Women rise to 5-year high in CFO appointments

Dive Brief:

  • The number of women appointed as CFOs globally reached a five-year high in the first half of this year, although they remain underrepresented in the role, according to a recent report by leadership advisory firm Russell Reynolds Associates.
  • Of the 163 CFOs appointed in the first six months of the year, 44 were women, a 33% increase over the year-earlier period, according to the firm’s data.
  • “The tech industry in particular has made large strides in gender diversity, with 38% of incoming tech CFOs being women, the highest proportion since H1 2021 records,” the report said.

Dive Insight:

The research also shows that more CFOs are choosing to retire, with 54% outgoing CFOs during the first half of 2024 taking that route or moving to board roles exclusively, an increase of 15 percentage points year-over-year and a five-year high, Russell Reynolds said.

Overall, CFO turnover spiked 8.9% in the first half of 2024, according to the analysis.

“This high indicates that as economic uncertainty becomes the new normal for organizations, previous trepidation to replace CFOs has dissipated,” the report said.

Google parent Alphabet is among companies that have announced a new CFO this year. In June, Alphabet said it appointed Eli Lilly veteran Anat Ashkenazi to become its new CFO, effective July 31. The tech giant later disclosed that Ashkenazi was set to receive an annual base salary of $1 million and a one-time sign-on bonus of $9.9 million.

Ashkenazi replaced Ruth Porat, who announced last year that she was stepping down from Alphabet’s top finance post and transitioning into a newly created dual role of president and chief investment officer at the company.

In another move, global professional services company Accenture announced in June that it named Angie Park, its head of business and commercial finance, to the role of CFO, effective Dec. 1. She succeeds KC McClure, who is retiring after 36 years of service with the company.