Global CFO Turnover Index

We share the latest CFO turnover data across listed companies globally. Each quarter, you’ll find the proportion of CFO departures and appointments globally, as well as trends on CFO appointments by gender, tenure, and whether CFOs are internal or external hires.

CFO turnover - Russell Reynolds Associates

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Global CFO Turnover Index: Key Trends H1 2025

01	H1 CFO turnover reaches a seven-year peak. In H1 2025, 173 CFOs were appointed—a seven-year high and an increase compared to H1 2024 when 169 CFOs were appointed. This rise in turnover is driven by increased retirement rates and record high CEO turnover in 2024. CFO turnover was particularly active in the S&P 500, ASX 200, and industrial and natural resources sector, which all reached seven-year highs in H1 2025. To mitigate rising CFO turnover, organizations should leverage best-practices in CFO succession planning, including using a new CFO’s arrival as a trigger to assess the finance function, focus on bridging skills gaps, and formalize development plans.

02	Globally, women CFO appointments decline, but certain industries made progress. The proportion of women appointed as CFOs declined to 22% in H1 2025, down from 28% in H1 2024—a record H1 high. However, some sectors recorded progress in women CFO appointments. In H1 2025, 29% of consumer and 34% of financial services incoming CFOs were women, above their seven-year average of 20% and 26% respectively for H1. To maintain momentum, it’s critical that organizations continue to challenge traditional leadership profiles and accelerate the development of a broader pool of leadership talent.

03	Over half of CFO appointments are internal. In H1 2025, 57% of global incoming CFOs were appointed internally, slightly higher than 54% in H1 2024, as CFO succession plans start to come to fruition. The data shows that certain indices are more successful at promoting internal CFO talent than others. The Hang Seng’s and Nikkei 225’s CFO appointments were almost exclusively internal, but in more western indices, there is a greater reliance on external appointments, suggesting that some organizations remain nascent in their CFO succession planning.

04	CFO retirement rates remain significantly above average. In H1 2025, 56% of outgoing CFOs retired or moved to board roles exclusively, a seven-year high and significantly above the seven-average of 41%. CFOs approaching retirement may not seek another CFO position. Instead, many CFOs often move to non-executive board roles, with a focus on audit committee chair or member roles. For CFOs considering life beyond CFO and getting ahead of their next move, taking ownership of their succession and transition plan will not only benefit the organization, but will also be incredibly empowering.

05	Demand for experienced CFOs surges. For organizations opting for an external appointment, experienced CFOs are increasingly favored. The highest percentage of externally appointed experienced CFO hires (77%) was recorded in H1 2025, as some organizations opt for a safe pair of hands to navigate complex economic markets and succession plans fail to materialize. While demand for experienced CFOs continues to surge, supply remains an issue due to increasing retirement rates, all resulting in a competitive experienced CFO market. With supply of experienced CFOs expected to continue to decline as retirement rates remain elevated, first-time talent remains a viable option. To gain confidence in a first-time CFO appointment, a formalized transition plan, including mentorship, a development plan, and an effective onboarding plan should be proactively formalized prior to appointment to ensure first-time CFOs succeed in role.

Great Expectations: Where Next for the CFO Role?

Global CFO Turnover Index Annual Report
For six years, we’ve tracked data from the world’s leading stock indices to identify patterns and trends among C-suite roles that are shaping global businesses and their future leaders.

What is CFO turnover?

CFO turnover refers to the rate at which CFOs depart and are hired from their roles. It can be a helpful indicator of wider CFO market trends, including talent pools, academy finance training and broader economic trends.

How has CFO turnover changed for public companies?

CFO turnover has increased since 2020, hitting a five-year high in 2023, with 292 CFOs appointed, compared to 275 across the same period in 2024.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

Why is CFO turnover so high for public companies?

High CFO turnover is reflective of CFOs increasingly being considered as succession candidates for the CEO role, CEOs often replacing their finance leader within the first year of their tenure, and increased retirement rates amongst CFOs post-pandemic.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

How many CFOs were appointed globally in 2024 at public companies?

There were 275 CFO appointments globally in 2024. This included:

89 CFO appointments in the S&P 500.
36 CFO appointments in ASX 200.
25 CFO appointments in the FTSE 100.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

How many CFOs of public companies stepped down in 2024?

There were 243 CFO departures globally in 2024. This included:

70 CFO departures in the S&P 500.
31 CFO departures in ASX 200.
25 CFO departures in the FTSE 100.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

What is the proportion of women CFO appointments at public firms in 2024?

Women remain underrepresented in the CFO role across the world. In 2024, women accounted for 70 of CFO appointments globally (25% of all appointments), compared to 205 for men. But, there are regional nuances. In 2024:

23 women CFOs were appointed in the S&P 500, representing 26% of CFO appointments.
10 women CFOs were appointed in the ASX 200, representing 28% of CFO appointments.
8 women CFOs were appointed in the FTSE 100, representing 32% of CFO appointments.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

What proportion of new CFOs of public companies were first-time CFOs?

In 2024, 60% of CFO appointments were first-timers, who had never held a CFO role at a public-listed company.

Source: CFO Turnover Index, Russell Reynolds Associates (2024)

Latest CFO turnover insights

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Global CFO Turnover Index: H1 2025 S&P 500 By the Numbers

As S&P 500 CFO turnover ticks up, we highlight the key numbers defining the trends.

S&P 500 CFO Turnover Persists, Gaining Momentum After Sluggish Start

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Steady State of Change: CFO Turnover Maintains Record Pace

2024 European Report

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