Monthly CFO Market Intelligence | Highbury Executive Talent Issue No. 3 | August 2026
THIS MONTH IN THE MARKET
The RBA held the cash rate at 4.35% at its July meeting, with all eyes now on August 11. Three hikes since February, a hold in June, a hold in July, and a board that has made clear another increase is still on the table. For CFOs managing debt facilities and refinancing timelines, the August meeting is not background noise.
Meanwhile, the month's most watched PE exit fell over, with Coles walking away from the $4 billion acquisition of Greencross from TPG. The TPG camp heads back to the drawing board after its third failed swing at an exit. We are certain the bankers have a backup plan, whether that’s dusting off the prospectus or finding an international buyer with a bigger appetite.
For most, the World Cup offered a welcome distraction from the macro gloom, with gutsy performances from the Socceroos, Spain deservedly lifting the trophy for the second time, and some genuinely baffling coaching decisions along the way. England going 1-0 up and immediately retreating into their trademark defensive shell was hard to watch. Well done Spain! Bring on the EPL!
WHO’S MOVED
Highbury has tracked over 45 CFO movements in the July period, (a very busy start to the new financial year). As always the full list would be too long, so here are our highlights across corporate Australia.
PRIVATE EQUITY
Stephen Hobson has a tasty new role, joining Craveable brands as their new CFO.
Nicola Salmond has been appointed CFO with SuperChoice, stepping into the seat following her successful exit with BoardRoom late last year. A well earned next chapter.
Tharsh Balasundaram joins Sushi Sushi as CFO, following the brand’s sale to Genki Global Dining. Well done to Kazim Hasan who achieved a great outcome for the Sushi Sushi camp.
Nick Judd CFO of One New Zealand goes one higher, stepping up into his first CEO role, succeeding Jason Paris. Well done Nick.
James Swan has transferred across town to rival fintech Zenith Payments.
Daniel Tiberio is looking fresh in his maiden CFO role with Ju’vae.
Alex Merchant has both hands full taking on the fractional CFO roles with both Ektimo and HRL Technologies.
VENTURE CAPITAL
Stephanie Carroll has the CFO role with Solbari well covered.
Ben Watiwat has flown up to fund level joining Blackbird as their new CFO.
Rahul Vaidya has stepped across the table, to join pre-IPO AI growth company SCXai who look set to ride on the coat tails of Firmus and Sharon AI.
LISTED
Kris Cudmore has moved up a row, moving into the CFO seat with Air New Zealand. An internal appointment following the boards global search, landing on the person in the building. Who said an around the world ticket wasn’t the best value.
There’s a new formula taking shape at Bubs, with a new CFO appointment of Chris Rowe.
Rick Rostolis has announced his retirement from Regis Healthcare, a search is underway to find his replacement.
A big announcement at the ASX with CFO Andrew Tobin announcing his retirement, closing the ledger one final time this reporting season. A new CEO is also on the way in from abroad, and we’ll be watching closely for who takes the finance seat next to him.
Michelle Japp is looking very secure in her new CFO role with Serco.
Kylie Archer has traded furniture for the cosmetics industry joining Adore Beauty as their new interim CFO.
Nigel Simonsz has taken the steering wheel from Paul Binfield at Cleanaway, appointed as the new CFO with the waste management group.
THE HIGHBURY VIEW
The Greencross outcome is the clearest illustration yet of where the Australian PE exit market sits right now. A quality asset with a willing buyer, and still unable to get the deal done. The bid/ask gap we flagged last month isn't a theoretical risk, it's playing out in real time on assets people genuinely want to own.
For CFOs inside PE-backed businesses, the implication is straightforward: the hold period is extending, and the mandate is shifting. It's no longer just about running the business well. It's about keeping it sale-ready while the window stays closed, that means clean books, tight working capital, and a story that holds up under diligence at a moment's notice, for a process that may or may not materialise this year.
The CFO appointments we're tracking reflect this. Businesses either moving into continuation vehicles or going at the sale process for the second or third time.
WHATS KEEPING CFO’s UP AT NIGHT
For those with June year-ends, this is as busy as it gets. Boards want results, auditors want time, and telling the story this year is harder than most years gone by. The window between closing the books and fielding the board's questions has never felt shorter, and if the narrative doesn't include AI, expect raised eyebrows. The roadmap for implementation is compressing and the board wants a plan, and they want it now.
ON THE PITCH
Highbury is currently engaged across several active searches in PE-backed and high-growth private 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.
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