CFOs on the Hot Seat as Turnover Hits 7-Year High

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The chief financial officer seat, though still at the fulcrum of board confidence, has become one of the most volatile roles in the executive suite. According to new data from leadership advisory firm Russell Reynolds Associates, CFO appointments last year increased 10% to 316 globally, a seven-year high across 13 major stock indexes.

While retirements accounted for 60% of the CFO departures, role fatigue and burnout were growing factors contributing to the turnover. Jenna Fisher, co-head of Russell Reynolds’ CFO practice, said grueling schedules and mounting responsibilities tied to the role have led many veterans to rethink their priorities

“There is a post-COVID notion of ‘we’re going to enjoy life, and we’re not just going to eke out every penny possible’,” she said in an interview. A catalyst for this move is the widening range of flexible positions that are available such as board work, advisory roles and broader enterprise leadership roles – especially in private equity – to which CFOs are in hot demand.

Changes in the chief executive officer position also lead to other changes in the C-suite, with the record levels of CEO turnover in 2025 subsequently triggering CFO turnover as well. According to Fisher, more than 50% of companies that appoint a new CEO will see a CFO change within 18 months. In some cases, these outcomes are more relationship-driven than performance-based.