Global CFO Turnover Hits Record As Boards Reset Finance Leadership

Global Chief Financial Officer (CFO) turnover reached a record in 2025, according to the Russell Reynolds Associates Global CFO Turnover Index.

The report recorded 316 incoming CFOs worldwide, a 10% rise from 2024 and above the seven-year average of 281. Departures totalled 262, 2% higher than last year. Appointments exceeded exits by 54 roles; the widest gap since tracking began in 2019. The S&P 500 led the increase, with 106 CFO hires, up from 89 in 2024. Boards are seeking finance leaders who can manage cost programmes, operating model changes, and investor communication.

Traditionally, CFOs focused mainly on financial reporting, budgets, and numbers. But now boards and CEOs expect them to do much more. They are asked to lead big changes like cost restructuring, digital transformation, using new technology such as AI, and talking directly with investors. This broader role means CFOs need strategic, communication, and leadership skills beyond accounting.

Other factors behind the turnover include changes at the top (CEO turnover), activist investors pushing for different leadership, and many CFOs choosing to retire or move into other senior roles. Big shifts in leadership teams often lead companies to rethink who should be their finance leader.