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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.
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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   FSTE 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 FSTE 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 FSTE 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

Select Industry

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

Select Index

Global (All Companies)   S&P 500   FTSE 100   ASX 200   CAC 40   DAX 40   EuroNext 100   FSTE 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 FSTE 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 FSTE 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 FSTE 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 FSTE 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
Download data

Select Industry

Global Consumer Financial Services Healthcare Industrial Technology
Download data

Select Industry

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

Select Industry

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

 

H1 2024: CFO turnover trends

 

01

H1 CFO turnover reaches three-year high.

A total of 163 new CFOs were appointed in H1 2024. After slower starts to the year in 2022 and 2023, H1 2024 saw increased levels of turnover, reaching 8.9%. This high indicates that as economic uncertainty becomes the new normal for organizations, previous trepidation to replace CFOs has dissipated.

 

 

02

Gender diversity strides continue to be made.

While women remain underrepresented in the CFO role (e.g. the S&P 500 is 40 years away from reaching gender parity), in H1 2024, of the 163 CFOs appointed, 44 were women—the highest number of women CFO appointments in the past five years.

 

The tech industry in particular has made large strides in gender diversity, with 38% of incoming tech CFOs being women, the highest proportion since H1 2021 records.

 

To build on this progress and achieve true gender balance in the CFO role, organizations must continue to build robust and diverse internal pipelines and invest in structured sponsorship programs that target underrepresented groups.

 

 

03

CFO tenures are becoming shorter.

The average tenure of an outgoing CFO has reached a five-year low of 5.7 years in H1. When we looked at the reasons why CFOs departed the role, more CFOs are choosing to retire, with 54% of H1 outgoing CFOs retiring or moving to board roles exclusively, up 15 percentage points year-over-year—a five-year high.

 

CFOs approaching retirement may not seek another CFO role due to factors like burnout, financial security, or simply deciding that retirement seems the more attractive option. Instead, many are leveraging their finance expertise in various board roles.

 

 

04

Over half of CFOs are internal appointments.

CFO succession plans are coming to fruition, with 56% of H1 global incoming CFOs being appointed internally.

 

But, certain indices are more successful at promoting internal CFO talent than others. The Nikkei 225 and Hang Seng’s CFO appointments were almost exclusively internal, but in more western indices, there was a greater reliance on external appointments.

 

For those externally appointed, experienced CFOs have been increasingly favored—H1 2024 has seen the highest percentage of experienced CFOs being recruited into the role in the past five years, as organizations continue to navigate complex economic markets.

 

 

05

The healthcare and tech industries saw the highest CFO turnover.

The healthcare and tech industries recorded three-year highs of 14.2% and 11.4% in H1 respectively. Increased retirement rates, high levels of CEO turnover at the end of 2022 and throughout 2023 within the industries, and lower market performances over the past two years have many organizations rethinking their CFO.

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)

Latest CFO turnover insights

 

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

2023 US Report

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Steady State of Change: CFO Turnover Maintains Record Pace

2024 European Report

 

 

 

 

 

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Surviving CFO Turnover: Lessons from Companies that Nailed Succession Planning

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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.

Find out more