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, and whether CFOs are internal or external hires.
CFO turnover - Russell Reynolds Associates

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Q1 2024: CFO turnover trends



CFO turnover spiked in the first quarter of 2024.

A total of 82 new CFOs were appointed in Q1 2024. This number is on par with the record CFO turnover seen in Q1 2021, and demonstrates that as economic uncertainty becomes the new normal for organizations, the trepidation to replace CFOs has dissipated.




Three-year high in women CFO appointments.

While women remain underrepresented in the CFO role, in Q1 2024, of the 82 CFOs appointed, 20 were women—the highest number of women CFO appointments since Q1 2021.

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





Over half of CFOs are internal appointments.

CFO succession plans are coming to fruition, with 55% of global incoming CFOs 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 exclusively internal, but in more western indices, there was more reliance on external appointments. For those externally appointed, experienced CFOs have been increasingly favored, as organizations navigate complex economic markets.





The tech industry saw the highest CFO turnover.

The tech industry recorded the highest CFO turnover since Q1 2022 at 6.2%. Three-quarters of the technology CFO turnover is from the S&P 500, where many are rethinking the growth CFO archetype in favor of CFOs with strategic and operational rigor, who can ensure sustainable growth and profitability.

With high turnover in the tech industry, strides in gender diversity have been made, with 38% of incoming CFOs being women, the highest proportion since 2021 records.

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)







Surviving CFO Turnover: Lessons from Companies that Nailed Succession Planning


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