CFOs at America's Biggest Companies Are Leaving at a Record Pace

According to a new report from executive search firm Crist Kolder Associates, CFO turnover at America's largest public companies is accelerating. The study, which covered a combined 665 companies from the Fortune 500 and S&P 500, finds that CFO turnover is expected to reach 18.3% by the end of 2026 — higher than the 18.2% seen in 2020 and well above the past decade's average of 16%.

Crist Kolder co-founder Scott W. Simmons attributes this to the steadily expanding demands of the role: some CFOs are choosing to retire, while others are being brought in to steer companies out of crisis or to lead AI initiatives.

The first half of the year saw a string of major changes. At AT&T, Pascal Desroches, who had held the role since 2021, announced his retirement in late December; he was succeeded by Jennifer Biry, who had spent more than 20 years at the company. At Caterpillar, CFO Andrew Bonfield stepped down after eight years in the role. Oracle named Hilary Maxson as its new CFO as a strategic move tied to its expansion in AI and cloud infrastructure. Nike, in the midst of a turnaround, poached David Denton from Pfizer, while Pfizer itself appointed an interim CFO while running both internal and external searches.

Another key finding: newly appointed CFOs are getting younger. The average CFO age is expected to be 48 in 2026, down from 52 in 2025. Simmons notes that the average tenure for a sitting CFO is just 4.5 years, and only about 25% of newly appointed CFOs have previously held the same role at another company. "Taken together, these two figures suggest companies are being forced to draw on younger, less experienced talent," he says.

The trend sends a signal not just to finance departments but to leadership across the board: amid rapidly shifting priorities — the pivot to AI, navigating a crisis, or rethinking strategic direction — stability at the top of the finance function is no longer as guaranteed as it once was.