CFO seats turned over at 1 in 5.5 Fortune 500 firms in 2025 [US]

CFO turnover at Fortune 500 and S&P 500 companies jumped 17.7% in 2025, with 120 finance chiefs changing seats across 664 companies. That's one CFO swap for every 5.5 companies, according to the annual Crist | Kolder Associates Volatility Report.

More notably, 65% of those hires came from inside the organisation. Internal promotions haven't been this common since 2022 (65.3%). For context, 1 in 8.5 companies filled a vacant CFO role with someone already on the payroll.

Less than a quarter of sitting CFOs moved directly from another CFO chair. Most climbed the ladder internally or laterally.

The succession pipeline is tightening

The age gap between newly hired CFOs (51.9 years) and CEOs (53.2 years) narrowed to just 1.3 years in 2025. That's the smallest gap in a decade of data. Between 2016 and 2023, the average CEO was 4.9 years older at hire.

Average tenure for sitting CFOs sits at 4.7 years. For CEOs, it's 7.5 years. CEO turnover was lower overall, with 78 chairs changing hands (one per 8.5 companies).

Demographics shifted, slightly

Ethnic diversity among CEOs rose (14.6% vs. 13.5% in 2024), while CFO diversity slipped marginally (14.7% vs. 14.9%). Both figures are up substantially since 2015, when 6.9% of CEOs and 5.9% of CFOs were ethnically diverse.

Female representation remained flat year-on-year. Women held 16.5% of CFO seats in 2025 (up from 12.2% in 2015) and 9.1% of CEO seats (up from 4.3%).

The Big Four pipeline persists

Around 37% of sitting CFOs majored in accounting. About three in eight have public accounting experience, predominantly at PwC, EY, Deloitte, KPMG, or the late Arthur Andersen.

Only 10% of sitting CEOs were accounting majors. Make of that what you will.

If you're angling for a CFO role, 2025 suggests the internal route is your best bet. Prepare accordingly.