On Thursday, 27 February, we held a Chief Financial Officers breakfast event at the Ivy Club in London. The role of a CFO has seen significant expansion, and this event brought together CFOs and senior leaders to discuss how CFOs can become the architects of business success by helping to deliver in areas as diverse as strategy, digital transformation, innovation, and operational efficiency.
We were joined by Soumen Das, Chief Financial Officer at Segro, who shared his insights on the shifting role of the Chief Financial Officer.
Key learnings
The expansion of the CFO role
Soumen’s reflections reinforced that the CFO role has expanded well beyond traditional financial oversight. While financial capability remains pivotal, CFOs are now expected to play a critical role in strategic decision-making, operations, and innovation. His own experience at Segro highlighted this shift, as his responsibilities have extended into areas of investment, technology, and innovation.
A key theme was the necessity of balancing financial discipline with strategic growth. The modern CFO must weigh long-term business needs against immediate financial health, ensuring that innovation is pursued responsibly. This balance is particularly relevant as businesses grapple with uncertain economic conditions, requiring CFOs to adapt their focus as circumstances change.
One of the most prominent insights was how technology, particularly artificial intelligence, is influencing decision-making. While AI adoption in real estate remains in its early stages, Soumen highlighted its potential to reduce biases in investment decisions, enhance efficiency, and improve predictive capabilities. However, he also acknowledged the challenge of understanding and integrating new technologies, emphasising the need for CFOs to have trusted experts who can translate complex technical information into actionable insights.
Expanding the CFO skill set
Beyond financial expertise, CFOs must develop a broader skill set to be effective in today’s business environment. Leadership, communication, and the ability to translate complex financial data into clear narratives were key skills that emerged from the discussion. Soumen pointed out that finance professionals often excel in detail-oriented analysis early in their careers, but as they progress, they must shift toward storytelling and influence. The ability to refine financial information into strategic insights for a broad audience, including boards, investors, and operational teams, is now a critical competency.
He also stressed the importance of adaptability. The unpredictability of today’s business environment, from economic shifts to geopolitical events, means that CFOs must be able to anticipate change and navigate uncertainty. Being able to “see beyond the horizon” and make informed strategic choices is more valuable than ever.
Mentorship and talent development within finance teams were also highlighted as essential responsibilities. Soumen highlighted that CFOs must invest in building the next generation of leaders by helping them develop both technical expertise and strategic thinking. A key takeaway was encouraging team members to focus on the bigger picture when reporting upwards and avoid getting lost in excessive detail.
Influence and stakeholder relationships
The ability to build strong relationships, particularly with CEOs, board members, and other stakeholders, was a recurring theme. Soumen underlined that the CFO-CEO relationship must be based on trust and mutual understanding, as CFOs play a vital role in challenging and supporting business decisions. He likened the CFO’s responsibilities to both defensive and offensive roles in American football: while ensuring financial stability is a given, true success comes from contributing to growth and strategy.
Beyond the CEO, CFOs must cultivate relationships across the business. Cross-functional collaboration is crucial, as finance is no longer an isolated function but a driver of business-wide decision-making. Soumen also stressed the importance of picking battles wisely as CFOs must assert their expertise without being perceived as a constant roadblock to innovation.
The role of CFOs in DEI
Soumen and Suki also discussed the CFO’s role in diversity and inclusion, particularly considering changing attitudes in different markets. Soumen shared his experience as Co-Chair of the Parker Review, which has been instrumental in increasing ethnic diversity on UK boards. He underscored that while progress has been made, there is still a long way to go in ensuring true inclusivity, particularly in executive roles.
The discussion also touched on how DEI is being approached differently in the UK and the U.S.. While DEI has become a contentious topic in the U.S., UK businesses continue to recognize its value. However, language and framing are evolving as many companies are shifting their messaging to emphasize the business and economic case for diversity rather than using terms that may provoke backlash.
Soumen’s personal journey of embracing his own identity in the workplace shaped his decision to actively support initiatives for diverse talent and highlighted the role that senior leaders, including CFOs, can play in shaping company culture.
Conclusion
The discussions at the Audeliss Chief Financial Officer Breakfast event highlighted the profound evolution of the CFO role. Today’s CFOs must balance financial oversight with strategic leadership, technological understanding, and strong stakeholder relationships. The increasing importance of data analytics, AI, and DEI initiatives means that finance leaders must be adaptable, forward-thinking, and capable of navigating complex challenges.
Soumen Das’s insights demonstrated that success in the modern CFO role requires not just technical expertise, but also leadership, communication, and a willingness to challenge the status quo. As businesses continue to evolve, CFOs will play an even greater role in shaping the future of their organizations, making their ability to influence, mentor, and drive strategic decisions more critical than ever.
