CFO turnover at America’s largest companies is on pace to hit 18.3%—the highest since the pandemic

CFO turnover is rapidly increasing among America's largest companies, with projections indicating a 18.3% rate for the full year of 2026, according to data from Crist Kolder Associates' mid-year 2026 Volatility Report. This represents a significant jump from previous years, reaching 18.2% in 2020 and 19.3% in 2019, and far surpassing the historical average of 16% over the past decade.

The report, which analyzed leadership changes at 665 Fortune 500 and S&P 500 companies, reveals that the demands of the CFO role are contributing to the rising turnover. Scott W. Simmons, co-managing partner at Crist Kolder, noted that the increasing responsibilities of the position are a likely factor behind the continued churn.

Some CFOs have chosen to retire, while others have been appointed to manage turnarounds or spearhead AI initiatives. Notable departures include AT&T's Pascal Desroches, who will retire at the end of the year, and Caterpillar's Andrew Bonfield, who is stepping down after eight years. Notably, Oracle recently hired Hilary Maxson, a former Schneider Electric CFO with expertise in infrastructure and energy, as CFO, while Nike appointed David Denton, a Pfizer finance executive, to the role to help the company navigate a turnaround.

The report also found that newly appointed CFOs are generally younger, with an average age of 48 projected for 2026, compared to 52 in 2025. This trend suggests a shift in hiring practices, as CFOs are increasingly being sourced from other sitting CFO positions rather than external candidates, pointing to a demand for younger talent with fresh perspectives.