CFO turnover has remained elevated over the past seven years and reached a new high in 2025. Globally, 316 CFOs were appointed in 2025—the highest level in our seven-year series and 12% above the seven-year average of 281 (2019–2025). CFO departures also remained high, with 262 exits in 2025 versus a seven-year average of 250.

Elevated CFO turnover reflects a combination of factors. Retirement-driven exits are rising. At the same time, the CFO mandate has expanded: boards and CEOs are increasingly looking for CFOs who can operate as strategic thought partners, build confidence with investors and the board, and lead through volatility and transformation. High CEO turnover can also create additional movement—as incoming CEOs reassess their leadership teams and as CFOs continue to be a natural successor for the CEO and other broader enterprise roles.

There were 316 CFO appointments globally in 2025. This included:

• 106 CFO appointments in the S&P 500.
• 49 CFO appointments in ASX 200.
• 23 CFO appointments in the FTSE 100.

There were 262 CFO departures globally in 2025. This included:

• 89 CFO departures in the S&P 500.
• 38 CFO departures in ASX 200.
• 21 CFO departures in the FTSE 100.

In 2025, women accounted for 67 global CFO appointments (21% of all appointments), compared to 249 for men.

• 16 women CFOs were appointed in the S&P 500.
• 13 women CFOs were appointed in the ASX 200.
• 8 women CFOs were appointed in the FTSE 100.

In 2025, first-time CFOs accounted for 57% of global appointments. However, the proportion of experienced CFO hires grew, accounting for 43% of global CFO appointments—the highest share in our seven-year series.