CFO turnover reached its second highest rate around the world in 2024, according to new research, which argues the increased movement of finance leaders closely mirrors the turnover of chief executives.

A report from headhunting firm Russell Reynolds says chief finance officer turnovers across the world’s largest companies stood at 15.1%, just behind the previous year’s record high of 16.2% and above the six-year average of 14.8%.

Ben Jones, co-head of Russell Reynolds’ European CFO practice, says rising investor activism, economic pressure and high turnover of CEOs have all played a part in maintaining high movement of CFOs.

“Market pressure on the CFO is so fierce,” says Jones, “given some of the uncontrollables in the global context.”

The report suggests the pressure on the role has caused many CFOs to question whether the job is worth it: the highest proportion for six years, 54%, have either retired or moved on to board positions.

Russell Reynolds’ global index of CFO turnover looks at the 12 largest indices around the world.

CFO turnover closely tracks the movement of CEOs. Across the same indices, Russell Reynolds say CEO change was up 9% in 2024.

There is also added pressure from “more complex demands” on CFOs, resulting from activists seeking to make changes in executive teams.

Going strong

Jim Lawson, co-head of Russell Reynolds’ global CFO practice, says: “In response CFOs will need to be more operational—stronger on strategy, capital allocation and investor relations.”

Increasing regulation is also heightening pressures in finance leadership.

Careers following on from a CFO position are also looking more attractive. Many finance chiefs moved to “president” or chief executive jobs, with many more CFOs than before heading toward “general management roles”.

CFOs are also moving to private equity earlier in their careers.

Russell Reynolds says the role of CFOs has been transformed, moving from “traditional finance-focused” work to a position of “far broader strategic influence”.

Artificial intelligence is coming to play an increasingly important role for CFOs, who are expected to use it to “drive efficiencies” and reduce operating costs.

Others see the CFO’s role expanding even further. One commentator writes for Board Agenda: “CFOs who can influence areas traditionally outside their remit, such as market expansion, digital transformation and ESG initiatives, are reshaping investor perception of strong leadership.”

A record number of women are becoming CFOs, with the number of annual appointments reaching a six-year high. Russell Reynolds found that, of 275 CFO appointments in the 12 indices last year, 70 were women.