Article
FTSE 100 – CFO move analysis
Experience trends and talent strategies
There’s a shift in experience levels: internal FTSE 100 hires dropped from 68% in 2024 to 52%, and the share of appointees who had previously been a CFO fell from 55% to 48%. This suggests boards are increasingly willing to back emerging talent and first-time CFOs while still valuing internal knowledge and potential.
Internal promotions take the lead
The FTSE CFO market remains active, with appointments increasing by 9.5% over the past three years. Following two years in which external recruitment was predominately higher representing 67% of appointments in 2023 and 64% in 2024. In 2025 the trend shifted notably, as the majority of CFO roles (57%) were filled through internal promotion, marking a significant change in hiring patterns. Overall, internal appointments have more than doubled since 2022, reflecting the strengthening of succession planning and greater confidence in internal leadership capability.
Three appointments were interim roles, including one that converted to permanent. Among external hires, 20% came from another FTSE 100 company, 70% had prior CFO experience, and only 30% stayed within the same industry.
CFO exits and career progression
CFO exits in 2025 were largely planned and strategic. A notable 40% of CFOs stayed within their business in another role, and of those, 80% were promoted to CEO, demonstrating strong internal career progression. The CFO-to-CEO pathway is clearly strengthening, with 36% of exits moving into CEO roles in 2025, up from just 13% in 2024.
A significant proportion of exits were due to retirement or moves into advisory and NED positions, while only 12% left without an immediate role. Very few moved directly into an external CFO position, with just 4% making a lateral move, reinforcing that most departures are purposeful rather than unplanned.
Gender imbalance
In 2025, 65% of CFO appointments were male, a slight increase from 64% in 2024, yet still well below the peak of 86% in 2023, signalling a gradual move toward a more balanced gender mix. At the same time, female representation improved slightly as fewer women left their roles, contributing to a drop in the overall proportion of men holding CFO positions from 77% in 2024 to 62% in 2025.
Female CFO appointments are also showing a trend toward internal promotion. In 2024, 25% of female hires were promoted internally, compared with none in 2023. This trend strengthened in 2025, with 38% of female CFOs appointed internally, suggesting boards are increasingly recognising and advancing female talent from within their organisations.
Industry movements
From an industry perspective, Consumer Goods saw the most movement, accounting for 22% of all CFO changes. This follows a similarly strong year in 2024, when the sector also ranked highest at 27%. Retail moved into second place, overtaking Financial Services, which saw a significant drop in activity, accounting for just 8% of moves compared with 14% in 2024. This highlights a slowdown in CFO transitions within the Financial Services sector.
