Asia Pacific CFO turnover falls 24% in 2024, outpacing global average of 7% decrease in CFO turnover

14 May 2025, Singapore – CFO turnover in Asia Pacific decreased by 24% in 2024, compared to 2023. In 2024, 69 CFOs were appointed, a figure lower than the 88 new appointments observed in 2023, according to data from Russell Reynolds Associates’ 2024 Global CFO Turnover Report.

The analysis tracks incoming and outgoing CFOs from 13 global indices, across various metrics such as tenure, industry, and whether the outgoing/incoming CEOs are internal/external hires, their genders, and if they are first-time or experienced CFOs.

While Asia Pacific CFO turnover in 2024 dipped below 2023 figures, global CFO turnover in 2024 experienced just a decrease of 7% compared to 2023 (275 departures in 2024 and 295 departures in 2023), with the S&P 500 seeing its highest CFO turnover in six years.

With approximately two-thirds of Asian-listed companies being family-controlled/owned, CFO turnover is unsurprisingly lower than the global average, with companies prioritizing stability and usually taking longer to identify or groom a replacement, as it takes time to build strong internal networks and trust with key family members.

Adelin Choy, Executive Director and APAC CFO Practice lead, Russell Reynolds Associates said: “Through our CFO Turnover Index, we can see how companies in Asia Pacific react differently to companies in other regions in times of macroeconomic and geopolitical uncertainty. The lower turnover rate in Asia Pacific, driven in part by the prevalence of family-owned businesses, suggests a different set of priorities and dynamics at play compared to other regions, particularly the S&P 500 which saw a six-year high in CFO departures. In Asia Pacific, the need to cultivate deep relationships and trust within family-controlled organisations necessitates a more measured approach to CFO transitions, prioritizing long-term stability over rapid change.”

First timer CFOs and internal promotion favoured in today’s volatile and uncertain business environment.

Despite the complexity of today’s business environment brought about by trade tensions and rapidly evolving technology, more companies hired first-timer CFOs in 2024, compared to experienced CFOs. In Asia Pacific, 67% of newly appointed CFOs were first timers, higher than the percentage of first timer CFOs appointed globally, at 60%.

However, more companies preferred to appoint an internal candidate as CFO, indicating companies’ conservative approach to appointing a CFO familiar with the company, instead of hiring externally. In 2024, 66% of incoming CFOs in Asia Pacific were internal appointments, surpassing the global percentage of internal appointments at 54%.

“The 2024 data presents a fascinating duality in CFO appointments. We're seeing a significant number of first-time CFOs stepping into the role, suggesting a desire for fresh perspectives. However, the even stronger preference for internal candidates, especially in Asia Pacific, indicates that companies are clearly prioritising familiarity and deep institutional knowledge, seeking CFOs who already understand the nuances of their business," said Adelin.

Shorter CFO tenures in Asia Pacific indicative of the pressing need for robust CFO succession practices.

In 2024, the average outgoing CFO tenure globally reached a six-year low of 5.8 years. Across Asia Pacific, CFOs are lasting shorter than their global counterparts, with an average outgoing CFO tenure of 4.7 years. With volatility being the new normal, it is imperative that boards plan ahead for succession, in order to future proof their organisations.

Media Contacts

Russell Reynolds Associates
Joann Chin
joann.chin@russellreynolds.com