Global CFO Appointments Outpace Exits; APAC Turnover Shows Signs of Stabilising

• APAC CFO turnover decline suggests relatively steadier retention
• 57% of CFO appointments in APAC were internal promotions, underscoring the fruition of succession plans 
• Short average tenure of outgoing CFOs at 4.7 years signifies evolving demands and pressure on the role

24 September 2025, Singapore – Russell Reynolds Associates (RRA) has released its Global CFO Turnover Index for H1 2025, reporting 173 CFO departures globally, including 46 from Asia Pacific (APAC). This marks a global seven-year high, and a slight decline in APAC from 48 CFO appointments in the previous period. The H1 APAC CFO turnover rate stands at 6.2% , below the global average of 9%, suggesting relatively steadier leadership retention in the region.

Within APAC, Australia led with 16 departures, followed by Japan (10), Hong Kong (6), Singapore (2), and India (2). Meanwhile, global CFO appointments reached a seven-year peak at 173, up from 169 in H1 2024.

The Global Index of CFO Turnover tracks CFO departures from constituent companies across global stock indices, including ASX 200 (Australia), HANG SENG (Hong Kong), Nikkei 225 (Japan), NSE Nifty 50 (India) and STI (Singapore).

Internal Promotions Drive CFO Succession in APAC

Despite a steady decline in the proportion of internal promotions in H1, they remain the preferred route for CFO appointments in APAC. In H1 2025, 57% of CFO appointments were filled through internal promotion, slightly down from 62% in H1 2024 and 76% in H1 2023. This shows that organisations in APAC are becoming more open to external talent, and reflects a growing demand for experienced talent to help navigate complex economic markets.

However, succession strategies differ across markets: Australia showed a marked preference for external hires, with only about one-third of appointments internal, contrasting with Hong Kong and Japan, where roughly two-thirds of new CFOs were promoted from within.
Japan’s leadership approach is particularly notable, with 77% of CFO appointments internal and all new CFOs being their first time in the role, highlighting a strong focus on developing fresh leadership without prior CFO experience.

Interestingly, this reliance on internal promotions deviates from trends seen in Western markets, where external appointments were more prevalent, suggesting that some organisations value candidates with internal experience over an external candidate with experience.

Within APAC: Shorter Tenures and a Shift Toward First-Time CFOs

The average tenure of outgoing CFOs in APAC during the first half of 2025 was 4.7 years, noticeably shorter than the global average of 6.2 years. While markets such as Hong Kong and India experienced longer tenures exceeding six years, other countries in the region saw CFOs serving approximately three to four years.

APAC’s willingness to appoint first-time CFOs reveals a unique regional pattern. Globally, 77% of external CFO appointments were made from experienced candidates amid rising market complexities. In contrast, only 30% of CFO hires in APAC were experienced leaders, with the majority (70%) being their first time in role. This is especially prevalent in markets like Japan, where every new CFO appointed in H1 2025 was a first-time CFO promoted internally. This divergence may stem from a culture that values trusted talent with business familiarity, combined with a shrinking pool of experienced executives due to rising retirement rates.

CFO Turnover Lowest in Financial Services With Strong Internal Promotion Trend

In H1 2025, Financial Services reported the lowest CFO turnover rate at 7%, significantly below the global average of 8% and nearly half the turnover seen in other industries such as Consumer (9.8%), Healthcare (13.2%), Industrial (11%), and Technology (9%). This indicates notably greater leadership stability within Financial Services.

Financial Services demonstrated the strongest preference for internal appointments, with 72% of CFO roles filled by internal promotions. In contrast, industries like Consumer, Industrial, and Technology showed a more balanced split, while external appointments accounted for 67% of CFOs in Healthcare.

Lin Liu, Executive Director, who co-leads the Financial Practice in Singapore at Russell Reynolds Associates explains, “The complexity and regulatory demands of the Financial Services sector underscore the importance of cultivating experienced, internally developed leaders who possess a deep understanding of the industry’s unique challenges. Such leaders are better positioned to navigate evolving geopolitical dynamics, compliance requirements, risk management pressures, and the intricacies of strategic financial planning. Their presence ensures continuity, preserves institutional knowledge, and provides stability during periods of market uncertainty. Consequently, there is a growing imperative to develop well-rounded financial services leaders who can adeptly manage political, economic, and financial complexities while guiding businesses through today’s volatile environment.”

Gender Diversity Remains a Key Challenge

Globally, the proportion of women appointed as CFOs declined to 22% in H1 2025, down from 28% in H1 2024 – a record H1 high. In APAC, women accounted for 22% of CFO appointments during this period, indicating that similar disparities persist within the region. For example, Japan has not appointed any women CFO for seven consecutive quarters, and Singapore has recorded only 1 women CFO appointment over the past eight quarters. 
Some sectors offer encouraging signs of progress. 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.

“While there has been a modest decline in CFO transitions within listed businesses compared to the same period in 2024, the pace of change in the private markets across Southeast Asia continues to accelerate. This is particularly evident in high-growth and strategically critical sectors such as digital infrastructure, energy transition, and healthcare. The CFO seat is increasingly viewed as a critical pathway to CEO succession. As organisations face heightened market volatility, regulatory complexity, and shifting investor expectations, boards and leadership teams are placing greater emphasis on ensuring the right talent is in place at the CFO level. Today’s CFOs are expected to combine technical financial expertise with strategic foresight, commercial acumen, and the leadership skills required to guide companies through uncertainty and position them for long-term growth,” concluded Lin.

Media Contact

Joann Chin
Russell Reynolds Associates
+65 6496 0614
joann.chin@russellreynolds.com