Companies want battle-tested CFOs. There aren’t enough of them

Good morning. Globally, CFO hiring is starting to cool. But CFO retirement is fueling turnover. Those are some of the latest findings of leadership advisory firm Russell Reynolds Associates’ (RRA) Q1 2026 Global CFO Turnover Index. Based on moves in the S&P 500, FTSE 100, FTSE 250 and other major stock indexes, global CFO appointments dipped slightly to 4.9% in Q1 2026 from a record 5.2% in Q1 2025. That equates to 89 CFOs being appointed globally in Q1 2026, down from 95 the same time the year prior. This marks the first Q1 year-over-year decline in CFO appointments since 2022, according to RRA. While CFO hiring activity cools, it remains high by historical standards, sitting above the seven-year Q1 average of 4.4% (82). But looking specifically at U.S. companies, the S&P 500 remained particularly active, with appointments reaching 6.6% (33) on par with Q1 2025 record levels, the research found. Finance chiefs are increasingly retiring—a major factor in CFO exits. Globally, 60% of outgoing CFOs retired or moved to the board in Q1, up from 56% the same time last year and well above the seven-year Q1 average of 39%. RRA explains that some possible reasons are strong capital markets may be creating an attractive exit point for seasoned CFOs. Meanwhile, the role’s growing complexity is also likely a factor. After years of tariffs, market volatility, and rising expectations around transformation and AI, some CFOs may be choosing to step away rather than reinvent themselves for the role’s next phase. Fortune covers Fortune 500 moves weekly, and here are few prominent CFO retirement announcements that came in Q1: —McKesson Corporation (No. 9) announced in March that Britt Vitalone, EVP and CFO, decided to retire after a 20-year career with the company, including more than eight years as CFO. Kenny Cheung, formerly the CFO at Sysco, will join McKesson as EVP and CFO on May 29. —In January, Progressive (No. 57) announced that its CFO John Sauerland will re