Spotlight Series: Liam Conway, CEO at Equiti Capital

A third of CEOs in the FTSE 100 have previously served as CFO, a trend reflected across businesses of all sizes, scales, and complexities. Tim Hedger, COO and founder at HedgerWay spoke with Liam Conway who has made the transition, having joined Equiti Capital during its startup phase as CFO and now leads the UK business as CEO.

Liam is a Chartered Accountant who has built a wealth of diverse experiences through a career spanning 25 years. Beginning his career as an archetypal accountant, revelling in the technical complexities of listed company financial statements, he progressed to Finance Director and CFO. During this time, he has developed and lead global teams in dynamic, high growth environments, leading acquisitions in excess of $14bn and delivering two IPOs raising $2bn. It was a natural progression for Liam to take the step in the CEO role, smoothly integrating his financial acumen with his leadership experience and commercial outlook.

Tim: You have been UK CEO now for the past 18 months. What inspired the transition?

Liam: Career progression and the opportunity for broader engagement with the business. The CFO role has significantly evolved, demanding a deeper involvement beyond the traditional finance-world. This broader operational perspective is vital, as it enables a transition from identifying the levers for business growth to actively leveraging them for impactful results.

Tim: Deloitte suggest that a CFO should have four faces; Steward, Operator, Strategist and Catalyst – how have these skills prepared you for the role of CEO?

Liam: The transition can be daunting, with numerous moving parts and a steep learning curve. However, a background in finance provides valuable foundations for adaptation. The Deloitte framework offers a helpful perspective.

Steward - Traditionally, CFOs focus on asset protection and compliance. In financial services, understanding capital, liquidity, and regulatory dynamics is crucial. Years spent managing financial regulations gave me a great foundation for navigating compliance complexities as CEO.

Operator - CFOs are expected to be technical experts, having to build and develop a strong teams and external networks to cover all aspects; treasury, tax, reporting, finance operations. In a start-up environment, you’ve probably also got more exposure to other related areas.

Transitioning to CEO requires accepting our limitations, relying on trusted teams and networks for informed decision-making.

Strategist – CFOs play a pivotal role in shaping business strategy. As a country leader, advocating for team interests and securing resources for impactful initiatives is paramount.

Catalyst – Leading finance transformation projects highlights the importance of stakeholder engagement and resource optimisation, essential for breaking silos and fostering collaboration. These skills acquired as CFO lay a strong foundation for CEO leadership, driving strategic vision and operational excellence.

Tim: Who is the CEO that has inspired you most and what are the key takeaways that you’ve carried forward into your own version of CEO?

Liam: Phil Knight, the founding CEO of Nike stands out as a considerable influence. Knight’s background as an accountant and athlete might not fit the traditional mould of an accountant-turned-CEO due to his propensity for risk in Nike’s formative years. Yet, it’s this very aspect of risk-taking that is pivotal in an entrepreneurial business or start-up. 

Knight prioritised nurturing a strong organisational culture from the outset, embedding it in the fabric of Nike’s operations. His leadership also emphasised the value of creating a space where the senior team could engage in challenging each other robustly - an unconventional governance model maybe, but nonetheless effective.

Tim: What were the most significant challenges you faced when transitioning, especially in a dynamic environment like Equiti Capital?

Liam: There were several significant challenges in the transition phase:

The application process itself and awaiting FCA review and approval is a long one. Meanwhile the fast-paced finance world does not pause.

Hiring new team members felt conflicted when knowing I was going to be stepping away. Building a seamless handover was tough; leaving projects incomplete was frustrating. Moreover, the handover emphasises one’s replaceability, which is a good ego check. Balancing support for the successor while allowing them space to make their mark is crucial, especially for a CEO and CFO relationship. Recognising the urge to micromanage and resisting it is vital; senior team members are the technical experts now, not the CEO. Accepting this shift and relinquishing control is imperative for a smooth transition. Navigating a transition involves managing time, ego, and controlling tendencies while simultaneously fostering trust and collaboration within the team.

