CFO turnover at the world’s largest listed companies reached 15.1% in 2024, the second-highest level on record, according to a report from Russell Reynolds Associates. The figure is just below the 16.2% peak recorded in 2023, surpassing the six-year average of 14.8%.
The findings, based on CFO departures from 12 major stock indices including the S&P 500 and FTSE 250, show growing pressure on finance chiefs amid investor activism, regulatory complexity, supply chain volatility and inflation. Both indices recorded their highest CFO turnover in six years, with the S&P 500 matching its 2021 peak.
More than half (54%) of outgoing CFOs in 2024 either retired or moved to board roles—the highest proportion in six years. The average tenure of a CFO now stands at 5.8 years. The average age of exit fell to 56.6 years, the youngest since 2018.
The evolving demands of the CFO role are contributing to the turnover. In addition to financial stewardship, CFOs are increasingly responsible for operations, IT, legal and real estate, often serving as de facto COOs. Boards are also viewing CFOs as potential CEO successors. In 2024, 34% of departing CFOs transitioned to CEO or president roles, while another 30% moved into other senior executive positions.
Internal succession is becoming more common. Of the CFOs appointed in 2024, 54% were promoted from within. These internally promoted executives tend to stay longer, averaging 6.5 years in the role compared to 5.9 years for external hires.
The demand for CFOs with capital markets and M&A experience is rising in the Middle East as regional firms expand globally. Burak Gorbon, Head of Financial Services and Financial Officers Practice MENAT at RRA, said local market expertise and regulatory understanding are increasingly critical for regional finance leaders.
The report also highlighted a rise in gender diversity. Of the 275 CFOs appointed globally last year, 70 were women—a six-year high. The tech and financial sectors led this shift, with women making up 36% and 39% of CFO hires respectively, double the 2023 share.
