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Latest NewsExecutive recruitmentLabour turnoverRetention of staff

CFO turnover at six-year high as pressure builds

by Jo Faragher 31 Mar 2025
by Jo Faragher 31 Mar 2025 CFOs need more than business and financial acumen to succeed
Shutterstock
CFOs need more than business and financial acumen to succeed
Shutterstock

More than 15% of chief financial officers in publicly listed companies left their roles in 2024, according to research by Russell Reynolds Associates.

The recruitment and management consultancy said a high retirement rate was one of the key drivers of the level of turnover, which was just below record turnover of 16.2% in 2023.

Both the FTSE 250 and the US Standard & Poor’s (S&P) index saw their highest levels of CFO turnover in six years. More than half (54%) of outgoing CFOs retired or moved into board roles.

More than a third (34%) went on to chief executive or company president roles.

Executive recruitment

Mid-sized UK firms slow to improve boardroom ethnic diversity 

Female representation on FTSE 100 boards rises to 43%

The company said that high expectations of today’s CFOs were also driving turnover: CFOs need strong business acumen, be highly effective communicators and influencers, alongside understanding how to use AI to drive efficiencies and the impact of geopolitics.

This means boards at the biggest companies seek CFOs with broad experience. In 2024, 40% of global CFO appointments were experienced CFOs, the highest percentage in six years.

Average CFO tenure is at a six-year low, according to Russell Reynolds, of 5.8 years. Combined with high retirement rates, this means businesses need robust succession plans in place for this key role. The average age of retirement fell to 56.6 years old.

In 2024, 70 out of 275 CFOs appointed were women, the highest proportion of female CFOs in six years. More than half of these appointments (54%) were internal.

Technology and financial services companies hired the most women CFOs, with 36% of technology appointments and 39% of financial services appointments filled by women.

Ben Jones, co-head of Russell Reynolds’ European CFO practice, said market pressure on CFOs was “fierce”.

“It’s a demanding role with increasing levels of stress,” he said. “High turnover among chief executives can also drive CFO departures, with executives seeking to establish management teams aligned to their strategy.”

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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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