The latest data shows that the proportion of CFOs promoted to CEO reached a ten-year high last year, with more than 10% of sitting CEOs coming directly from senior finance roles, compared with about 7% in 2024. The data comes from the Volatility Report published by Crist Kolder Associates.

However, Craig Stevens, managing partner at international executive search and leadership advisory firm Boyden and chair of its CEO and Board Services Advisory Committee, said this promotion path may slow as the economic environment turns more positive.

In an interview, Stevens noted that in a typical economic cycle, when "growth thinking dominates, you won't see this number continue to climb." By "this number," he meant the proportion of CFOs promoted to CEO.

Navigating the Winter: Why Finance-Background CEOs Are Favored in Tight Times

According to Stevens' LinkedIn profile, he began his career at KPMG, one of the Big Four accounting firms, joined Boyden, headquartered in Tarrytown, New York, in 2018, and served as chairman from 2021 to 2023. He previously founded and managed Cabot Consultants for 19 years and also worked at Korn Ferry. He recalled that many of his early search assignments were for direct CFO roles or financial controller positions.

Stevens said that over two decades in executive search, he has observed several factors that may prompt boards or company leadership to favor appointing a CFO as CEO.

"One is when cost control becomes a top priority; another is when the company needs someone to raise capital in the financial markets to expand the business or rescue it," Stevens said.

Currently, companies still face significant uncertainties—including ongoing economic volatility and large-scale geopolitical changes. Stevens pointed out that boards and company leadership are preparing for a "slow-paced" period, where the focus is on tightening spending and maintaining course stability rather than pursuing growth. At this point in the economic cycle, leaders tend to favor choosing a CFO as the next CEO because "numbers are the true language of business."

"The CFO is someone they interact with frequently during other phases of the economic cycle," Stevens said. "They know this person well and likely have a high degree of trust in them, because the CFO is responsible for presenting the numbers, and if those numbers have been consistently honest over time, it creates a sense of comfort."

However, when the economy stabilizes or enters an upward phase, the proportion of CFOs promoted to CEO is likely to fall from its current high—because corporate priorities shift, and the skills needed at the helm change accordingly.

"The CFO is typically seen as the functional leader who can tighten the belt and guide us through the winter," Stevens said. "Once spring arrives, the focus shifts to capturing market share, requiring a CEO who knows the market and understands customers."

Taking Off the CFO Hat: Transition Priorities for New CEOs

For those moving from the CFO role into the CEO office, Stevens believes one of the most critical tasks is "building strong stakeholder relationships, especially with new stakeholders they haven't engaged with before."

Stevens also advised that "new CEOs" from senior finance roles must ensure they truly take off the CFO hat.

"The CFO is seen as a counterbalance on the operational side, so they need to reposition themselves, genuinely hand over financial authority to their successor, and view the entire executive team without bias—not favoring the role they just left," he said.