CFO Turnover Index: Q1-Q3 2024 S&P 500 By the Numbers
As S&P 500 CFO turnover ticks up, we highlight the key numbers defining the trends.
CFO turnover H1 infographic
Trending CFO Turnover
Trending CFO Turnover: Q1-Q3, 2019-2024
S&P 500 CFO turnover reached a three-year high of 14.4% in the first three quarters of 2024, after softer previous years in 2022 and 2023, with 72 new CFOs appointed. This is primarily driven by a spike in turnover in the technology and industrial sectors.
First-time vs. Experienced hires
First-time vs. Experienced hires: Q1-Q3 2024
Internal vs. External
Trending Internal vs. External Appointments, 2019-2024
While CFO succession plans are coming to fruition for some, with 54% of newly appointed CFOs being promoted internally, the number of organizations looking externally has increased year-over-year, from 35% in Q1-Q3 2023 to 46% in the same period in2024. In a difficult market, organizations looking externally for their next CFO are increasingly prioritizing CFOs with proven experience.
Gender
19
%
of S&P 500 CFOs are women
and the S&P 500 is 42 years away from reaching gender parity
While women remain underrepresented in the CFO role, in the first three quarters of 2024, 29% of S&P 500 CFO appointments were women—the highest percentage of women CFO appointments in the past three years. While diverse internal pipelines are becoming more robust, organizations should watch their ready-now successors as women finance talent is in high demand.
Outgoing CFOs
Departing CFOs by Exit Type: Q1-Q3 2024
Number of departing CFOs per new role: Q1-Q3 2024
S&P 500 retirement rates decreased year-over-year in 2024 as demand for experienced CFOs increased and transitioning CFOs continued to move to non-CFO roles.
Source: RRA analysis of the S&P 500 from 2019 to the end of Q3 2024; Note: 12 of the new CFOs are interim
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