In this episode of the Pathways Podcast, Liam sits down with Sandra Chui, Chief Operating Officer at Merricks Capital, to explore the experiences that have shaped her as a leader. From the intensity of CFO roles and the challenges of steering organisations through periods of transformation, to the importance of balance, authenticity, and confidence in executive spaces, Sandra shares the lessons that have stayed with her.

It’s a conversation about growth, resilience, and leadership — and how the choices we make along the way can open unexpected doors.

Liam
I’m joined today by the Chief Operating Officer of Merricks Capital, Sandra Chui. Thanks so much for joining us today, Sandra.

Sandra
Thanks for having me, Liam. Really excited about this.

Liam
Well, Sandra, today we’re going to explore your career journey and some of the lessons that you’ve learned along the way, but we’ll start with your early days. What drew you into accounting and finance in the first place?

Sandra
So I followed a fairly conventional path in accounting. I studied accounting IT at Monash University. And as you know, the big four and the mid-teens all try to really market to the graduates of accounting degrees, commerce degree.

I started with internships over summer in my penultimate year and I was a hard worker. I did three internships, one at PWC, one at ProTivity, which was risk and one at Pitcher Partners. Pitcher Partners was a standout for me and naturally I started there as a graduate and stayed there for five years.

That’s how I started and Pitcher Partners, in terms of the grounding, the technicals, the client servicing and then professionally supporting me to do a secondment in Toronto and travel the world after, was really the package that set my career in motion after that.

Liam
And talking on Pitcher Partners, what early lessons or mentors helped shape your professional journey there?

Sandra
Certainly I worked with a variety of partners. At Pitcher Partners, I wasn’t stuck into audit in particular. I did predominantly audit, but I also did business services and dabbled in project accounting.

I’d say I had, you know, in terms of leaders or mentors, the partners I worked with certainly influenced my style and work ethic and whether that’s on audits or tax engagements or project accounting, the partners across Pitcher Partners were very influential and very shaping of my career on what I was to do next.

Liam
You also spent some time working overseas in Toronto. How did that experience impact your personal professional development?

Sandra
Amazing. Personally, I have never been to a country that was negative 30 degrees when I touched down. I did the opposite of the peak period in Australia. The peak period over in Canada is the December year end. And I was on a listed engagement over there for three months.

I just remember how cold it was. Toronto was an amazing big city, almost like a sister city to New York City. Same work ethic. They had these underground tunnels that were just such a good personal experience as well as professional.

I had a roommate there. There were two secondees — one from New Zealand and me from Australia. We got to know each other really well in those three months. We made a lot of good friends and travelled over the weekends.

Shortly after that, Pitcher Partners was very encouraging for people to travel the world. Part of the secondment was an around-the-world ticket, and I got to travel for three months before coming back to Pitchers, applying that maturity and worldly vision back to the clients.

Liam
Maybe some good foresight there from the partners. In terms of your next move, you spent nearly a decade at AEMO in progressively more senior roles. Talk us through that time and what kept you engaged through that period of high growth and learning.

Sandra
Yeah, so I am always forever grateful for the work at AEMO. I started as a financial accountant there. Stepping out of a mid-tier firm into industry is a big move for those who look to move from an accounting firm into industry.

I worked my way up to CFO. I had great mentors and great managers that really supported me and kept promoting me. Not just in finance — when I was CFO I didn’t just look after finance, but also property, insurance, procurement and administration. That broadening away from a very technical space helped me develop a business view and business lens.

Liam
So the business doubled in size under your leadership. How did you help finance keep pace and remain strategic through that period?

Sandra
There was a turning point within the finance teams where we had to restructure the engagement with the business. I remember becoming a manager after being a financial accountant, and we had two streams into a general manager. The big turning point for AEMO was having a technical team, but also having business partners.

Those business partners really had a commercial hat to partner with divisions of the business and drive their goals and strategies forward.

Liam
AEMO touches a critical part of the Australian infrastructure — something very much in the zeitgeist now, certainly in current affairs. What did you learn about risk, public accountability, and communication at scale in such a high-profile part of the market?

Sandra
When I started at AEMO, no one had really heard of it. Energy wasn’t on the front page. It was sub 500 people, which then grew to a thousand.

Risk was probably the key while I was there. The risk division was really born during my time. AEMO taught me how to be dynamic in a very political, transformational environment. There were projects and initiatives that needed the entire executive team and the board to work together.

Being at the forefront of that and seeing the energy transition pipeline for the next five to ten years was incredible. Many of the projects implemented now, I remember being in the room when they were seeded.

Liam
So talk us through your next move into IntoWork. You joined as Group CFO just before COVID. That transition must have taught you a lot about leading through change and strategic management.

Sandra
It really did. After spending almost nine years in energy, I wanted to broaden my industry base. IntoWork was a workforce solutions group with about 16 subsidiaries, each with their own CEO.

COVID hit a few months after I started. That was probably the most technically challenging time for me as a CFO — managing cultural change, moving into remote work, and focusing on cash flow and liquidity.

Some businesses had travel agents as key clients, who all closed overnight. We had to manage sustainability while also looking after staff wellbeing.

