We've spoken a bit about all the high-level CFO turnover recently. Well, it looks like it's going to get worse. In fact, according to a new survey from executive search firm Tatum, you should be prepared for record turnover in 2007. Recall that last year a record 2,302 CFOs left their positions by one measure. We all know the job is as hard as ever, but for the record here is the list of items that drive CFOs to leave: 37 percent say compliance and governance issues are the primary driver of turnover, 30 percent cite unreasonable expectations from board members and others, 13 percent cite work/life balance issues; 12 percent say their skills are not aligned with the business and just 6 percent cite inadequate IT support. I would venture that it is a blend of all these issues. So what to do? The survey found that 27 percent feel that additional resources such as specialized staff to handle new duties would reduce turnover, 25 percent cited deregulation (not something anyone can control and 23 percent cited more support from board members as the key to reduce turnover. The good news is that if a CFO can really prove herself or himself, they will logically be seen as a candidate to run the show someday. All eyes are on Citigroup.
For more:
- here's the survey release from Tatum