Tim: How has your background as a CFO influenced your approach to strategic decision-making as a CEO, particularly in critical areas such as investment prioritisation and resource allocation?

Liam: The transition demands a shift from analytical depth to quick decision-making often with incomplete information. Embracing imperfection is key; during my time at ICE, we prioritised quick decisions, acknowledging that some might be wrong but preferring action over stagnation. Equiti's challenges echo this, often requiring rapid moves into new markets with unknown variables. This transition emphasises the struggle of balancing funding for promising projects while managing resources effectively. It is about navigating between potential and practicality, making tough choices to drive the company forward.

Tim: How have you had to evolve your style and approach to effectively communicate financial strategies and performance to your key external stakeholders?

Liam: Initially stepping back and allowing the CFO to lead on financial communication and not treading on their toes was a challenge, however recognising the importance of trust and autonomy in this relationship was a critical evolution in my leadership style.

In instances where my direct involvement became necessary, particularly with some of the external stakeholders less versed in financial jargon, my role pivoted to adding context and clarity, ensuring the financial narrative was accessible and aligned with the wider strategic vision. My focus has been on articulating how financial plans are integral to operational success and broader business strategies.  

Tim: Given your experience in overseeing risk and compliance efforts, how do you prioritise risk management initiatives as CEO.

Liam: Effective risk management is foundational to our strategic planning and operational resilience. Our approach integrates both bottom-up and top-down analyses, ensuring a comprehensive assessment of potential risks. Key to this process is our alignment with regulatory expectations, particularly those outlined by the FCA, alongside a proactive stand on themes like operational resilience. As we expand globally, the spectre of cyber threats looms larger, necessitating a vigilant and agile response strategy to safeguard our operations and client assets.

Tim: How has your transition from CFO to CEO reshaped your personal goals and career path?

Liam: Despite a change in role, my core goal remains contributing to business growth. This transition has exposed me to diverse challenges, invigorating my engagement in new areas.

It has reinforced my belief in the importance of company culture. I’m now more committed to promoting and integrating cultural elements that align with me in the UK. Emphasising culture isn’t just about internal cohesion but also about clarifying our values and unique offerings, essential for propelling the business forward meaningfully.

Tim: Looking back at your journey, what advice would you give to finance professionals aspiring to take on executive leadership roles, and what key principles have guided your success in this transition?

Liam: I still feel like I’m wearing armbands in the role, and it remains early-days, so it feels premature dispensing advice unless it’s to avoid all the mistakes I’ve made! I have also been lucky in that I’ve got a strong, experienced team around me (that so far seem to have endless patience). External coaching helped with the transition and growing into a new role. This kept me accountable and stopped me from sneaking back into my spreadsheet / comfort blanket when I was feeling overwhelmed. It highlighted the importance of stepping out of your comfort zone and embracing growth opportunities. Build the broadest finance experience you can, volunteer for new things, take a few risks and don’t be afraid to work on the horrible projects nobody else wants to touch. You will improve visibility with senior stakeholders and demonstrate your adaptability, willingness to get stuck-in and desire to see the business succeed.

Developing relationships outside of finance is invaluable. Understanding their perspectives and motivations and adapting your communication style to your audience is a way to showcase your capability as a comprehensive leader, not just a financial expert or a typical “bean-counter”.

Practical exposure to governance is helpful, if not directly in your day-job, experience gained volunteering as a school governor or as a trustee for a charity can be just as valuable. You can get insights into board dynamics and the strategic decision-making processes. Investing time to build rapport with non-executive members outside formal meetings will make you much more effective in that setting.

Remaining professionally curious across a wide array of subjects is vital, including market dynamics, regulatory changes, economic trends all in addition to the workings of the business itself. This lifelong learning mindset is essential for staying informed and making well-rounded decisions.

Do you have a story to tell and wisdom to share? Get in touch with Fabienne Dormeuil for more information on how you could be featured in our next Spotlight Interview.