We created a wellness channel — with chefs, Pilates instructors, motivational speakers — to give staff an outlet during lockdown. With a thousand employees across the group, it was important to keep people mentally strong and connected.

Liam
Such a challenging time. Do you remember any practices you put into place for yourself to get through that stressful period?

Sandra
Yes, certainly. I was fortunate to live in a suburb where I could walk to a café. Even that one-hour walk to grab a coffee was a great outlet.

Diet was a big focus too, making sure I was eating well and feeling good. Checking in with family was also key, especially since I couldn’t see my parents who lived outside the 25km zone. Looking after myself meant I could lead others better.

Liam
So your next move came into financial services. We’ve covered public practice, energy, workforce services, and then financial services into another CFO role. Tell us about Merrick’s Capital and what it is that they do.

Sandra
That’s right. A new position was created and I was the first CFO. Merricks Capital is in funds management, predominantly private credit, with over $3 billion in funds under management from wholesale, institutional, and high-net-wealth clients.

When I joined, there were about 20 people. Now it’s 46. My role was to help corporatise the business, build strategy and infrastructure, and support scaling.

That meant hiring strong heads of departments, building IT and systems, and ensuring governance and operational hygiene, which is critical in funds management.

Liam
Your role has grown. You’ve gone from CFO into COO. Explain what that transition looked like.

Sandra
The COO role came about when my manager, the CIO, asked me to broaden out and support more on the commercial, product, and investment side.

So my role expanded from operations and back office to also supporting the business, growing investor base and products.

Merricks was acquired by Regal Partners just over 12 months ago. That’s meant transitioning into a more product-focused entity as part of the Regal Group, which has been really positive.

Liam
You’ve implemented strategic plans across finance, people, marketing, and tech. What’s been the most rewarding or surprising part of operating at this level?

Sandra
The most rewarding is definitely the people. I love building teams, keeping them engaged and informed, good news or bad.

I’ve learned that traditional command-and-control leadership doesn’t work anymore. I love seeing people grow — whether they stay in the firm or move on to bigger roles elsewhere. Supporting careers and watching people succeed is the best part of my job.

Liam
You’ve also served on several boards and subcommittees — Glenn Education, Leadership Victoria, Wesley College. Why is this work important to you?

Sandra
It’s really to balance my time. I love giving back to the community and using my skills in governance and finance to add value to not-for-profits.

It also exposes me to inspirational leaders — for example, Christine Nixon at Leadership Victoria and Rachel Webster at Wesley College. Being able to work alongside such incredible women was a real drawcard and makes me feel empowered too.

Liam
And is there any learning or complimentary skills you’ve taken from board work back into executive leadership?

Sandra
Yes. Managing stakeholders at board level builds my skills in relationship management and negotiation, which are crucial back in executive roles.

As you move up, you realise you can’t do everything yourself. It’s about coordination, strategy, and relationships. Board work has been very complimentary.

Liam
How would you define yourself as a leader?

Sandra
I’d say authenticity. What you see is what you get. I’m direct, but I adapt my message to different audiences.

I still feel like the same person I was when I became a first manager in my 20s. I’ve always enjoyed leading people, and I still see myself as humble and grounded, even in bigger roles.

Liam
You’re breaking ground as a female executive in traditionally male-dominated spaces. What does that mean to you?

Sandra
It means I’m more confident now in executive rooms and boardrooms. At AEMO, it was 80% male. It could feel intimidating, but repetition, presentations, and engagement built my confidence.

Now I see people as individuals, not as part of a lack of diversity. Confidence has been the key.

Liam
And what advice would you give to women navigating that path into executive leadership?

Sandra
Lean into it. Put your hand up for opportunities.

When your boss is away, step into that delegate role. It’s a taste of leadership and it gets noticed if you approach it positively. Being dynamic and flexible is really valued.

Liam
Looking back, do you have a sliding doors moment that could have seen you go a different path?

Sandra
Yes. After Pitcher Partners I had to decide whether to go to London, like many CA-qualified accountants, or take the AEMO opportunity.

I chose AEMO — partly because I was in a relationship at the time. That person became my husband, and the role became a huge career accelerator. So both personally and professionally, that was a sliding doors moment.

Liam
Well, you picked well.

Sandra
Yes — with great benefits on the professional side too.

Liam
What do you wish someone had told you 10 years ago?

Sandra
To slow down and smell the roses. My CFO roles were very intense mentally. In your mid-20s to mid-30s you feel in demand everywhere — work, home, travel.

Someone reminding me to appreciate balance and gratitude earlier would have been a good tip. I try to live by that now.

Liam
And what’s next for you? What continues to motivate you?

Sandra
Continuing to grow businesses and thrive in environments of growth and change. I get a lot of energy from challenging roles.

Personally, I’m obsessed with golf. On weekends you’ll see me at the range or on the course with my two young sons. I want to keep improving my game.

Professionally, staying stimulated is key. For me, work and golf together make up my life right now.

Liam
That’s amazing, excellent news. Well, Sandra, thanks so much for joining us. We’ll see you on the course.

Sandra
Thank you, Liam. Thanks for having me.