_{CFO turnover data is based on the constituents of each index as of the time of data extraction, so doesn’t account for companies that moved on and off the indices before then. Note incoming and outgoing numbers may differ based on interim appointments, co-CFOs, and the constituent's movement on and off the applicable indices. However, we’re confident all data is representative.}

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Long-term trends in global CFO turnover

The COVID-19 pandemic transformed trends in CFO turnover. As it brought new risks to organizations throughout 2020, the number of CFO departures fell each quarter, with many delaying their retirement.

Coming out of the pandemic, as business needs shifted, the CFO role evolved and expanded along with them. In 2021, a frothy IPO market significantly increased the number of public company CFO opportunities. An overall strong equity performance put retirement in closer reach for some, causing turnover to uptick once again. In 2021, the annual global CFO turnover rate was 14.4%, an increase from 12.9% in 2020.

In 2022, as countries moved past the pandemic, organizations seemed to regain their risk appetite, and global CEO turnover reached a five-year high of 11.2%.

With CFOs increasingly being considered as succession candidates for the CEO role, CEO’s often replacing their finance leader within the first year of their tenure, and increased retirement rates amongst CFOs, 2023 saw global CFO turnover hit a five-year high of 15.9%, with 290 CFOs leaving their positions, compared to 275 across the same period in 2022.

Highlights from the 2023 global CFO turnover index

Women remain largely underrepresented in the CFO role

Although more women are becoming CFOs — with 57 new appointments in 2023— we’ve seen a decrease year-over-year in the number of new CFOs appointed that were women.

This picture varies around the world. In 2023:

• • 20% of new CFOs appointed in the S&P 500 were women.

• • 34% of new CFOs appointed in the FTSE 100 were women.

• • There were no new CFOs appointed in the Nikkei 225 who were women in 2023.

We have a long way to go before we reach gender parity, with some further than others. At the current rate of turnover and women CFO appointments:

• • The S&P 500 is 45 years from gender parity.

• • The FTSE 100 is 7.6 years from gender parity.

• • The Hang Seng is 12 years from gender parity.

Next-generation CFOs are here

In 2023, 58% of global incoming CFOs were first-timers, slightly below 2022 figures. Experienced CFOs have been increasingly favored as organizations navigate complex economic markets.

CFO succession plans are also coming to fruition, with 56% of global incoming CFOs appointed internally. Around the world, certain indices are more successful at promoting CFO talent internally than others. In 2023:

• • 93% of incoming CFOs in the Nikkei 225 were appointed internally.

• • 80% of incoming CFOs in the Nifty 50 were appointed internally.

• • 93% of incoming CFOs in the Hang Seng were appointed internally.

Other indices are relying more on external appointments to fill the CFO role in 2023:

• • 59% and 66% of incoming CFOs in the FTSE 100 and 250 respectively were appointed externally.

• • 40% of incoming CFOs in the S&P 500 were appointed externally.

• • 52% of incoming CFOs in the ASX 200 were appointed externally.

Global CFO advisory leaders

Historical CFO Turnover Reports