Since its inception within the CFO practice in 2021, Eton Bridge’s Tax & Treasury specialism has evolved into a multi-partner, globally operating team with a dedicated research function.

During this time, we have delivered some of the most significant Tax and Treasury mandates in the market, while also playing a key role in shaping how CFOs approach and structure these functions.

Whether I’m speaking with CFOs in listed businesses, private equity-backed companies or scaling organisations, the conversation is increasingly about finding leaders who can help drive change, influence decisions and add value beyond their functional remit.

The expectations of both roles have evolved significantly. Tax and Treasury leaders were once valued primarily for their technical expertise, regulatory compliance and risk management capabilities. They then became strategic business partners. Today, organisations increasingly expect them to act as change agents: leading transformation initiatives, leveraging technology and data, building organisational resilience and helping navigate an increasingly complex regulatory, economic and geopolitical environment.

The market remains active. Since the start of 2025, approximately 200 Tax Directors have moved into new roles across the UK, alongside approximately 140 Treasury leadership appointments. We’ve seen notable moves at organisations including easyJet, St. James’s Place, Segro, Inchcape, Taylor Wimpey, SSP and Nomad Foods, reflecting continued investment in these functions despite ongoing uncertainty.

Tax: More than a compliance function

Tax remains one of the biggest cost lines in most organisations, but the role of the Tax Director continues to evolve.

Yes, compliance and risk management remain high on the agenda, particularly against a backdrop of consistent organisational change. But CFOs increasingly expect their Head of Tax to play a central role in key strategic initiatives, whether that’s supporting a transaction, overseeing the separation of part of a business, implementing new systems, or developing a future-ready tax operating model that can adapt to evolving business needs.

A large proportion of recent Head of Tax appointments I’ve led have involved fundamentally redefining the role. Rather than replicating the previous incumbent’s remit, organisations are reassessing and rewriting job specifications to reflect the scale of change and transformation planned over the coming years.

Transaction readiness remains a key theme within private equity, where tax leadership can play a critical role in identifying and mitigating value leakage ahead of a transaction.

There’s also been a noticeable increase in demand for indirect tax expertise, particularly in businesses where international growth, VAT recovery and working capital optimisation are high on the agenda.

Treasury: A bigger seat at the table

Treasury leaders are facing a similar shift. Historically, Treasury has often been viewed through the lens of funding, liquidity and risk. Those areas remain important, but increasingly businesses want Treasury leaders who can help inform wider commercial decisions.

Recent appointments across the market reinforce this trend, with businesses continuing to invest in Treasury leadership that can support strategic decision-making as well as manage funding, liquidity and risk. The most effective Treasury leaders are not only technically strong, but also able to translate complex information into clear, actionable recommendations for boards and executive teams.

Whilst borrowing conditions have stabilised from their peak, many organisations remain focused on refinancing strategies, liquidity management and the selective timing of accessing the debt capital markets. For businesses approaching financing maturities, Treasury’s ability to evaluate funding options and manage risk has become increasingly important.

I have recently led a number of Head of Treasury appointments within private equity-backed organisations. Successful candidates typically combine best-in-class treasury experience from large listed environments with the communication style and agility required to operate effectively in a smaller, PE-backed setting.

In my latest articles, I explore the leadership trends shaping this market, the skills CFOs are prioritising when hiring, and why expectations continue to evolve.

The talent market

The biggest challenge for many CFOs isn’t recognising the importance of these functions. It’s finding the right people.

The strongest Tax and Treasury leaders remain in short supply, particularly those who combine technical credibility with commercial judgement, leadership capability and transformation experience.

As a result, many organisations are facing a difficult balance between succession planning and external hiring. Whilst internal talent development remains a priority, the need for capabilities in areas such as transformation, technology, AI adoption, transaction readiness and operating model redesign is often driving organisations to look externally.

We’re also seeing a growing recognition that both Tax and Treasury can be strong pathways into broader finance leadership. As these functions become more commercially aligned and increasingly involved in strategic decision-making, many organisations are viewing them as important development routes for future finance leaders. EY’s latest ‘DNA of the Treasurer’ survey found that 59% of CFOs believe the CFO role should be the ultimate career ambition for Treasury leaders – a reflection of how expectations of the function continue to evolve. This is mirrored in the Tax market, where we’re seeing an increasing number of senior Tax leaders progress into broader finance and operational leadership roles.

Beyond the UK, we continue to see strong demand across the Netherlands, Germany and North America. However, candidate supply remains constrained, particularly at the senior end of the market, with competition for proven Tax and Treasury leaders continuing to place upward pressure on compensation levels.

Looking ahead

What stands out most to me is how expectations of both functions have changed.

The leaders making the biggest impact today are not just managing risk and compliance, they’re helping shape strategy, drive transformation and create value across the organisation.

If you’re considering a Tax or Treasury leadership hire, reviewing your organisational structure, or simply interested in discussing the trends shaping these functions, I’d be delighted to share more of what we’re seeing across the market.

Get in touch with Lorna