The CFO market remains active while external hiring of finance chiefs declined sharply in the first half of 2025. External hires accounted for only 28% of CFO appointments through July 31, compared with 47% during last year's 10-year high. Historically, roughly 65%–75% of CFO turnovers occur by midyear, suggesting external hires will remain below average unless turnovers rise later in 2025. Specialized C-suite roles and deep operational knowledge are driving internal promotion opportunities. Examples include Lockheed Martin promoting 26-year veteran Evan Scott to CFO and Yum! Brands elevating finance chief Chris Turner to CEO. CFO-to-CEO transitions also rose to 7.5%.
"However, there's a dramatic swing toward internal promotions for CFOs, with external hiring of finance chiefs down almost 50%. Data from the firm's summer 2025 Volatility Report, shared with CFO Daily, which covers data from 667 Fortune 500 and S&P 500 companies, highlights this trend. Through July 31, only 28% of CFOs were hired externally-a stark contrast to last year's 10-year high, when 47% of CFO turnovers were filled by candidates from outside the organization."
""This year, we've seen the lowest level in a 10-year stretch," Perkins said. She explained that, over the past three years, roughly 65% to 75% of all CFO turnovers typically occur by midyear. Based on this pattern, external hires this year are set to come in below average unless there is a much higher number of CFO turnovers during the rest of 2025."
"The rise of specialized C-suite roles is creating fresh opportunities for internal promotion, especially as these new positions often require deep knowledge of company operations and strategy, according to Deloitte research. A recent example of an internal hire: In April, Lockheed Martin promoted Evan Scott to CFO, succeeding Jesus "Jay" Malave. Scott is a 26-year company veteran, having served as treasurer and CFO of two business areas."
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