Private equity (PE) transactions are among the most high-pressure events any leadership team will face. While much of the attention often focuses on CEOs, CFOs and investors, the role of the Chief People Officer (CPO) is equally pivotal, and arguably less supported.

CPOs are expected to maintain cultural stability, engage employees, and prepare leadership teams for scrutiny, all while navigating intense confidentiality and shifting internal dynamics.

At a recent virtual roundtable hosted by Katrina Stewart, Partner, and Liv Robinson, Delivery Consultant in the HR Practice at Eton Bridge Partners, CPO Mona Akiki shared practical, candid insights from her experience guiding Perkbox through its recent PE sale and merger. Her insights offered a thoughtful  perspective on what it takes to lead through complexity and change.

Here are five key lessons every CPO involved in a PE transaction can take from her experience:

1 – Be proactive in defining your role

CPOs hold unique positions within organisations. They have the potential to play a central role in driving success, yet may initially find themselves excluded from strategic planning or boardroom discussions. As Mona described it, “In boardrooms the CPO can feel both central and invisible.”

At Perkbox, Mona was not initially invited to board meetings. Instead of pushing for access,  she focused on building strong, trust-based relationships with key leaders, including the co-founder CEO, who later became Executive Chairman, as well as successive CEOs and executive team members.

Building trust at that level requires careful judgment. It means being attuned to the sensitivities of each relationship and ensuring confidentiality is never compromised. CPOs often sit at the intersection of multiple relationships, privy to information others aren’t. Managing this dynamic requires clarity, care, and a strong moral compass. When tension arises, the goal isn’t to break confidence, it’s to enable transparency and serve the organisation’s long-term health.

Her experience underscores the importance of CPOs defining their role early. By demonstrating credibility, commercial awareness, and a consistent presence, CPOs can earn the trust needed to influence high-stakes decisions, especially when they’re not in the spotlight.

Key takeaway:
Don’t wait to be brought in. Build trust early, stay close to the strategy, and position yourself as a trustful, steady, strategic voice, not just a functional lead.

2 – Align the leadership team early

During a transaction, the senior leadership team becomes the face of the business. But behind that united front, differences in decision-making styles, communication preferences, and emotional responses often surface. Left unaddressed, these differences can quickly lead to misalignment.

Mona recognised this early and focused on building alignment across a diverse and evolving C-suite. Her approach wasn’t about forcing consensus, but encouraging open dialogue and constructive challenge. Each leader brought their own voice, while agreeing what needed to be communicated and why – ensuring consistency without losing authenticity.

That unity didn’t happen by chance. It was built on trust, difficult conversations, and a shared understanding that consistency was critical. “We disagreed often” she shared, “but never avoided the hard conversations. We always came back to alignment.”

By creating psychological safety and focusing on shared intent, Mona helped the team to present a stable and united front, even in moments of uncertainty.

Key takeaway:

Alignment doesn’t mean uniformity. Encourage honest conversations early, build mutual trust, and agree on a shared message – then deliver it in a way that feels authentic to each leader.

3 – Communicate with clarity, even when certainty isn’t possible

Silence is one of the greatest risks during a transaction. When communication is vague or absent, uncertainty quickly gives way to fear and speculation. Mona emphasised that clear, honest communication is essential, especially when there are no definitive answers.

At Perkbox, Mona and the team doubled down on transparency during the PE process. Regular executive Q&As continued, a CEO blog was launched, and weekly updates provided structure. Leaders made themselves visible and available, even when definitive answers weren’t yet possible.

“When we didn’t know, we said so,” Mona explained. “But we always reinforced what was still true, and reminded people of the role they continued to play.”

Recognising that many employees didn’t understand how PE works, the CEO ran internal ‘Private Equity 101’ sessions to explain what was happening and why. This reduced anxiety, built trust, and kept people engaged.

