Press Release
9 March 2026, Singapore – According to Russell Reynolds Associates' (RRA) latest Global CFO Turnover Index in 2025, a significant wave of retirement is fundamentally reshaping the CFO succession landscape and directly contributing to a surge in first-time CFO appointments.
Out of 73 CFO departures in Asia Pacific (APAC) in 2025, a striking 62% were due to retirement, marking an increase from 57% in 2024. This trend has led to 58% of all APAC CFO appointments being first-time CFOs, as the region recorded 92 total appointments, surpassing its 7-year average of 85.
Globally, CFO appointments reached a 7-year record high, with 316 incoming CFOs, up 10% from 2024. The Asia Pacific (APAC) region recorded a total of 92 CFO appointments, up 31% from 2024.
In 2025, Australia recorded 49 appointments, 15 in Japan, 14 in Hong Kong, 9 in India and 5 in Singapore. 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).
Retirement remained the leading driver of CFO departures in 2025. Globally, retirements accounted for 60% of outgoing CFO exits, up from 55% in 2024 and significantly above the long-term average of 43% (since 2019).
This trend was similarly reflected in APAC, where 45 of the 73 CFO departures were due to retirement, with the remainder transitioning to new roles. While Australia, Hong Kong and India saw a clear majority of CFO exits driven by retirement (71%, 70% and 66% respectively), Singapore displayed a more balanced split, with only 50% retiring. Japan stood out as the main outlier, with only 34% of departing CFOs retiring and most moving on to new positions.
"The demographic shifts, particularly the ageing population, necessitate businesses to critically re-evaluate their succession pipelines and the evolving qualifications for the CFO role," stated Adelin Choy, who co-leads APAC Financial Officers Practice at Russell Reynolds Associates, "This environment is, in turn, leading to the talent pool becoming more diverse. For boards and CEOs, this increases the share of foreseeable transitions, creating an opportunity to plan earlier, sequence handovers more deliberately, and reduce disruption."
Despite the evolving succession landscape, APAC organisations maintained a balanced approach to recruitment, with nearly evenly matched internal (47) and external (45) CFO appointments.
This balancing act coincided with a strong inclination towards first-time CFO appointments. Globally, 57% of all CFO appointments were first-time CFOs, even as experienced CFOs represented 43% of appointments, the highest share in seven years. APAC mirrored this trend, with 58% of appointments going to first-time CFOs, and 42% to experienced candidates, a figure consistent with 2024.
The elevated global CFO turnover is also reflected in APAC, where 92 appointments were recorded, exceeding the region's 7-year average of 85. This marks the second highest number recorded in the region, just shy of the 2022 peak of 106 appointments.
“The record CEO turnover observed in 2025 has significant ripple effects on CFO positions,” stated Adelin Choy. “Incoming CEOs often prompt adjustments within their finance leadership teams, while CFOs themselves are increasingly identified as prime candidates for CEO and other broad enterprise roles. These dynamics underscore the critical need to treat CFO succession as a continuous governance discipline, rather than an ad-hoc process triggered only by an impending departure.”
Joann Chin
Russell Reynolds Associates
+65 6496 0614
joann.chin@russellreynolds.com
Russell Reynolds Associates is a global leadership advisory firm. Our 500+ consultants in 47 offices work with public, private, and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today’s challenges and anticipate the digital, economic, sustainability, and political trends that are reshaping the global business environment. From helping boards with their structure, culture, and effectiveness to identifying, assessing and defining the best leadership for organizations, our teams bring their decades of expertise to help clients address their most complex leadership issues. We exist to improve the way the world is led.
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