Tim Davies was always described as Finance Director, rather than Head of Finance.
This could be an additional role though the advert doesn't mention about reporting into Finance Director, rather the it hints at reporting into the CEO (and board)
Fwiw, Tim Davies still has Director of Finance and Operations at Oxford United on his linkedin. But his name has gone from the club website.
The Board is now listed as follows on the website:
Directors
Horst Geicke
Anindya Bakrie
Sumrith ‘Tiger’ Thanakarnjanasuth
Chairman
Grant Ferguson
CEO
Tim Williams
Chief Strategy Officer
Niall McWilliams
Seem to think the FD role was a part-time role, whereas this new role looks to be full-time, so it could be ensuring a day to day focus on the financial side of the club, allowing Tim Williams to concentrate on other day to day areas as CEO. And/or Tim Davies is leaving/has left, and they don't think having a part-time director is the right way to run with it, so are recruiting a full-time "lower" post.