Good morning. The modern CFO role continues to expand, making them desired candidates for broader positions. And companies around the world are tapping into their talents.
Russell Reynolds Associates, a leadership advisory firm, shared with CFO Daily some of the latest findings of its Global CFO Turnover Index, representing indexes such as the S&P 500, FTSE 100, and Euronext 100. Of the outgoing CFOs taking on new roles in 2024, 34% moved to a president or CEO role, up from 20% in 2023.
About 15% of CFOs moved into a divisional CEO role, up from 11% in 2023. Meanwhile, 6% of finance chiefs moved into a COO role, up from 5% in 2023. And 15% of CFOs were hired for another C-suite position, including corporate strategy and risk, down 1% year over year.
I frequently talk with CFOs about how their roles continue to evolve. For example, Amrita Ahuja, CFO of Block since 2019, took on the additional role of COO in 2023. We recently discussed why the two roles complement each other. Edmund Reese, CFO of Aon, and Brett Seybold, CFO of USAA, also shared their perspectives. Here's what they had to say.
Amrita Ahuja, COO and CFO of Block, a fintech company (No. 186 on the Fortune 500)
"In my COO role, the work I do is focused on helping the company move effectively in pursuit of our goals. That means making sure that across our finance, people, comms, policy, and legal teams, we're strategically serving the business and speaking a common language—both to advance our product roadmaps and to appropriately be a check and balance within the organization. This coordination helps ensure that we're doing right by the enterprise and our stakeholders, whether they're investors, policymakers or the communities and customers we serve."
"This work also complements my CFO role and our goal to be a Rule of 40 organization. When we work in alignment in our operational teams, we’re able to better support the company, help it move more efficiently, and rally around the major things we're building for our customers in 2025 and beyond."
Edmund Reese, CFO of Aon, an $80 billion market cap global professional services firm
"The CFO role has moved beyond bookkeeping and accounting. I've used the term strategic growth partner. That means you're not just closing the books. You are engaged in technology. You're engaged in marketing and understanding what will resonate with clients and drive growth."
"My chief responsibility has been to be the champion of shareholder value creation. But I am equally as engaged in all of our strategic initiatives across the functional areas."
Brett Seybold, CFO of USAA, a financial services and insurance provider for the military community and their families (No. 103 in the Fortune 500)
"CFOs have always had to look out into the horizon, but now we have to look even further. We have to be even more attuned to what's going on in the world, decipher all of that, and figure out what it means for our companies and what adjustments we need to make. And that means understanding all aspects of the business."
"We're in the insurance business and we’re seeing catastrophic events around the world accelerate. As CFO, it requires me to be always on the lookout, not just for the risk, but also opportunities."
