Standard Bank CFVO, Dr Arno Daehnke, who plays the cello and admires modern art, believes good leadership takes courage, curiosity, skill and heart.
As Standard Bank’s group chief finance and value management officer, Dr Arno Daehnke steers Africa’s largest banking group through turbulent markets and the push for sustainable growth. Honoured as CFO of the Year in 2022, his journey reflects technical mastery and a belief in the ‘African century’.
He explains that Standard Bank is a major player across Africa and has an established, diversified portfolio of businesses in 210 countries in Africa, as well as a global presence in London, Dubai, Beijing and New York.
“We see a sizable opportunity to optimise our portfolio to respond to client demands in Africa’s growing economies. This means that we aim to grow and refine our footprint to better serve our clients throughout Africa and to capture more of Africa’s growing trade and investment flows,” he says.
Arno explains that when taking a broader view, he and his team continue to be certain that this is the African century.
“In most of the rest of the world, populations are aging – or even shrinking – and growth is slowing. Our working-age population is growing and getting better educated. Further, Africa is abundantly blessed with all the resources needed to help power the current state of the global economy and to make the transition towards a lower-carbon world,” he adds.
Strategic challenges
One of the strategic challenges he currently faces is driving revenue growth in an uncertain environment.
“In this environment, it is more important than ever to optimise resource allocation and to do this, we run a process called active portfolio management. Through this process we aim to match the market opportunity and the strategic ambition of businesses in the Group’s broader portfolio with resources allocated for that business, through our financial planning and budgeting processes,” he elaborates.
Another challenge is attracting and retaining the right skills. According to Arno, it’s not just about hiring talent, it’s about nurturing it. This includes creating bespoke finance learning pathways and fostering a culture where feedback, mentorship and cross-functional exposure are part of everyday work.
A decade ago, according to Arno, CFOs were primarily seen as financial stewards, focused on compliance, reporting accuracy, cost control and risk management. Today, however, the CFO is a strategic partner, a driver of value and a transformation leader.
“At Standard Bank, the CFO title has evolved into chief finance and value management officer (CFVO), reflecting this broader mandate. Today’s CFVO is expected to help the business thrive in uncertainty, attract and empower scarce talent, and lead on ESG matters.”
Aligning tech with enterprise value
Although he has had no option but to become fluent in tech, from a finance domain perspective, he believes he needs to ensure that his team has efficient, automated finance systems. “When I say that CFVOs must be fluent in tech, I don’t mean as software engineers, but as strategic challengers and stewards who can ask the right questions, steer investment decisions and align tech with enterprise value.”
A next-gen CFO in Africa, according to Arno, will need ESG and AI literacy, a growth mindset, curiosity for emerging trends, the ability to navigate ambiguity, balance optimism with realism and maintain an independent, data-driven and commercial view of market and client opportunities.
Arno has worked hard to embed psychological safety into his teams. “A team with suppressed ideas, silence, and limited growth opportunities are all signs of having a culture with low psychological safety. However, avid employee contribution, participation, and teamwork are top indicators of a great work environment where people feel safe to express themselves,” he says.
“Team members feel safe when they feel like they belong. In a safe space people speak up and they are heard. Problem solving is enhanced, innovation permeates spikes, curiosity spikes, people feel safe to take risks and to ask for help. And of course, conflict is easier to manage.”
He explains further that his finance team has deliberately been creating the foundations for psychological safety by adopting the approach of a growth mindset, adding that it gives everybody the permission to learn, grow and change. “No one is a know-it-all, everybody is a learn-it-all and this is an important cornerstone of psychological safety.”
Outside of work Arno enjoys getting into nature and being active, whether it's cycling, rock climbing or sailing. “I try to balance that with contemplative activities such as enjoying sunset picnics with loved ones, listening to classical music, playing my cello and admiring modern art,” he says.
“In my 25-year career at Standard Bank I have learnt that excellence begins with courage – the courage to ask, to learn and to lead. Fuel it with curiosity, strengthen it with skill, and carry it with heart. When challenges arise, persevere. You are more capable than you know, and more resilient than you realise. Step forward, lean in and lead the way.”
