Warren Heberd: Leading Through Acquisition, Delisting and Private Equity Success
At an age when many are just hitting their stride, Warren Heberd has already led the growth and transformation of three successful companies — a career defined by momentum and impact.
From helping drive the rise of Tomwaterhouse.com through to its c.$50 million acquisition by William Hill, to playing a pivotal role in iSelect’s delisting from the ASX, each chapter has sharpened his instinct for transformation, growth, and navigating complex organisational change.
Having recently steered the Australian Institute of Business (AIB) through its acquisition by BPP Education Group, he’s primed and energised for his next opportunity.
An Unlikely Training Ground
Straight out of university, Warren joined boutique agency Fenton Stevens as its first employee, unaware the role would launch a career spanning some of Australia’s most recognisable brands.
Starting in an agency offered an unexpected advantage: immediate access to decision-makers.
“As a 22-year-old, I was in boardrooms pitching to CEOs,” Warren recalls. “In most industries, you’re tucked away in a corner for years before you meet the top brass, but I was in the room from day one.”
That early exposure gave him two lasting benefits that helped propel his career: a front-row view of how senior leaders think and operate, and a cross-industry understanding of what drives growth. Working across fashion, FMCG, automotive and more, Warren began to see which sectors might be worth exploring when the time came to move client side.
Making the Move to the Client Side
While working in advertising, Warren pitched the Tomwaterhouse.com account, a meeting that would change the trajectory of his career. Tom Waterhouse, impressed by his approach, soon started “knocking on my door,” leading him to join the fast-growing online betting business as marketing lead.
The opportunity came with unique advantages. Both early in their careers, Warren and Tom shared ambition and drive — and in that environment, age was irrelevant. Warren had a seat at the table from day one.
He progressed from Marketing and Communications Manager to Brand Director as the business rapidly scaled. Then, when British gambling company, William Hill acquired TomWaterhouse.com for over c.$50 million, Warren transitioned into the larger corporate environment, eventually becoming Chief Marketing Officer for William Hill Australia and helping run operations with over $2 billion in betting turnover.
This exposure to merger and acquisition activity and then listed company operations meant he learnt “an enormous amount” – knowledge that would become instrumental in his later transitions.
The Critical Transition: CMO to CEO
In early 2018, Warren joined iSelect as Chief Marketing Officer; however, it wasn’t long before the role evolved to encompass Chief Commercial Officer responsibilities and broader strategic initiatives. During this time, he partnered closely with his C-Suite colleagues to develop a deeper working knowledge of legal, finance, and compliance functions.
And that meant that in November 2020, “when I assumed the position of Chief Executive Officer, I had a degree of expertise in the functions I was leading.”
Once in the position, Warren acquired extensive experience in public company leadership. He led the business through a delisting via a scheme of arrangement before its $72 million sale to Auto & General, the parent company of Compare the Market.
The process was extremely complex, he notes, describing it as “the most accelerated learning curve of my career”.
The AIB Success Story
When Adrian Belle at Allura Partners placed Warren with the Australian Institute of Business as CEO in July 2023, backed by Crescent Capital, his mandate was clear: position the business for a successful sale.
“The business had a strong product and talented team made up of a variety of different personalities – it just needed tighter management,” he explains.
Challenged by the need to increase profitability within a short time, he said he empowered the team to work cohesively and “make decisions quickly”. “And we stuck to those decisions; we executed well. The discipline around how we executed to drive P&L growth was the key driver in delivering the result.”
One of Australia’s largest online MBA providers, AIB has over 2,000 enrolled students and a global alumni network exceeding 20,000 across 100 countries. In 2025, it earned Tier One Global status, ranking 7th in Australia and 25th worldwide according to CEO Magazine.
After delivering an EBITDA CAGR of 133% across three financial years, on 1 August 2025, BPP Education Group, a portfolio company of TDR Capital, acquired AIB in a transaction that fulfilled Heberd’s mandate and continues BPP’s geographic expansion strategy.
The Power of Direct Communication
Throughout his career, one principle has guided Warren’s leadership approach: clarity in communication prevents countless problems.
“I work best with people who are direct in their communication and willing to face issues when they occur, in real time,” he says.
He adapts a similar approach when building out teams, while keeping in mind individual personalities and role requirements. “The ultimate goal is to be surrounded by good people who work with autonomy and accountability. When that’s working well, everything’s working well.”
Now, considering his next career move, Warren says beyond commercial terms, his number one qualifier will be working with people he likes to work with. “Work’s such a big part of your life in terms of the investment, the hours you put in, the sacrifices you make with family...for me, it’s very important.”
As for sector preference, while he’s naturally leaning towards a digital environment, he says his broad skillset and analytical approach have prepared him for any eventuality.
“I’m now at the point where I’ve worked across insurance, health insurance, life insurance, electricity, gas, education, online betting and more, as well as everything I did in advertising; I’m excited to see where all of this experience takes me next.”