Article
FTSE 100 – CFO move analysis
A slight shift towards greater gender balance?
During 2024, 22 CFOs were appointed across FTSE 100 companies – with 64% male and 36% female hires. This marks a significant shift from 2023, when 14% of new CFOs were female – reflecting a notable year-on-year increase.
Looking further back to 2022, when businesses were still emerging from the COVID-19 pandemic, CFO transitions were far less frequent – nine appointments – with two women stepping into the role.
In 2024, 25% of female CFO appointments were internal promotions, a shift from 2023 when all hires were external. Additionally, 37% of newly appointed CFOs came from another FTSE 100 company, and 75% had prior CFO experience.
Despite these positive trends, men hold 77% of all FTSE 100 CFO positions. However, the recent increase in females stepping into these roles signals steady progress towards greater gender balance at the board level.
“We are seeing continuing positive momentum in the drive to increase the number of women at the top of British business. Whilst we see year-on-year improvement there is still much work to be done to achieve gender balance particularly in the key executive, decision-making positions. Over the past five years, the representation of women in CFO roles in the FTSE 100 has risen steadily, nearly doubling during this period. This growth in female CFOs is encouraging as it provides an important pathway to the CEO role where female representation remains low. With the majority of CFO appointments still going to men, however, ongoing focus and commitment are needed to foster sustainable, balanced leadership.”
Vivienne Artz OBE, Chief Executive Officer, FTSE Women Leaders Review
Trends in hiring, succession planning, and departures
In 2024, 64% of all FTSE 100 CFO appointments were external hires, while 36% were internal promotions. The consumer goods sector saw the highest percentage, accounting for 27% of all CFO moves, followed by financial services at 14%.
The shift toward internal CFO hiring has gained momentum in recent years. In 2024, 36% of all FTSE 100 CFO appointments were internal, up from 33% in 2023, and 23% in 2022. This trend underscores a growing emphasis on succession planning as boards increasingly prioritize developing and promoting internal talent.
Of the 64% of CFOs hired externally, 36% joined from another FTSE 100 company. Overall, 55% of all CFO appointments in 2024 had prior CFO experience, slightly down from 57% in 2023 but up from 46% in 2022.
Among CFOs who left their roles in 2024:
- 50% moved to CFO positions at other companies
- 17% retired
- 20% transitioned into non-CFO or NED roles
- 13% stepped up to CEO positions—all of whom were promoted internally and highlighting a strong leadership pipeline within these organizations
