01

CFO turnover spiked in the first quarter of 2024.

A total of 82 new CFOs were appointed in Q1 2024. This number is on par with the record CFO turnover seen in Q1 2021, and demonstrates that as economic uncertainty becomes the new normal for organizations, the trepidation to replace CFOs has dissipated.

02

Three-year high in women CFO appointments.

While women remain underrepresented in the CFO role, in Q1 2024, of the 82 CFOs appointed, 20 were women—the highest number of women CFO appointments since Q1 2021.

To build on this progress and achieve true gender balance in the CFO role, organizations must build robust and diverse internal pipelines and invest in structured sponsorship programs that target underrepresented groups.

03

Over half of CFOs are internal appointments.

CFO succession plans are coming to fruition, with 55% of global incoming CFOs appointed internally.

But, certain indices are more successful at promoting internal CFO talent than others. The Nikkei 225 and Hang Seng’s CFO appointments were exclusively internal, but in more western indices, there was more reliance on external appointments. For those externally appointed, experienced CFOs have been increasingly favored, as organizations navigate complex economic markets.

04

The tech industry saw the highest CFO turnover.

The tech industry recorded the highest CFO turnover since Q1 2022 at 6.2%. Three-quarters of the technology CFO turnover is from the S&P 500, where many are rethinking the growth CFO archetype in favor of CFOs with strategic and operational rigor, who can ensure sustainable growth and profitability.

With high turnover in the tech industry, strides in gender diversity have been made, with 38% of incoming CFOs being women, the highest proportion since 2021 records.

Why CFOs Are Increasingly Becoming
A Flight Risk

CFO Turnover in 2022 Slows, But Don’t Expect
it to Stay

2021: The year of CFO turnover and strides in gender diversity