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When a CFO leaves a company — whether by resignation, retirement, or termination — the clock starts immediately. CFO turnover hit a seven-year high in 2025, making succession planning more critical than ever. As a consequence, demand for highly skilled interim CFOs remains high.
A whopping 262 CFOs left their jobs globally in 2025, continuing a multi-year trend of high turnover. In the S&P 500 alone, CFO turnover surged to a record 106 appointments in 2025, up sharply from 89 the year prior.
According to the management consulting firm Russel Reynolds Associates, which keeps track of CFO comings and goings, “Global CFO appointments reached a seven-year high in 2025, with 316 incoming CFOs (+10% YoY) and 12% above the seven-year average of 281 appointments. This continued upward trajectory is a clear signal that elevated CFO churn is now a persistent feature of today’s governance landscape.”
That means even big public companies are at risk of CFO turnover, whether by resignation, retirement, or termination, and every company needs a strong succession plan to ensure continuity in financial leadership.
SEC Filings and Beyond
Historically, the workload of a CFO at a public company was focused on compliance with Securities and Exchange Commission filings, best accounting practices, and financial reporting.
Today, Chief Financial Officers — whether they work at a public company or a private one — need far more than stellar accounting skills.
As Russell Reynolds put it: “Organizations faced greater pressure to communicate through uncertainty — on performance, outlook, and fast-evolving topics such as tariffs and AI — putting a premium on CFOs who can articulate the path forward in high-stakes forums.”
Boards and CEOs want CFOs who can operate as strategic thought partners, build confidence with investors and the board, and lead through volatility and transformation, the consulting firm says.
Change is Not New
The role of the CFO has evolved over the last two decades, due to the accelerated pace of the digital age. Today, a CFO must not only understand a business from start to finish to provide financial excellence, but also must predict what is coming from a strategic standpoint and be ready to evolve.
The hardships that came with the 2008 recession pushed CFOs to serve in a more strategic role, one that focuses on people, strategy, and externally focused communication.
As Deborah O’Connor, a veteran CFO who was named Executive Vice President and CFO of ACCO Brands in 2022, said at a pre-pandemic event hosted by the National Association of Corporate Directors: the “CFO of 10 years ago is the Controller of today.”
Great CFOs cross borders as well, whether private, public, private equity-backed, or family-owned. O’Connor said that while you might have different constituencies in each of those types of organizations, the foundation is the same: controls have to be in place, good projections must be forecast, decisions on prioritization must be made.
Most importantly, a successful CFO must bond with the CEO, empowering them to take the charge forward in a positive direction.
How to Find the Right CFO for Your Company
In a perfect world, every organization would have a well-thought-out succession plan that would be activated when a CFO resigns, retires, or is promoted. But this is a far from perfect world. Only 16% of CFOs told Russell Reynolds that their organization has a proactive succession plan in place.
Even if there is a plan in place, chances are strong there will be a financial leadership gap.
The implication for companies is clear: CFO turnover is no longer an occasional disruption, it’s an ongoing reality. With leadership transitions happening more frequently and often with little warning, organizations that lack a clear succession or contingency plan are increasingly exposed. This is where interim CFO leadership becomes critical, providing stability, continuity, and experienced financial oversight during periods of transition.
Here’s how to know when to bring in an experienced, vetted interim CFO is the right person to bridge that leadership gap:
How an Interim CFO Can Help
A high-quality interim CFO can immediately jump in to provide a fresh outside perspective to assess the organization and team and create a roadmap to keep forward movement. An interim can also identify what is needed in the next full-time CFO, assist with the CFO search or mentor a team member internally to eventually step into the role.
“It’s a calming notion to have someone come in and fill the seat so the seat is not empty for very long. It gives people someone to look up to, to talk to and share their anxieties with,” says Interim CFO Larry Firestone, who has led companies from startup to a $500 million public energy company.
Larry is an experienced Chief Financial Officer on InterimExecs’ RED Team, an elite team of top CFOs and other C-suite leaders who bring a variety of industry experience in growing and turning around companies.
He has seen operations come to a halt when the CFO role goes vacant. “An Interim CFO is a senior executive that has seasoning and talent and experience that the team can relate to,” he says. “They calm everyone down, and it’s really about keeping the company moving and running the way it should.
Most interim appointments last for eight months, though can range anywhere from a few months to several years. CFOs on InterimExecs RED Team are experts at stepping in during periods of transition, and stay on until a new full-time hire is onboarded and ready to take over.
In some cases, companies ask our experienced interim execs to stay on the job for a short time to mentor the new hire through those first few months and ensure a smooth handoff.
Which Public Company CFOs Resigned, Retired, or Were Promoted Recently?
Companies that changed CFOs in 2025 include:
- Starbucks: Appointed a new CFO in 2025 following the installation of Brian Niccol as CEO in September 2025.
- Boeing: Announced a CFO transition in 2025 as part of broader leadership changes following a CEO transition.
- UnitedHealth: Named a new finance chief in 2025.
- Lockheed Martin: Appointed an internal candidate to the CFO role in the first half of 2025.
- Automatic Data Processing (ADP): Filled its CFO seat with an internal veteran in early 2025.
- Jack in the Box: Promoted an insider to CFO in 2025.
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Is your company in need of new financial expertise? Contact us for a confidential conversation about how a RED Team Interim CFO can meet your needs. Prefer to call us directly? We can be reached by phone +1-847-849-2800.
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FAQs
Why is CFO turnover so high right now?
CFO turnover reached a record high in 2025 due to increased role complexity, higher expectations from boards and investors, and rising retirement rates. The role has expanded beyond finance into strategy and transformation, increasing pressure and burnout.
How often do CFOs leave their roles?
Turnover has remained elevated for several years, with 316 new CFO appointments and 262 departures globally in 2025, according to the consulting firm Russell Reynolds, which tracks CFO comings and goings.
What happens when a CFO retires without a successor?
Companies often face disruption in financial reporting, investor confidence, and strategic planning. Many organizations bring in an interim CFO like those experienced, vetted CFOs from InterimExecs RED Team. They are tasked with maintaining continuity while the company searches for a permanent hire. Oftentimes, the interim CFO will stay on for a few months to mentor the incoming CFO and smooth the transition.
Do most companies have a CFO succession plan?
No. Only about 16% of CFOs say their organization has a proactive succession plan in place, which increases risk when unexpected departures occur.
When should a company consider an interim CFO?
An interim CFO is most valuable during sudden departures, retirements, M&A activity, or periods of financial instability, any time continuity and experienced leadership are critical.
