CFO turnover hits an eight-year high in 2026 David McCann Thu, November 12, 2026 at 9:03 AM EST 3 min read ^GSPC -0.59% This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter.
Thanks in large part to a wave of retirements, more CFOs have been appointed in the first three quarters of this year than in any such period in at least eight years, according to Russell Reynolds.
Among companies listed on major global stock indices, 15% welcomed a new finance chief during the first nine months, marking a high since the leadership advisory and executive search firm launched its current CFO Turnover Index in 2019.
Global turnover among finance chiefs was already high by historical standards, having reached 14% through the first three quarters of 2025.
Compared to the global turnover rate, turnover among large U.S. companies has been much more prevalent this year. The appointment rate for S&P 500 companies through September was 19%, compared with an eight-year average of 14%.
More than half (61%) of this year's CFO departures worldwide are attributable to either retirements or transitions to board roles — far above the eight-year average of 44% through the first three quarters. The next-most significant factor is CFOs moving into another CFO role, accounting for 13% of departures.
Several factors may be influencing the timing of departures. "The age profile points to a changing retirement pattern," Russell Reynolds said. "At least 29% of CFOs who retired or moved into board roles were aged 62 or older, while a growing cohort of finance leaders in their 50s appear to be moving into board careers earlier."
Additionally, the strong equity markets in recent years have increased the value of long-term incentives, giving more CFOs the flexibility to retire earlier.
While overall turnover is higher, fewer finance chiefs are ascending to the role from within companies. That has been the case for 53% of this year's new CFOs, down from 56% a year ago and the lowest Q1-to-Q3 share since at least 2019.
One factor driving that trend, according to Russell Reynolds, may be a growing mismatch between when CFO transitions occur and when internal candidates are ready to take on the role.
"The CFO mandate has evolved considerably in recent years, with greater emphasis on capital allocation, strategy, M&A and investor credibility, alongside traditional finance and operational capabilities," Russell Reynolds said in its report. "Yet the development of potential successors has not always evolved at the same pace."
The dip in internal promotions was especially vivid in the technology sector, where just 30% of CFO appointments were internal, compared with an eight-year average of 50%.
As a contrast to the higher-turnover trend, internal succession is keeping more CFOs where they are, Jenna Fisher and Jim Lawson, co-global leaders of Russell Reynolds' financial officers practice, told CFO.com.
"When we approach a CFO about an external role, one of our biggest 'competitors' is the chance of becoming CEO at their current company," they said. "Sitting CFOs are often one of a small handful of potential internal CEO successors, and many want to see that process through before considering a move elsewhere."
The data is consistent with this, they noted: 63% of CFOs who left for another role in Q1-Q3 2026 stayed with their company, up from 59% in 2025 and 44% in 2019.
Meanwhile, the proportion of women appointed to CFO roles has declined this year to 20% through September, compared with 24% in 2025 and an eight-year average of 22%. Still, "women continued to make a net gain in CFO representation" during the period, with 52 women appointed to CFO roles against 22 who departed.
