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, tenure, and whether CFOs are internal or external hires.

CFO turnover - Russell Reynolds Associates

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What this means for CFO succession

The H1 2026 data points to a CFO market characterized by a record appointment rate, a year-over-year rise in the share of first-time CFOs, and a growing proportion of retirement-driven departures. These trends are closely connected.

As experienced CFOs retire, the supply of seasoned finance leaders may tighten, increasing the likelihood that organizations will need to consider first-time candidates. Where a ready internal successor exists, boards may be more willing to appoint a first-time CFO whose organizational knowledge and established relationships can support a smooth transition. Where the required capabilities are not available internally, boards may need to search externally or use an interim appointment to maintain continuity while evaluating longer-term options.

Together, these trends make CFO succession both more urgent and more complex. Boards can no longer afford to treat succession as a replacement exercise that begins only when a departure is imminent. They need deeper pipelines, earlier development of potential successors, and rigorous assessment against the future mandate—not simply the role as it exists today.

As our research, The CFOs Built for Volatility: What Sets High-Performing Finance Leaders Apart, shows, today’s highest-performing CFOs are increasingly expected to act as enterprise-wide strategic orchestrators—aligning capital, technology, transformation, talent, and operational resilience while maintaining command of the finance fundamentals. This raises the importance of assessing first-time candidates not only for technical readiness, but also for the judgment, learning agility, and leadership capacity required by the expanded mandate.

Organizations that invest in succession depth now will be better positioned to develop and retain CFOs capable of leading through volatility.

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What is CFO turnover?

CFO turnover refers to the rate at which CFOs depart and are appointed into CFO roles. It can be a helpful indicator of wider CFO market trends, including talent pools, internal pipelines, and broader economic trends.

How has CFO turnover changed for public companies?

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.

Source: CFO Turnover Index, Russell Reynolds Associates (2025)

Why is CFO turnover so high for public companies?

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.

Source: CFO Turnover Index, Russell Reynolds Associates (2025)

How many CFOs were appointed globally in 2025 at public companies?

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.

Source: CFO Turnover Index, Russell Reynolds Associates (2025)

How many CFOs of public companies stepped down in 2025?

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.

Source: CFO Turnover Index, Russell Reynolds Associates (2025)

What is the proportion of women CFO appointments at public firms in 2025?

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.

Source: CFO Turnover Index, Russell Reynolds Associates (2025)

What proportion of new CFOs of public companies were first-time CFOs in 2025?

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.

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