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

Good morning.

CFO turnover is accelerating at the nation’s largest public companies, according to newly released data in Crist Kolder Associates’ mid-year 2026 Volatility Report, shared with CFO Daily.

The executive search firm’s report studied corporate leadership at Fortune 500 and S&P 500 companies, a total of 665 companies.

CFO turnover for the full year of 2026 is projected to reach 18.3%, compared to 18.2% in 2020 and 19.3% in 2019.

The historical average for CFO turnover over the past 10 years is 16%.

“The demands of the job keep expanding, so it’s no surprise the churn continues,” Scott W.

Simmons, co-managing partner at Crist Kolder, told me.

Some CFOs have decided to retire while other finance chiefs are being tapped to steer turnarounds or AI initiatives, for example.

Several CFO moves in the Fortune 500 stand out from the first half of this year: AT&T: Pascal Desroches, CFO since 2021, announced he’ll retire effective Dec.

31.

Jennifer Biry—a 20-year AT&T finance veteran who most recently was CFO and COO of McAfee—was named deputy CFO effective July 6 and will officially succeed him Jan.

1, 2027.

Caterpillar: CFO Andrew Bonfield elected to retire effective Oct.

1, after eight years.