Navigating Challenges as a Controller in a Private Equity-Backed Organization

Hello, fellow Accounting professionals,

I’m reaching out to share my experience and seek advice as I navigate my role as a Controller in a private equity (PE) backed firm. I’ve been in this position for about a year, initially drawn in by the promise of a lucrative compensation package and the opportunity to gain valuable experience in a complex organizational structure. However, the reality has turned out to be quite different.

When I was recruited, I was offered an impressive salary—25% higher than my previous role—along with a target bonus of 20%, restricted stock units post-exit, generous paid time off, and a flexible work schedule. It seemed like the perfect career opportunity, especially with the potential trajectory towards a CFO role.

However, the supportive environment I anticipated has proven elusive. My immediate superior, the CFO, appears disengaged and uninvolved, hardly contributing to the team or providing the mentorship I had hoped for. Instead, my colleague in Financial Planning and Analysis (FP&A) and I find ourselves shouldering most of the responsibilities, while the CFO is often absent from important discussions and meetings. This has left us frequently stepping in to fill the gaps, to the point where I’m actively explaining fundamental concepts to someone whose expertise should exceed mine.

Adding to the frustration, any communications from the private equity group are routinely redirected to me or FP&A, creating an additional layer of workload. The CFO’s management style leaves much to be desired, characterized by inappropriate remarks and a lack of professional decorum. Their inability to foster a positive team environment has only exacerbated our challenges.

Recently, I’ve decided to take a step back from the role of caretaker for the CFO, allowing them to miss meetings and neglect follow-ups. While this approach has increased tension—highlighted by an instance where I attended a meeting unannounced, only to face criticism—it’s become clear that my efforts to care-take have not prompted any positive change.

I’m reaching out to this community in hopes of gathering insights or advice on how to better handle this situation. How can I maximize my growth and learning during this challenging time, despite the difficulties of working under an ineffective leader? Any guidance on navigating these unique circumstances would be greatly appreciated.

Thank you for your support!