regulatory approvals), taking over from Frank Krile who stepped down in December. He'll have his work cut out. We wish him well.
Neil Montford handed in his notice last week with Bravura Solutions. A global search is underway to find his replacement.
THE HIGHBURY VIEW
The supply-demand imbalance in the PE CFO market is real and it's getting tighter with more capital being deployed. Global data shows portfolio CFO tenure averages just 2.5 years per deal, meaning the revolving door never stops. In Australia, where the mid-market PE ecosystem is maturing rapidly, that turnover dynamic is playing out right now. What we're hearing on the ground: sponsors are moving faster on CFO searches than 12 months ago, briefs are more specific, and the pool of genuinely PE-ready CFOs hasn't kept pace with the volume of new portfolio companies. If you're a CFO with transaction experience or a finance executive with a track record in value creation you're in a strong position. If you're a sponsor looking for one, start conversations early.
WHATS KEEPING CFO’S UP AT NIGHT
AI literacy has gone from buzzword to baseline requirement. Boards and PE sponsors are now explicitly asking whether CFO candidates can lead finance function transformation, ERP modernisation, automation, and AI data-driven forecasting aren't nice-to-haves anymore. The CFOs winning the best roles in 2026 are the ones who will be able to speak to both the numbers and the new AI systems that generate them.
ON THE PITCH
Highbury is currently engaged across several active searches in PE-backed and high-growth mid market businesses across Australia. If you have a mandate in motion, or one approaching we'd welcome a conversation.
Published monthly by Rick Jacobson, Managing Partner with Highbury Executive Talent. A boutique CFO search firm built for private equity, venture capital and high-growth mid-market businesses across Australia.
Careers transformed. Value created for investors. This is Highbury's arena.