Standard Bank CEO Funeka Montjane discusses the role of a CFO as a business integrator.
For Funeka CA(SA), the move from CFO to CEO at Standard Bank Group’s Personal and Private Banking wasn’t about climbing the corporate ladder but about following her passion – building something from the ground up.
“I always got the sense that I wanted to be part of the entire creative process,” says Funeka Montjane, CEO of Standard Bank Group’s Personal and Private Banking of her move from CFO to CEO. “From ideation to painful cultivation, to growth phase, to scaling: sometimes you almost give up, but then suddenly it all works out, or sometimes it doesn’t. I wanted to be the driver of that creative process.”
This desire to be at the forefront of strategy and creation led Funeka, the recent recipient of the prestigious 2024 AWCA Woman of Substance Award, to leave the comfort of the CFO seat and take the helm as CEO for Personal and Private Banking at Standard Bank.
It’s a transition that more and more finance professionals are making. CFOs, with their deep understanding of an organisation’s financial inner workings and their unique vantage point on the strategic landscape, are increasingly finding themselves equipped to lead from the very top. But what does this transition entail? How does the CFO skill set translate to the CEO role? And what advice can Funeka, with her remarkable career trajectory, offer to aspiring CEOs still navigating the world of spreadsheets?
Funeka cautions against viewing the CFO as merely a numbers person. “Firstly, CFOs are not accountants,” she stresses. “ Financial control is simply part of the job.” Instead, she sees the role of CFO as a multi-faceted training ground for future CEOs, fostering a unique blend of skills that are needed for effective leadership.
The role of integrator
One important aspect, she explains, is the role of the integrator. CFOs often find themselves mediating between departments, bridging the gap between conflicting priorities, and ultimately helping the organisation find a unified path forward. “I like the integrator role that a CFO can play,” she says. “Everyone else around the table has high stakes and potential conflicts, but as CFO, you’re there to see the real issues and connect the dots.” This ability to see the bigger picture and bring disparate elements together is invaluable in a CEO role.
Beyond mediating conflict, the CFO also holds a powerful position as a strategic advisor. As Funeka points out, “In our bank, if the CFO says something, you actually listen to it.” This inherent credibility, cultivated through meticulous financial management and a deep understanding of the organisation’s financial realities, allows CFOs to have a significant impact on strategic decisions. This carries over well into a CEO position, where the ability to provide sound, data-driven advice is imperative.
Perhaps the most valuable asset a CFO brings to the CEO role, however, is breadth of perspective. “The breadth of the role, I literally could walk into any meeting and be legitimate because I’m the CFO,” Funeka says. This level of access allows CFOs to develop a holistic understanding of the organisation’s operations, challenges and opportunities. This broad, well-informed perspective is essential for effective leadership.
While the skills honed as CFO are valuable, Funeka emphasises the importance for CFOs to step outside the comfort zone of finance and embrace a wider operational understanding. They need to become deeply involved in all aspects of the business and move beyond theoretical knowledge to practical understanding.
“One of the biggest things I understood was that there’s a very important transition,” she admits. “I knew that the mistake I was likely to make was to spend time in what I know, which is finance. Actually, I had to teach myself to be secure in that and spend time in other domains to determine what would unlock value in the business.”
Perspective and responsibility
In Funeka’s case, this meant diving deep into areas like credit and sales when she first moved into a CEO role. "I spent an insane amount of time on credit, and I spent a lot of time with the sales teams and the operations teams," she says. This hands-on approach allowed her to gain a comprehensive understanding of the business that went far beyond her financial expertise.
The shift from CFO to CEO also brings a change in perspective and responsibility. “There’s a greater level of accountability that you just assume,” Funeka says. “The stakes were higher.” This increased accountability can be challenging, but it’s also an opportunity to make a more significant impact on the organisation.
For CFOs who see a future CEO in themselves, Funeka offers this advice: gain experience running an end-to-end business. "And don’t worry about where it is in the hierarchy. It’s fine. You’re going to end up where you’re going to end up in any case." This focus on gaining comprehensive business experience, rather than just climbing the corporate ladder, is key to preparing for a CEO role.
Despite the challenges, Funeka finds the CEO role deeply rewarding. Her desire to be at the heart of the business, driving its strategy and growth, is what makes the CEO role so appealing to many CFOs. As more CFOs make the transition to CEO, they bring with them a unique blend of financial acumen and strategic insight. This combination, when coupled with a willingness to learn and adapt, can lead to strong, effective leadership that drives businesses forward.
