Submitted by tdarin on
in
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I have an opportunity for a promotion what was supposed to be CFO, but has been watered down to Director of Finance plus much less money. I do not think eithr will change based on my discussion with the CEO.
Not convinced that the company has confidence in me even though they say otherwise. The finace department is a huge mess, but ability to make change as it is a privately held (one owner) company will continue to be difficult.
I am concerned that I will upset the CEO if I say no and that as part of our re-org of the Finance area that they may cut my pay.
I thought they wanted change when I was hired 1 year ago, now see the new opportunity as a small increase and tons of work and hours.
Thoughts?
Tough
You have my sympathies.
It sounds like you'll be best off by accepting, AND quietly looking to move on. If your aspirations and their plans don't mesh, you're going to be unhappy because it's just not a good fit.
One thing to consider: how you you get such a mixed signal about the promotion, that is was "supposed to be CFO"? Did they really SAY it, or did you intuit it? I ask because if they really have gone back on something they suggested, it's worth a discussion as you accept the watered-down position. Is the CFO still attainable? Are there specific quantifiable accomplishments that would make it happen in the future? Is this a sign of lack of faith in you?
I don't know all the facts, so maybe this was a dangle? And even if it wasn't, don't set yourself up for a future dangle - make sure that if they say it's attainable, you have an agreed understanding on what you have to do to earn it.
All that said, you should consider looking elsewhere and making the move on your terms.
Good luck!
-Hugh
Is there a CFO?
Who's been running finance? Are you replacing someone who's leaving, or is this a new position? To whom will you report? Who would report to you? And who would be your new peers?
These are more important than the title. Ultimately, it's about the scope of your responsibilities. The devil is in the details we can't know.
In many companies, the CFO is a "public facing" role and the director of finance (title varies wildly) is an "internal facing" role. If the operation needs to be revamped, maybe what this privately held company really needs is a finance director, not a CFO.
Moreover, a CFO is often a board member, with greater equity stake. Is this what you want?
If you relish the challenge of working with the CEO (your new boss?) to transform the finance group, you might find that success brings you what you desire.
John