_{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, CFO turnover reached a four-year high of 15.1%.

In the first three quarters of 2023, global CFO turnover remains high, with 200 CFOs leaving their positions so far this year, compared to 196 across the same period in 2022.

Highlights from the Q3 2023 Global CFO Turnover Index

Women remain largely underrepresented in the CFO role

• • Although more women are becoming CFOs than ever before—with 49 new appointments in the first three quarters of 2023—in Q3 2023, only 22% of new CFOs appointed were women.
  
  

• • This picture varies around the world. In Q3 2023: 

  • • 21% of new CFOs appointed in the S&P 500 were women.

  • • 13% of new CFOs appointed in the ASX 200 were women.

  • • 80% of new CFOs appointed in the FTSE 100 were women.

Next-generation CFOs are here

In Q3 2023, 62% of global incoming CFOs were first-timers, on par with 2022 figures.

CFO succession plans are also coming to fruition, with 60% of global incoming CFOs appointed internally. Around the world, certain indices are more successful at promoting CFO talent internally than others. In 2023:

• • 100% of incoming CFOs in the Nikkei 225 were appointed internally.

• • 100% of incoming CFOs in the Nifty 50 were appointed internally.

• • 92% 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:

• • 57% and 64% of incoming CFOs in the FTSE 100 and 250 respectively were appointed externally.

• • 35% 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