Promoting CFOs from Within
Succession plans for CFOs haven’t always been given as much consideration as other executive positions, but that appears to be changing. In his new article, “Emerging Best Practice: Promoting CFOs from Within,” author David McCann reports on the trend toward hiring CFOs internally.
He notes that in 2015 and 2016, 59% of the CFOs appointed by the 1,000 largest U.S. companies were promoted from within. This is good news; that figure is up from 51% for 2010 through 2014. As long as the economy continues to recover, more CFOs will be hired internally.
“Internal succession is also facilitated when a CFO or CEO is confident enough to move people to roles where they have no experience, as might happen when a controller takes over investor relations or a corporate accounting manager moves to an operating finance role,” writes McCann.
To read more, see McCann’s full article from CFO.com.