- Year begins with quickfire round of changes in company CFOs, including two in the FTSE 100
- 10 CFO changes already planned or have happened in the FTSE in 2025, against the post-2020 average of 16 a year
- Four of the FTSE 100 changes will see a female successor, to take the number of women in the post to 34 out of 100 in the premier index
- Average FTSE 100 CFO tenure is now 4.0 years, compared to 5.6 years for CEOs
“Four announcements by UK-listed firms of a change in chief financial officer (CFO) takes the total to 12 across the whole market and two in the FTSE 100 already, and we’re barely past Twelfth Night,” says AJ Bell investment director Russ Mould.
“The latest changes come at Airtel Africa, S4 Capital, Oxford Instruments and TT Electronics, with two retirements and two stepping down. Although there is no unifying theme across all of the changes, the cynically minded may be inclined to wonder if the chief number crunchers think they know something that the rest of us do not, given the slew of macroeconomic and geopolitical uncertainties which seem to be facing companies as we start the new year.
“Two of the changes, at TT Electronics and OptiBiotix Health, reflect a decision taken and announced in autumn 2024, and in all but two cases a succession plan seems to be kicking in very smoothly. Those exceptions are at Hill & Smith, where Hannah Nichols is departing for Coats to take over from Jackie Callaway, and S4 Capital, where the search is now on for someone to replace Mary Basterfield.
Source: Company accounts. *Interim appointment.
“The switches in the FTSE 100, at Halma and Airtel Africa, catch the eye, not least as this takes the total of CFO changes already effected or announced in 2025 to 10.
“This continues a trend of much higher turnover among CFOs than chief executive officers (CEOs), given the 22 changes in 2024 and 32 in 2023, figures which compare to 19 and 14 for chief executives across the same two years respectively, within the realms of the UK’s premier stock market index.
Source: Company accounts. *2025 changes as already announced or implemented.
“For the moment, the number of CFO changes is not out of kilter with recent trends, but we are off to a fast start across the FTSE 100 and the UK equity market more generally.
“There are many reasons why a CFO may step down, including retirement, the search for a fresh challenge and failure to bag the CEO post when it comes available, although getting fired, jumping before earnings do not live up to expectations or previously published targets are also possibilities.
“The average CFO tenure of 4.0 years is lower than that of the average CEO of 5.6 years within the FTSE 100, while another eye-catching trend is how many chief number-crunchers are now women. Alison Dolan’s move into the post at Marks & Spencer took the total number of female CFOs to 33 and Carole Cran will make it 34 when she replaces the retiring Steve Gunning at Halma at the end of March. This compares to 11 CEOs or, in the case of two investment trusts, chairs.
“The vast bulk of these appointments have taken place in the past three years, so the average tenure for a female CFO is currently 1.9 years, compared to that average of 4.0 across the whole of the FTSE 100.”
Source: Company accounts
