Finance directors have been charged with taking over from CEOs to steer their companies through the stormy economic waters, according to one of the country’s most senior executive recruiters.

Steve Tappin, managing partner in the global CEO Practice at Heidrick & Struggles, warned that chief executives were biting the bullet for their companies’ failures during the credit crunch, and CFOs were faced with stepping up to stabilise the business.

‘We’re right in the middle of the credit crunch, lots of CEOs of growing businesses have gone and CFOs are stepping up to reduce costs bases and stabilise their company,’ said Tappin in his interview on Accountancy Age TV.

Deloitte vice-chairman and partner Margaret Ewing said boards ‘immediately’ turn to the FD to be the initiator and implementer of cost reduction programmes.

Tappin’s interview is available on Accountancy Age TV at accountancyage.com/TV and his new book The Secrets of the CEOs is published by Nicholas Brealey.