{"id":663542,"date":"2025-04-10T00:00:00","date_gmt":"2025-04-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/10\/cfo-turnover-remains-high-in-2024-as-the-role-expands-beyond-traditional-finance\/"},"modified":"2025-04-10T00:00:00","modified_gmt":"2025-04-10T00:00:00","slug":"cfo-turnover-remains-high-in-2024-as-the-role-expands-beyond-traditional-finance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/10\/cfo-turnover-remains-high-in-2024-as-the-role-expands-beyond-traditional-finance\/","title":{"rendered":"CFO turnover remains high in 2024 as the role expands beyond traditional finance"},"content":{"rendered":"

The <\/strong>Global CFO Turnover Index<\/a><\/strong> shed one percentage point y-o-y to close 2024 at 15.1% <\/strong>\u2014 its second-highest level on record, advisory firm Russell Reynolds Associates (RRA) said in a press release (pdf)<\/a>. Some 54% of outgoing CFOs retired or took board positions, while another 34% took on presidencies or CEO roles.<\/p>\n

By the numbers:<\/strong> The S&P 500<\/a> turnover spiked to a six-year high at 17.8% with 89 new CFOs, driven by a churn in the tech and industrial sectors. Meanwhile, the FTSE 250<\/a> saw the appointment of 25 new CFOs in 2024, dipping by four percentage points y-o-y to 25%, from a record high of 29% in the previous year.<\/p>\n

\u201cThe changing nature of the CFO role\u201d is the main reason behind the <\/strong>high CFO turnover, <\/strong>RRA argues. The role seems to have expanded well beyond traditional finance and become more complex as CFOs are now expected to deploy AI to increase efficiency, possess a strong understanding of geopolitics, and mediate between boards and investors.<\/p>\n

CFOs are also taking over tasks traditionally reserved for COOs<\/strong>, Jenna Fisher, RRA Co-Lead of Global Financial Officers Practice, said. \u201cThe CFO has become the de facto COO with more direct reports \u2013 whether it\u2019s real estate, facilities, IT or legal \u2013 and so the role has become more complex.\u201d<\/p>\n

Shifting landscape: <\/strong>The average CFO tenure dropped to 5.8 years in 2024, pulling the average transition\/retirement age down to 56.6 years old. A record 70 women were tapped for the role \u2014 double the number seen in 2023. Meanwhile, some 60% of new CFOs were first-timers, signalling a trend to rely on younger talents.<\/p>\n

Boards are also doubling down on internal talent<\/strong>, which represented 54% of incoming CFOs in 2024. The reason? Internally promoted CFOs tend to stay longer in a company, with an average tenure of 6.5 years, compared to 5.9 years for external hires, according to RRA.<\/p>\n

Our neck of the woods is more demanding: <\/strong>\u201cLocal market experience is becoming increasingly critical for CFOs in the Middle East. Companies are prioritizing candidates who understand the regional legal framework, regulatory landscape, and unique market dynamics,\u201d Burak Gorbon, RRA Head of Financial Services and Financial Officers Practice, said.<\/p>\n

About the index:<\/strong> The Global CFO Turnover Index provides insights on global CFO departures and appointments in publicly traded companies on a quarterly and yearly basis, analyzing trends regarding gender, tenure, and internal\/external hires.<\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are strongly in the green<\/strong> after Trump paused most of his tariffs, with Japan\u2019s Nikkei up 8.4%, Hong Kong\u2019s Hang Seng up almost 4%, and the Shanghai Composite up at 1.6%. Wall Street futures are indicating an expectedly lower opening after yesterday\u2019s record rally.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,080<\/p>\n<\/td>\n

\n

-1.9% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 51.61<\/p>\n<\/td>\n

\n

Sell 51.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 51.62<\/p>\n<\/td>\n

\n

Sell 51.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,097<\/p>\n<\/td>\n

\n

-1.8% (YTD: -7.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9066<\/p>\n<\/td>\n

\n

+0.9% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4893<\/p>\n<\/td>\n

\n

+0.1% (YTD: -5.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5457<\/p>\n<\/td>\n

\n

+9.5% (YTD: -7.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7679<\/p>\n<\/td>\n

\n

-2.9% (YTD: -6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4622<\/p>\n<\/td>\n

\n

-3.2% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 65.48<\/p>\n<\/td>\n

\n

+4.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75<\/p>\n<\/td>\n

\n

-1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 3079.4<\/p>\n<\/td>\n

\n

+3.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 83,317.40<\/p>\n<\/td>\n

\n

+8.6% (YTD: -11.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 1.9% at yesterday\u2019s close<\/strong> on turnover of EGP 4.3 bn (18.7% above the 90-day average). Local investors were the sole net buyers. The index is up 1.1% YTD.<\/p>\n

In the green: <\/strong>Egypt Kuwait Holding- USD (+0.7%) and Ibnsina Pharma (+0.6%).<\/p>\n

In the red: <\/strong>Sidi Kerir Petrochemicals (-6.3%), Orascom Development Egypt (-6.0%), and Palm Hills Development (-5.6%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

#1- <\/strong>The EGX\u2019s listing committee approved Banque du Caire\u2019s proposed capital increase<\/strong>, according to a bulletin (pdf)<\/a>. The state-owned lender will increase its issued and paid-in capital by EGP 1.5 bn to EGP 20.5 bn through issuing 750 mn new shares with a nominal value of EGP 2 per share.<\/p>\n

#2- <\/strong>Egypt Kuwait Holding (EKH) will pay out a <\/strong>banknote<\/strong> dividend of USD<\/strong> 0.035<\/strong> per share <\/strong>on its 2024 earnings<\/strong> after its general assembly approved the move, according to an EGX disclosure (pdf)<\/a>. The assembly also approved the distribution of USD 14.1 mn in bonus shares \u2014 with a nominal value of USD 0.25 \u2014 at 5% of capital, increasing EKH\u2019s issued and paid-up capital to USD 295.8 mn, according to a separate EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The average CFO tenure dropped to 5.8 years in 2024<\/p>\n","protected":false},"author":1,"featured_media":663543,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"29c19f17-5e52-4bc2-95e2-151244b4859a","order":"16","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/510.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CFO 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