CFO Turnover at Major U.S. Companies Seen Reaching 18.3% in 2026

CFO turnover across a 665-company sample drawn from the Fortune 500 and S&P 500 is projected at 18.3% in 2026, which would mark its highest level since 2019.

By July 31, 10.7% of the companies had recorded a CFO change. The projection is higher than the 18.2% rate recorded in 2020 but remains below 2019’s 19.3%, so it is not an all-time record.

The turnover measure counts when an executive leaves a C-suite role, rather than when the departure is announced. In 2025, a 664-company sample recorded 120 CFO turnovers. That sample included 637 public companies and 27 private companies.

Across 12 major stock indexes, there were 316 CFO appointments in 2025, the most in a seven-year series and 10% more than in 2024. There were also 262 departures, 5% above the seven-year average of 250. Retirements accounted for 60% of departures.

Those global appointment and departure counts use a different measure and sample from the U.S. turnover projection. Neither set of figures isolates digital-asset companies, so the numbers do not establish a CFO turnover rate for crypto firms.

Linda Barham, Americas leader of Russell Reynolds Associates’ Financial Officers Practice, cited “the ability to build confidence with investors and the board, and lead through transformation in uncertain conditions” as a key CFO capability.