Why construction’s next generation of CEOs are coming from finance

The construction sector’s next generation of chief executives officers (CEOs) has increasingly been drawn from finance, rather than traditional operational or engineering routes – let’s take a look at the figures and factors behind this shift.

For years, the path to the top of a construction business typically ran through operations, engineering or project delivery. But a growing number of UK contractors are now promoting finance leaders to CEO roles, reflecting the rising importance of financial strategy, capital allocation and long-term resilience.

Recent appointments seem to underline the trend. Gloucester contractor Barnwood has named former finance director Matthew Williams as group CEO after a decade with the business, which has consistently generated revenues near or above £100 million.

Williams joined in 2015 as financial controller before becoming finance director in 2020. He succeeds Simon Carey, who becomes chairman, in an internally focused succession plan.

Barnwood joins a growing list of construction businesses promoting finance leaders to the top job, including:

• Willmott Dixon which appointed former CFO Graham Dundas as CEO in 2024
• Wates Group where David Allen moved from CFO to CEO in 2018 until 2022
• Bancon Group which recently promoted former group finance director and CFO Andrew Tweedie to CEO

The shift reflects the expanding remit of the modern CFO beyond financial stewardship.

Today’s finance leaders are increasingly central to strategy, acquisitions, digital transformation, ESG, risk and performance management, placing them closer to core decision-making and better positioned to lead through volatility.

In fact, FTI consulting reported 82 per cent of CFOs had said their role had expanded significantly in the past five years.

Deloitte estimates 27 per cent of CEO appointments involve candidates with CFO experience, with energy and financial services leading the trend.

It also suggests CFOs are increasingly viewed as “natural successors” to CEOs, reflecting their role in driving growth, transformation and long-term value.

This reflects their proximity to capital allocation and investment decisions, with CFO credibility rising in periods requiring financial discipline such as restructuring, post-recession recovery or M&A-led growth.

In 2026, nearly a third of FTSE 100 CEOs had previously served as CFOs, according to global leadership advisory firm Heidrick & Struggles, with around eight per cent moving directly from the role.

The trend is also visible further down the leadership pipeline.

Kier recently promoted former transportation finance director Barry Jupp to managing director of its highways business, highlighting growing trust in finance leaders to run major operational divisions.

Jupp, who has spent more than 23 years at the firm, said he understood its teams, services and relationships with customers and supply chain partners.

He added: “My focus is to build on the strong foundations already in place, supporting our people to perform at their best, and continuing to improve how we deliver for our customers with safety and consistency at the heart of everything we do.”

With contractors facing tight margins, rising costs and increased scrutiny, Boards are prioritising leaders who combine financial discipline with operational understanding and strategic clarity.

Mark Craddock from business consultancy firm, Eton Bridge Partners said the CFO-to-CEO path had garnered “increasing attention” in recent years and a “popular” Board decision.

“Whilst the data reveals a significant proportion of CEOs once held the CFO position, there are nuanced challenges and considerations accompanying this shift,” said Craddock.

“The attraction of broader responsibilities, strategic oversight, and career advancement often beckons CFOs to pursue the CEO role. Yet, the transition demands a comprehensive understanding of the expanded scope and demands of the CEO position.

“Success hinges on meticulous planning, a strategic approach to team-building, and alignment between the CEO and their successor in the finance role. Despite the appeal, it’s essential for everyone involved to navigate this transition thoughtfully; ensuring it supports long-term success, not just for the new CEO, but also for the wider business.”

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