Article
FTSE 100 2026 CFO move analysis – a half year review
Internal succession
CFO movement across the FTSE 100 has moderated in 2026, with internal promotion continuing to account for a meaningful share of appointments alongside external hiring.
Internal CFO appointments account for 54% of moves so far in 2026, broadly consistent with the 56% seen across all of 2025 and higher than the 36% recorded in 2024 and 33% in 2023. This compares with 2023 and 2024, when external hiring was the more common pattern.
Interim CFO activity has remained limited in 2026, with one new interim role appointed and one interim CFO made permanent.
Three of this year’s appointments were promotions or moves into a CFO role. Where organizations have looked outside, external appointments have skewed toward experienced leaders: of all external hires in 2026, half were already serving as CFOs elsewhere and a quarter moved across industries.
Gender balance
Female CFO appointments are tracking well ahead of recent years, representing 54% of new hires in 2026 to date, up from 35% in 2025, 36% in 2024 and just 14% in 2023. Notably, 71% of female hires this year were internal appointments, signalling that diversity progress is being reflected across both succession planning internally and external talent.
Succession outcomes for female CFOs leaving their posts skew notably toward male replacements, with 75% of departing female CFOs succeeded by men.
Experience remains valued, but the premium is softening
Prior FTSE 100 and CFO experience both remain common features of new appointments. 54% of 2026 appointees carry prior FTSE 100 experience, compared with 52% in 2025, 68% in 2024, and 62% in 2023. Meanwhile, 46% have previously held a CFO title, a gradual decline from 48% in 2025, 55% in 2024, and 57% in 2023. Movement directly between FTSE 100 companies has also slowed sharply, with only one CFO making that move so far in 2026 versus 11 across 2025, suggesting the FTSE-to-FTSE CFO carousel has cooled considerably at the half-year mark.
Recent CFO appointments
- Manus Costello has been promoted to CFO at Standard Chartered, where he had previously held the role of Global Head of Investor Relations.
- Nik Jhangiani has been appointed CFO at Diageo, having previously served as Interim CEO at Diageo.
- José A. Barrionuevo has left the role of CFO at British Airways to join IAG as CFO.
- Patricia Cobian has left Virgin Media O2, where she served as CFO, to join BT as CFO.
- Joana Edwards has been promoted to CFO at ABF, where she had previously held the role of Group Financial Controller.
- Jacqui Cartin has been promoted to CFO at Sage, where she had previously held the role of Group Financial Controller.
- Rachel Lewis has been promoted to CFO at Admiral Group, having previously served as CFO of Admiral UK.
- Ross McCluskey has left Intertek, where he served as EVP EMEA, to join Melrose as CFO.
- Laura Crespi has been promoted to CFO at Intertek, having previously served as CFO EMEA.
- Simon Robson has left Sky, where he served as CFO, to join Pearson as CFO.
- Rebecca Napier has left Britvic, where she served as CFO, to join Barratt Redrow as CFO.
- Fotini Ioannou has been promoted to CFO at Metlen, where she had previously held the role of Chief of Staff.
- Giorgi Shagidze has left the role of CEO at Main to join Lion Finance as CFO.
