Core Summary

  • The 2025 Global CFO Turnover Index, released on Wednesday by leadership advisory firm Russell Reynolds Associates, shows that the number of new CFO appointments worldwide reached 316 in 2025, a seven-year high and a 10% increase year-over-year. During the same period, the CFO turnover rate among S&P 500 companies rose 19%, to 106.
  • The report attributes the continued rise in turnover rates primarily to the heavier workload of CFOs and the "mega mandates" given to them that extend beyond traditional finance responsibilities. Additionally, pressure to drive leadership changes is increasing when boards or investors disagree with CFOs.
  • The report notes: "As expectations rise, CFO turnover becomes more frequent—either because boards and investors demand that CFOs keep pace and have confidence in them, or because CFOs choose to retire or seek new opportunities and exit voluntarily."

In-Depth Analysis

Last year's turbulent geopolitical environment and rapid technological advancements may have partly driven the rise in turnover rates. The report states that the performance pressures faced by CFOs and the accelerating external agenda often trigger leadership changes as well.

Jim Lawson, global co-lead of Russell Reynolds' financial officers practice, said in a statement accompanying the report: "As organizations navigate the impact of tariffs, AI, and other rapidly evolving issues, CEOs and boards are evaluating whether their CFOs can clearly articulate the path forward to investors and the board."

Retirement is also a key driver. Last year, CFOs who chose to leave their CFO positions or transition to purely board roles accounted for 60% of all departures, a seven-year high, up from 55% in 2024.

The report says: "As the pace of change in the external environment and the CFO role itself accelerates, many veteran CFOs are choosing to retire." It also mentions that Russell Reynolds has heard "increasing mentions of role fatigue and burnout."

For those hoping to see greater female representation in CFO roles, the report brings no good news. Last year, women accounted for 21% of new CFOs, down from 26% in 2024.

However, the report notes that year-to-year fluctuations in the proportion of female CFO appointments can sometimes be influenced by the share of women in senior leadership roles within the hiring industry.

The analysis is based on companies covered by 13 global stock indices, including the S&P 500, FTSE 100, and Nikkei 225.