CFO turnover surged in 2025, with rising promotions to CEO roles reflecting the evolving leadership expectations in uncertain times.
American CFO turnover reached a seven-year high in 2025, according to the executive search boutique Crist Kolder Associates. Russell Reynolds Associates, another executive search firm, also saw the same trend in its CFO turnover index.
In 2025, there were 316 incoming CFOs globally, 10% more than the year before. The primary reason for these changes is retirement: 60% of outgoing CFOs decided they had reached the right age to leave.
Nevertheless, another reason appears to fulfill the finance expert’s churn. CFOs receive promotions to the top position more often than before. Crist Kolder Associates notes that in 2025, 10.3% of CEO hires in the Fortune 500 and S&P 500 came from the CFO field, well above the 7.1% recorded in 2024.
CFO Promotions Span Diverse Sectors
Nalin Negi, an interim CFO, transitioned last year to CEO at Indian Fintech BharatPe. PB Balaji, the CFO of Indian auto manufacturer Tata Motors, became CEO of its subsidiary Jaguar Land Rover. Chris Turner, the CFO and chief franchise officer of Yum! Brands took the CEO seat in October 2025.
In 2026, again, the number crunchers are taking the helm. Canadian athletic apparel retailer Lululemon promoted its CFO, Meghan Frank, to interim co-CEO in February. In Japan, Kenta Kon, Toyota’s CFO, will transition to the number one position in April. And there is speculation about Lin Tao, who became Sony’s CFO in March 2025. His finance position could open the path to the CEO seat.
Meanwhile, Michael Cavanagh studiously earned the top job at American cable provider Comcast: the CFO was named president in 2022, and co-CEO in 2026.
Boards used to promote financial wizards when directors felt cost control was needed, but their view at the top has evolved. They now believe that CFOs can also drive growth. Russell Reynolds turnover index emphasizes the proximity between the board and the CFO.
Directors know the CFOs; they have regular interactions with their executives. When they look for a potential number one who can navigate artificial intelligence disruption and geopolitical uncertainties, they go back to their CFO. There is a premium on experience.
