New skills for top job
Lauren Ahwan
CHIEF information officers increasingly are vying for the chief executive role, buoyed by the growing importance of technology to business.
Experts say chief financial officers are no longer guaranteed promotion to the top job, with a recent survey revealing almost nine out of 10 CIOs have ambitions to become their company’s CEO or managing director.
The survey, by recruiter Robert Half, shows a decline in the number of chief executives with a financial background, giving weight to suggestions that companies are considering diverse skillsets that can be applied to changing business dynamics.
Robert Half senior managing director David Jones says while technology skills are essential for developing future business strategies, chief information officers can help progress their career by increasing their financial knowledge. Similarly, finance executives should look to develop strong technological skills or risk being left behind.
“Irrespective of the background you come from — whether you come from IT or finance — if you find yourself in the CEO seat then knowledge around IT will be a prerequisite, not just a good skill to have,’’ Mr Jones says.
“If you don’t have expertise knowledge of machine learning, AI
(artificial intelligence) or data analytics then … your natural progression will be reduced or stunted.
“Technology is embedded in everything these days. If you’re an old school CEO (from a finance background) and your knowledge base (around IT) is lower than where it needs to be, then how are you going to be able to set the appropriate vision platform for your business going forward?’’
Australian Institute of Management WA chief executive Professor Gary Martin says the chief information officer role has evolved enormously in recent times and now aligns well to the role of chief executive. “In many organisations … the CEO works more closely with the CIO than any other senior player,” Martin says.
“If there is any one position within an organisation that provides the best training ground for (the) CEO role, it has to be (the) CIO role.’’
Simon Turner, 44, hopes to be promoted to a chief executive role in the future. The chief information officer of online trading platform AxiCorp has undertaken studies through the Australian Institute of Company Directors to help his cause. “If you’re a tech-savvy CEO then you are aware of the opportunities for your business that new technologies provide and … you’re constantly forward thinking,’’ he says.