Article

Fortune 250 – CFO move analysis

Stuart Higson, Kaila Rakin, Kamil Garbowski 11 Feb 2026

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Hiring trends: Internal promotions take the lead

CFO movement across the Fortune 250 remained active in 2025, reflecting continued leadership transition and evolving pathways into the top finance role. A total of 45 CFOs were appointed during the period, representing 18% of the total Fortune 250. At the same time, 20% left their roles, leaving 4% of positions expected to be filled in 2026.

Internal mobility was the primary driver of appointments. Internal hires represented 64% of the total, while external hires accounted for 36% of all appointments. Interim leadership also played a role in the market, with four new interim CFO roles created during the period and one interim appointment converted into a permanent CFO role.

Among internal promotions, four appointments transitioned to an Interim CFO role within the same company, and one individual moved from an Interim CFO role to a permanent CFO role. External hiring, however, continued to value proven leadership, with 63% externally hired appointees having previously served as CFOs.

The experience profile of new CFOs showed a strong preference for large-company backgrounds. Thirty-six appointees (80%) had previous Fortune 500 experience, and 16 CFOs (36%) had previously held a CFO role. Notably, only two appointees (4%) held a CPA qualification.

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Diversity and gender representation

Gender representation at the CFO level continued to show an imbalance, with male appointees accounting for 84% of appointments, while female appointees representing only 16% of the total. Of the women appointed, 57% came in externally, and the rest were internally promoted, suggesting that career moves may currently play a greater role than internal progression for females reaching the CFO level.

Seven appointments were diverse hires or promotions, highlighting progress, although there is still work to do.

Industry activity

Industrials and Consumer and Retail dominated the CFO hiring scene in 2025, each accounting for 18% of all moves, signalling intense demand for leadership in sectors facing operational complexity and rapid market shifts. Hot on their heels were Energy (16%) and Healthcare (11%), reflecting high-stakes pressures and transformation opportunities that make top finance talent especially valuable in these industries.

Career outcomes for departing CFOs

A notable trend among departing CFOs in 2025 is a pivot toward portfolio and advisory careers rather than direct operational leadership. While only 8% moved into CEO roles, the largest group, 27%, transitioned into advisory positions, highlighting the appeal of board and consulting opportunities. The traditional CFO-to-CEO pathway, while real, is not dominant, with many top finance leaders choosing to apply their expertise across multiple companies instead of taking another full-time executive role.

The Fortune 250 leadership ecosystem remains highly self-reinforcing, with 57% of leavers staying within the Fortune 500. Career outcomes for the remainder were varied: 14% moved to another CFO role, 10% left without a role, and 18% retired. Together, these patterns suggest a CFO market that values experience, continuity, and strategic versatility, with leaders increasingly leveraging their skills in advisory and portfolio roles rather than traditional operational promotions.

Stuart Higson

Stuart Higson

Stuart is a Partner in Leathwaite’s New York office, leading the Financial Officers practice across North America and specializing in placing Chief Financial Officers, Chief Auditors and their direct reports. Stuart has been with Leathwaite since 2014, spending five years…

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Kaila Rakin

Kaila Rakin

Kaila is a Consultant in the US Financial Officers Practice, based in New York, where she leads senior executive mandates including CFOs, Chief Auditors, and C-level direct reports. With over eight years of experience in executive search, she has developed…

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Kamil Garbowski

Kamil Garbowski

Kamil Garbowski is an Associate in Leathwaite’s New York office. He brings four years of executive search experience, having most recently worked as an Executive Search Manager at a boutique firm specializing in senior-level recruitment across corporate functions such as…

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