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Global CFO Turnover Index - Draft

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.
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CFO turnover - Russell Reynolds Associates

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Incoming
Outgoing
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Industry view
Incoming CFOs
Incoming CFOs: Gender
Incoming CFOs: Appointment
Incoming CFOs: Experience

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Global (All Companies)   S&P 500   FTSE 100   ASX 200   CAC 40   DAX 40   EuroNext 100   FTSE 250   HANG SENG   Nikkei 225   NSE Nifty 50   S&P/TSX Composite   STI  
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Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
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Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
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Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
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Incoming CFOs
Incoming CFOs: Gender
Incoming CFOs: Appointment
Incoming CFOs: Experience

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Global (All Companies)  Consumer   Financial Services   Healthcare  Industrial  Technology 
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Global Consumer Financial Services Healthcare Industrial Technology
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Global Consumer Financial Services Healthcare Industrial Technology
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Global Consumer Financial Services Healthcare Industrial Technology
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Index view
Industry view
Outgoing CFOs
Outgoing CFOs: Gender
Outgoing CFOs: Appointment
Outgoing CFOs: Experience
Outgoing CFOs: Tenure
Outgoing CFOs: Retired/Board or New Role

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Global (All Companies)   S&P 500   FTSE 100   ASX 200   CAC 40   DAX 40   EuroNext 100   FTSE 250   HANG SENG   Nikkei 225   NSE Nifty 50   S&P/TSX Composite   STI  
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Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
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Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
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Select Index

Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
Download data

Select Index

Global (All Companies)  S&P 500   FTSE 100   ASX 200   CAC 40   DAX 40   EuroNext 100   FTSE 250   HANG SENG   Nikkei 225   NSE Nifty 50   S&P/TSX Composite   STI  
Download data

Select Index

Global (All Companies) S&P 500 FTSE 100 ASX 200 CAC 40 DAX 40 EuroNext 100 FTSE 250 HANG SENG Nikkei 225 NSE Nifty 50 S&P/TSX Composite STI
Download data
Outgoing CFOs
Outgoing CFOs: Gender
Outgoing CFOs: Appointment
Outgoing CFOs: Experience
Outgoing CFOs: Tenure
Outgoing CFOs: Retired/Board or New Role

Select Industry

Global (All Companies)  Consumer   Financial Services   Healthcare  Industrial  Technology 
Download data

Select Industry

Global Consumer Financial Services Healthcare Industrial Technology
Download data

Select Industry

Global Consumer Financial Services Healthcare Industrial Technology
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Select Industry

Global Consumer Financial Services Healthcare Industrial Technology
Download data

Select Industry

Global (All Companies)  Consumer   Financial Services   Healthcare   Industrial   Technology  
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Select Industry

Global (All Companies) Consumer Financial Services Healthcare Industrial Technology
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Global CFO Turnover Index: Key Trends in 2024

 

01

CFOs quick to tap out at the top

Global CFO turnover reached 15.1% in 2024, just below the record turnover witnessed in 2023 at 16.2%. The S&P in particular saw its highest CFO turnover in six years, matching the peak set in 2021.

 

One key driver of this high turnover is the high retirement rate of CFOs. In 2024, 54% of outgoing CFOs retired or moved exclusively to board roles, a six-year high and a 10 percentage point increase compared with 2023 data. In addition, the average age of CFO retirement or making a move to a board role is 56.6 years old—the lowest average in six years.

 

 

02

Great expectations burden the modern CFO

Much is expected of today’s CFOs. Not only do they need to have strong business acumen, and be a highly effective communicator and influencer, but they also need to understand how to use AI to drive efficiencies and have a clear view on the impact of geopolitics.

 

These expectations put boards’ succession plans under pressure. This expanded scope is reflected in the turnover trends, with 40% of CFO appointments in 2024 bringing CFO experience—the highest percentage in six years.

 

 

03

Nobody next—the CFO succession squeeze

With the average outgoing CFO tenure standing at 5.8 years in 2024, a six-year low and retirement rates at a six-year high, organizations face mounting succession pressures.

 

However, positive shifts in diversity are emerging. In 2024, of the 275 CFOs appointed, 70 were women—the highest number of women CFO appointments in the past five years. Over half of these—54%—were internal appointments.

 

The technology and financial services industries are leading the way when it comes to women CFO appointments. In 2024, 36% of technology and 39% of financial services incoming CFOs were women, which is twice as high as the 2023 numbers, and a record high.

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 2019, hitting a five-year high in 2023, with 292 CFOs appointed, compared to 274 across the same period in 2022.

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 2023 at public companies?

There were 292 CFO appointments globally in 2023. This included:

  • 87 CFO appointments in the S&P 500.
  • 42 CFO appointments in ASX 200.
  • 29 CFO appointments in the FTSE 100.

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

How many CFOs of public companies stepped down in 2023?

There were 271 CFO departures globally in 2023. This included:

  • 75 CFO departures in the S&P 500.
  • 33 CFO departures in ASX 200.
  • 29 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 2023?

Women remain underrepresented in the CFO role across the world. In 2023, women accounted for 57 of CFO appointments globally (20% of all appointments), compared to 235 for men. But, there are regional nuances. In 2023:

  • 17 women CFOs were appointed in the S&P 500, representing 20% of CFO appointments.
  • 8 women CFOs were appointed in the ASX 200, representing 19% of CFO appointments.
  • 10 women CFOs were appointed in the FTSE 100, representing 34% of CFO appointments.

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

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

In 2023, 59% of CFO appointments were first-timers, who had never held a CFO role at a publicly-listed company.

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

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Global CFO advisory leaders

 

Our CFO leaders ensure we bring the full power of our one-firm approach to your greatest leadership challenges. That means we bring together the right team to meet your organization’s needs.

 

 

 

Historical CFO Turnover Reports

Why CFOs Are Increasingly Becoming
A Flight Risk

2022 US Report

CFO Turnover in 2022 Slows, But Don’t Expect
it to Stay

2022 US Report

2021: The year of CFO turnover and strides in gender diversity

2021 US Report

 

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Global CEO Turnover Index

Explore data from the world’s leading stock indices on how many listed company CEOs are leaving their posts each quarter.

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