2025 Russell Reynolds Associates (RRA) Global CFO Turnover Indexreleased this morning, shared exclusively with CFO Daily. Data from the global leadership advisory firm shows record levels of appointments along with sustained exits, as boards seek finance leaders who can lead change, manage external stakeholders, and better serve as potential CEO successors.

Global CFO appointments hit a seven-year high in 2025 with 316 incoming CFOs, a 10% increase over 2024 and 12% above the long-term average of 281.

The S&P 500 was a major driver: companies hired a record 106 CFOs in 2025, up 19% from 89 in 2024 and above the seven-year average of 86. Departures remain high, with 262 CFO exits worldwide—2% higher than in 2024‑5% higher than in 2024‑5% which is above average in 2024 and 5% higher than 2024 and 5% than average roles, the widest gap since Russell Reynolds began tracking CFO turnover in 2019.

Behind these numbers there is a paper under increasing pressure. Linda Barham, who heads the US Financial Officers Practice at RRA, says the job of the CFO has become “more complex,” with a clear expansion in scope. Today’s traditional finance responsibilities often include enterprise-wide cost restructuring, shared services development, and large-scale operating model redesign. At the same time, CFOs face high external pressure, with boards expecting them to be front-line communicators to investors and the Street on stories of strategy, performance, and change.

Technology and AI are fueling this shift. AI is now a regular board- and CEO-level topic in CFO searches, but Barham says companies aren’t typically looking for “AI-native” finance chiefs. Instead, they want experienced leaders who have already guided organizations through major business transformations—such as digital modernization, cost programs, and restructuring—and can leverage AI capabilities and data-driven innovation.

Nick Roberts, who led the search for CFO and senior financial officer at RRA, highlighted two additional drivers of churn: record CEO turnover and increased shareholder activism. CEO turnover in 2025 is 21% more than the eight-year average, and new CEOs often reassess the CFO seat as they shape their top team. Activist campaigns are also up sharply compared to 2024, putting more scrutiny on strategy, capital allocation, and leadership, and prompting boards to question whether they have the right CFO for the company’s next chapter.

Retirement plays a bigger role role of turnover as well. In the US, almost half of outgoing CFOs will retire by 2024, rising to about 62% by 2025, supported by strong stock-market performance and a desire for “planned exits.” Of those who haven’t retired, about 45% have moved into non-CFO roles such as president, P&L leader, or CEO, solidifying the CFO chair as a proven pathway to broader business leadership, Barham said.

Despite the complexity, first-time CFOs still dominate the pipeline, accounting for 57% of future global CFOs in 2025. At the same time, experienced CFO appointments increased to 135, the highest level in seven years and up 16% annually, as boards look for leaders who can make an impact quickly.

For aspiring CFOs, Barham and Roberts emphasize three priorities: seeking candid feedback about readiness, making smart lateral moves in areas such as supply chain, M&A, or general management, and proactively building board and external-stakeholder exposure through investor relations, treasury, or strategic finance work.

One of the most surprising findings is how unprepared many companies are for this level of churn. Only 16% of CFOs say their organization has a proactive succession plan, and less than one in five believe their company is as prepared as it should be. Some leading companies now run multi-year market scans two to three years in advance of anticipated changes, while others remain stuck in reactive, event-driven processes, leaving them exposed when change hits.

With continued complexity, high CEO turnover, activist pressure, and a potential uptick in IPOs expected in 2026 and 2027, CFO turnover is unlikely to ease, Barham said. And the influence and expectations attached to the role will only grow.

cheryl Estrada
[email protected]

LeaderBoard-

Rita Johnson-Greene appointed CFO of Ocugen, Inc. (Nasdaq: OCGN), a biotechnology company. Johnson-Greene has more than 20 years of experience in healthcare. He most recently served as chief operating officer of the Alliance for Regenerative Medicine. Prior to that, he was the VP of sales and qualified treatment centers at Genetix Biotherapeutics (formerly known as bluebird bio). Johnson-Greene also holds senior leadership positions at Spark Therapeutics.

Chelsea Pullano appointed CFO of Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), an operator of metal recycling facilities. Pullano has experience supporting public and private companies in accounting, financial reporting, and strategic finance. He founded MACK in May 2023, an accounting and advisory firm. Since May 2023, he has served as partner and chief executive officer of MACK. Previously, Pullano served as CFO of Creatd, Inc., and director of finance at the law firm Lucosky Brookman LLP.

Great Deal

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Fintech Robinhood announced on Tuesday night that a developer version of its custom-built blockchain, known as Robinhood Chain, is live. “The move, announced at the Consensus event in Hong Kong, comes as the company accelerates its push into crypto-based financial services, including tokenized versions of popular stocks,” Roberts wrote. Read more here.

Heard

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—Paul Hudson, CEO of Sanofi, wrote a luck opinion piece.