Rather than offering false reassurance, Mona and the leadership team acknowledged the unknowns and created space for people to voice concerns. At the same time, they reinforced areas of stability and reminded employees of the role they continued to play in shaping the business. The goal wasn’t to eliminate uncertainty, but to remove unnecessary speculation, maintain trust and allow people to continue to focus on the running of the business.

Visibility was key. Leaders showed up consistently, welcomed difficult questions, and remained human in their responses. That steady presence – not polished answers – helped sustain confidence through a period of significant change.

Key takeaway:
Employees don’t need certainty, they need clarity, honesty, and consistent contact. Communicate early, often, and with empathy, even when the full picture isn’t yet clear.

4 – Connect people strategy to business performance

Private equity investors don’t just assess performance, they assess risk. For HR, that means being ready to share everything from organisational structure and turnover data, to historical employee concerns, benefit schemes, and open vacancies.

Mona described the HR due diligence process as “the easy part” because the groundwork was already in place. Systems were clean, documentation was thorough, and there was a strong culture of transparency. Even when past issues were complex, she chose to disclose them upfront rather than risk surprises emerging later. “If there’s anything you’ve felt uneasy about, now’s the time to deal with it” she advised.

Investors want CPOs with a commercial mindset – leaders who can seamlessly link culture, talent, and leadership capability to measurable business performance. As Mona put it, “Don’t just talk about people, talk about how people drive performance, margin, and growth.”

The ability to frame people strategy in the context of value creation, not just employee experience, is needed to build investor confidence to demonstrate readiness for the next stage of growth.

Key takeaway:
Be ready with your data but also with your narrative. Show how your people strategy underpins business performance, and deal with any unresolved issues before they surface in due diligence.

5 – Know when to pass the baton

Mona’s final lesson was perhaps her most personal. After nearly six years at Perkbox, having guided the business through a successful sale, she chose not to stay on post-transaction. Like many leaders in scale-ups, she understood that her deep connection to the business could ultimately make it harder to stay objective in a newly merged organisation with different needs.

She wasn’t alone. Several senior leaders came to the same conclusion. What made the transition work was how it was handled. Together, they communicated their departures openly, respectfully, and with a clear focus on continuity. It wasn’t about stepping away, it was about passing the baton with clarity and care.

Part of a CPO’s role is helping others do the same. Whether it’s supporting a founder as they let go, guiding colleagues through role changes, or helping teams adapt to a new structure, CPOs play a critical part in making transitions feel steady rather than disruptive. Doing that well requires self-awareness, emotional intelligence, and a willingness to prioritise what the business needs, even if that means stepping aside.

Key takeaway:
Transitions are inevitable. What matters is how they’re handled. Support others with clarity and empathy – and recognise when letting go is the most impactful move you can make.

Mona closed the session with a simple but powerful reminder for any leader navigating change: “Model calmness – it will help you, and everyone else, get through the chaos.”

The CPO plays a pivotal role at every stage of the journey – from shaping their role early and building trusted relationships, to aligning the leadership team, communicating with clarity, demonstrating commercial value, and knowing when to step aside.

In the pressure and pace of change, the most effective people leaders are those who remain calm, stay human, and help others do the same.

At Eton Bridge Partners, we work closely with private equity firms and their portfolio companies to identify and place the senior leadership talent needed at every stage of the investment lifecycle.

Get in touch to discuss how we can support your leadership needs and help drive value creation across your portfolio. Whether you’re preparing for investment, managing growth, or planning an exit, our expert team is here to help.

About Mona Akiki

In addition to being a Chief People Officer, Mona is also an executive coach and strategic consultant, supporting leaders and organisations through periods of growth, transformation, and transaction. With deep experience across corporate and scale-up environments, she works with leadership teams and boards to navigate complexity, align strategy with culture, and lead with impact. Through her consulting practice, she partners with businesses to build high-performing, human-centred organisations – whether they’re preparing for investment, undergoing change, or looking to level up their people strategy.

Connect with Mona here