Details
Robert Baker
24th February 2026
Insights
In my previous article, Snakes & Ladders, I explored the unpredictable journey to CFO — full of calculated moves, unexpected setbacks, and career-defining leaps.
But what happens when you reach the summit? You’ve led a successful PE exit, navigated the intensity of due diligence, and delivered a great result for shareholders. And then… the dust settles. You’re left with a rare moment of clarity (and perhaps uncertainty): What’s next?
For many CFOs, the obvious next step is to remain in a Chief Financial Officer role within a more scaled or complex environment. That might mean joining a business closer to exit, one with broader international reach, or a role that blends financial leadership with commercial ownership — potentially evolving into a CFO/CRO hybrid.
But for others — particularly those seeking new challenges, greater flexibility, or a change in pace — there are several compelling career paths beyond the traditional CFO role to consider.
From CFO to CEO: Leading the Whole Business
Transitioning from CFO to CEO or COO can be a natural progression for finance leaders who have been deeply involved in strategy, operations, and commercial decision-making.
This move is particularly common within private equity-backed businesses, where continuity and financial discipline are highly valued. In many cases, the most logical route is within the same business you’ve helped scale or exit — where investors are keen to retain trusted leadership with a deep understanding of the organisation and a clear vision for its next phase.
Operating Partner: A Strategic Role for Experienced CFOs
The Operating Partner role offers a different path for experienced CFOs looking to step back from day-to-day operations while remaining closely involved in high-growth businesses.
In this capacity, you support portfolio companies across financial strategy, governance, and leadership — without being directly responsible for execution. For many CFOs, this represents an opportunity to leverage their experience across multiple businesses while building a longer-term position within a private equity or venture capital environment.
It is also a natural stepping stone towards a broader portfolio career, including NED roles.
Interim or Fractional CFO: Flexibility and Commercial Impact
Many established CFOs are increasingly drawn to interim CFO or fractional CFO roles, attracted by the variety, autonomy, and commercial impact these positions offer.
Whether supporting a turnaround, scaling a founder-led business, or delivering a specific transaction, interim and fractional CFO roles allow finance leaders to remain close to high-impact work while benefiting from greater flexibility.
This route is often a gateway into a broader portfolio career, including advisory roles, investment opportunities, and non-executive positions.
NED Roles: A Common Next Step for CFOs
For some CFOs, the next phase of their career involves stepping away from full-time operational roles and building a portfolio of Non-Executive Director (NED) positions.
CFOs are particularly well suited to NED roles given their experience in finance, governance, and board-level decision-making. Having worked closely alongside CEOs and investors, many CFOs are comfortable providing strategic guidance while maintaining an appropriate level of independence.
NED roles can vary significantly — from advisory board positions to Chair appointments — depending on the stage, sector, and ownership structure of the business.
The route into NED positions is often network-driven. Opportunities typically arise through search firms, professional advisers, and long-standing relationships built throughout a CFO’s career. Many CFOs begin with one NED role alongside a full-time position before transitioning into a fully portfolio-based career.
Increasingly, these roles offer a compelling combination of strategic influence, flexibility, and the opportunity to invest or take equity in early-stage or investor-backed businesses.
Spotlight on Adam Bellamy
I’ve known Adam Bellamy for nearly 15 years as a candidate and client. A Qualified Accountant by background, Adam made a conscious decision in 2018 to step away from full-time CFO roles and carve out a successful portfolio career as a Non-Executive Director.
Adam brings deep sector knowledge across fitness, leisure, restaurants and retail, having held senior finance roles in those sectors for over two decades. As CFO of PureGym, he played a pivotal role in scaling the business from around 20 gyms to over 200, leading the acquisition of LA Fitness, overseeing two major private equity transactions, and completing several major debt raises.
After the second PureGym sale process concluded in 2018, Adam shifted gears, initially becoming a NED at PureGym and then going on to build an impressive portfolio, including roles at Ten Entertainment Group Plc, 1Rebel, Loungers Plc and Gymfinity Kids, among others. Within his portfolio, Adam held the Chair role at Ten Entertainment and is currently Chair of 1Rebel. Adam feels his CFO background has been highly valuable for his NED roles, not least during the successful public-to-private sale processes for Ten Entertainment (2024) and Loungers (2025).
In addition to his board work, Adam invests in high-growth businesses and collaborates closely with founders and management teams to help them scale and create long-term shareholder value. His career path highlights the breadth, freedom, and impact that can come from moving beyond a traditional CFO remit.
Final Thoughts
There’s no single playbook for life after a PE-backed CFO role, and that’s precisely the opportunity.
Whether you’re motivated by broader operational leadership, strategic advisory work, entrepreneurial investment, or simply a new work/life rhythm, the possibilities are richer than ever.
As Adam’s story shows, with the right mindset and network, the next chapter can be just as energising and rewarding as the last, if not more so.
About The CFO Practice
At The CFO Practice, we specialise in recruiting CFOs and Finance Directors for high-growth and transformational companies.
We partner with CEOs, boards and investors to appoint finance leaders who can navigate complexity, drive transformation, and create long-term value. Whether you’re planning the next move in your own CFO career or building out your senior finance team, we’re here to help with insight, experience and a refreshingly personal approach. You can find out more about how The CFO Practice support this through our Executive Search services.