I recently wrote about the record breaking pace of CEO departures and the potential impact on corporate sustainability programs. Turns out, the rate of CFO turnover is not far behind. CFO Dive reports:
“Global turnover of S&P 500 CFOs reached a six-year high last year at 17.8%, matching the previous peak seen in 2021, according to Russell Reynolds’ CFO Turnover Index. Overall global CFO turnover hit 15.1%, just below the record 16.2% turnover seen in 2023, according to the index.
Rising retirement rates were a key driver of the increasing turnover, with 54% of finance chiefs departing from their roles either retiring or moving exclusively to board positions…”
Many CSOs and sustainability staff enjoy support from their company’s C-suites, but it isn’t a good idea to rely too heavily on that. Sustainability programs and initiatives should be based on business value demonstrations that can withstand CFO turnover – and cynicism.
Our members can learn more about the business case for sustainability here and our Guidebook Simplifying ESG/Sustainability Business Value.
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