The University of Cambridge has cancelled the appointment of its new Chief Financial Officer (CFO), citing the “need to maintain stability” during a period of “ongoing transitions” at the top of the institution.

In an update released on “senior leadership positions” on Tuesday (11/11), the University confirmed that Rita Akushie – announced in September as the next CFO – will no longer take up the role.

The reversal comes as Cambridge grapples with mounting financial pressure. As Varsity reported last month, the University is to implement deeper spending cuts than originally planned after miscalculating the rate of inflation in its two-year financial plans.

In its statement, the University said: “Following recent changes and ongoing transitions, the University has decided not to proceed with the appointment of a new Chief Financial Officer at this time. This decision reflects the need to maintain stability and continuity in our leadership team and is in no way a reflection on the successful candidate.

“As a result, and with considerable regret, we confirm that Rita Akushie will not now be joining the University as our new CFO. We and Rita had been looking forward to her joining us, and we are very grateful to Rita for her engagement in this process.”

The University added that Anthony Odgers, the current CFO, has “kindly agreed to continue in his role to help guide the University through this period of change”.

Cambridge stressed that the decision comes amid a series of departures in senior administrative posts, including a prolonged absence in the Registrary’s office.

“Interim arrangements are now in place to cover for the Registrary’s prolonged period away from the office,” the statement continued. “These roles are key to providing strategic and operational stability and leadership to the University, and we would like to assure you that organisational resilience will continue to be of the highest priority.”

Akushie was due to join in December 2025 from the University of London, where she has served since 2020 as Pro-Vice-Chancellor (Finance and Operations).

A chartered accountant with experience across higher education, housing and the charity sector, Akushie also chairs the Audit Committee of HICL Infrastructure plc, a FTSE 250 investment fund managing £3bn in assets internationally.

She had been expected to lead Cambridge’s Finance Division and sponsor its ‘Finance Transformation Programme,’ reporting directly to the Vice-Chancellor.

In September, Deborah Prentice, the Vice-Chancellor, said: “I am delighted to welcome Rita as our new Chief Financial Officer. She impressed the interview panel with her vast experience, particularly in finance transformation, her passion for higher education, and her commitment to inclusive leadership.”

Meanwhile, Akushie said: “Joining the University of Cambridge is a tremendous honour. I am inspired by the opportunity to lead a transformative finance agenda that supports the University’s long-term strategic ambitions. I look forward to working collaboratively across the University to build a finance function that is modern, transparent, and aligned with Cambridge’s world-leading mission.”

The University has not indicated when it will restart the recruitment process for a new CFO. Odgers had been scheduled to step down on 31 December 2025.

The University of Cambridge and Rita Akushie were contacted for comment.