More than 15% of chief financial officers in publicly listed companies left their roles in 2024, according to research by Russell Reynolds Associates.

The recruitment and management consultancy said a high retirement rate was one of the key drivers of the level of turnover, which was just below record turnover of 16.2% in 2023.

Both the FTSE 250 and the US Standard & Poor’s (S&P) index saw their highest levels of CFO turnover in six years. More than half (54%) of outgoing CFOs retired or moved into board roles.

More than a third (34%) went on to chief executive or company president roles.

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The company said that high expectations of today’s CFOs were also driving turnover: CFOs need strong business acumen, be highly effective communicators and influencers, alongside understanding how to use AI to drive efficiencies and the impact of geopolitics.

This means boards at the biggest companies seek CFOs with broad experience. In 2024, 40% of global CFO appointments were experienced CFOs, the highest percentage in six years.

Average CFO tenure is at a six-year low, according to Russell Reynolds, of 5.8 years. Combined with high retirement rates, this means businesses need robust succession plans in place for this key role. The average age of retirement fell to 56.6 years old.

In 2024, 70 out of 275 CFOs appointed were women, the highest proportion of female CFOs in six years. More than half of these appointments (54%) were internal.

Technology and financial services companies hired the most women CFOs, with 36% of technology appointments and 39% of financial services appointments filled by women.

Ben Jones, co-head of Russell Reynolds’ European CFO practice, said market pressure on CFOs was “fierce”.

“It’s a demanding role with increasing levels of stress,” he said. “High turnover among chief executives can also drive CFO departures, with executives seeking to establish management teams aligned to their strategy.”

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