In 2022, CFOs at top U.S. companies headed for the doors. Twitter, Moderna, Bed Bath and Beyond, GameStop, Dollar Tree and many others saw turbulent changes in their top financial positions.
According to a CFO retention and turnover study done by Datarails, this has been a long-standing trend. This study reveals the modern CFO has the least job security among C-Suite colleagues between the years 2016-2021. This is based on complete filings of company records of 2,056 companies in the U.S.
CFOs at the biggest U.S. companies only lasted an average of 3.51 years in post:
- CEOs – 3.89 years
- General Counsel – 4.50 years
- Chief Marketing Officers – 4.63 years
- Chief Technology Officers (recording the highest staying power) – 4.64 years
Of the nearly 2,000 companies studied, 56% of the companies experienced at least one CFO turnover in the five year span, and 16% experienced more than one turnover at the CFO position. At least 87 of the 2,056 companies analyzed saw high profile CFO shake ups.
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