Good morning. CFO turnover is accelerating at the nation’s largest public companies, according to newly released data in Crist Kolder Associates’ mid-year 2026 Volatility Report, shared with CFO Daily.
The executive search firm’s report studied corporate leadership at Fortune 500 and S&P 500 companies, a total of 665 companies. CFO turnover for the full year of 2026 is projected to reach 18.3%, compared to 18.2% in 2020 and 19.3% in 2019. The historical average for CFO turnover over the past 10 years is 16%.
“The demands of the job keep expanding, so it’s no surprise the churn continues,” Scott W. Simmons, co-managing partner at Crist Kolder, told me.
Some CFOs have decided to retire while other finance chiefs are being tapped to steer turnarounds or AI initiatives, for example.
Several CFO moves in the Fortune 500 stand out from the first half of this year:
AT&T: Pascal Desroches, CFO since 2021, announced he’ll retire effective Dec. 31. Jennifer Biry—a 20-year AT&T finance veteran who most recently was CFO and COO of McAfee—was named deputy CFO effective July 6 and will officially succeed him Jan. 1, 2027.
Caterpillar: CFO Andrew Bonfield elected to retire effective Oct. 1, after eight years. Company veteran Kyle Epley, previously SVP of global finance services, took over as CFO, effective May 1, with Bonfield staying on in an advisory capacity through the transition.
Oracle: Hilary Maxson, former group finance chief at Schneider Electric with infrastructure and energy experience, began her tenure as CFO in April—a hire tied directly to Oracle’s buildout of AI and cloud infrastructure.
Nike: David Denton, a Pfizer finance executive, joined the sneaker and apparel giant as CFO on Aug. 17 as it works through a turnaround.
Pfizer: After David Denton stepped down and left the company on Aug. 15, Cecile Guegan, SVP of finance for the global biopharma business, took over as interim CFO Aug. 16 while Pfizer runs a full internal and external search.
(You can find more Fortune 500 moves here.)
Another finding from the mid-year 2026 Volatility Report, which is based on data through July 31, is that newly appointed CFOs are getting younger. The average age for a CFO in 2026 is projected to be 48, compared to an average of 52 in 2025.
Simmons explained that the average tenure of a sitting CFO is 4.5 years, and newly appointed CFOs only come from another sitting CFO position roughly 25% of the time.
“Those two data points taken together suggest the need to tap into talent that may be younger and less experienced,” he said.
Have a good weekend.Sheryl Estrada
Sheryl.Estrada@fortune.com
Leaderboard
Fortune 500 Power Moves
William "Bill" Grogan was appointed CFO of GE HealthCare (No. 217), effective Sept. 14. Grogan succeeds Jay Saccaro, who, as previously announced, stepped down for an expanded role outside the medical technology industry. George Newcomb, who is serving as interim CFO, will continue in his role as controller and chief accounting officer. Grogan joins GE HealthCare from Xylem Inc., where he has served as EVP and CFO since 2023. Before Xylem, Grogan spent more than a decade at IDEX Corporation, including serving as SVP and CFO from 2017 to 2023. Earlier in his career, Grogan held finance leadership positions at Walgreens, Crane Co., and Sears Holdings Corp.
John Rogers was appointed EVP and CFO of Baxter International Inc. (No. 382), a global medtech company, effective Oct. 1. Rogers joins Baxter from Smith+Nephew plc, a portfolio medical technology business, where he has served as CFO since 2024 after beginning with the company as CFO-designate in 2023. Before Smith+Nephew, he served as CFO of WPP plc, a creative services company. Rogers previously held leadership roles with J Sainsbury plc, a food, general merchandise and clothing retailer, including as CEO of Sainsbury’s Argos, and as CFO of Sainsbury’s.
The weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
**More notable moves this week: **
Edmund Reese will transition from his role as EVP and CFO of Aon plc (NYSE: AON), a global professional services firm, effective immediately, to pursue opportunities outside the firm. Aon appointed Nadin Virani as interim CFO, effective immediately, and Reese will serve as senior advisor to Aon president and CEO Greg Case, through Aug. 16, 2027. Aon has selected an executive search firm to conduct an internal and external search for a permanent CFO.
Mark Chiplock has resigned as CFO of Ameresco, Inc. (NYSE: AMRC), an energy infrastructure company, effective Sept. 25. Chiplock has accepted a CFO position at a private equity-owned company in a different industry. A search has begun to identify the next CFO who will help lead the company during its transformation period of growth, Ameresco said in the announcement.
Ann Anthony was appointed CFO of ONE Nuclear Energy LLC, a developer of large-scale energy infrastructure. The appointment is ahead of ONE Nuclear’s planned business combination with Hennessy Capital Investment Corp. VII (Nasdaq: HVII), which is expected to close in Q3. Anthony joins ONE Nuclear from Oberon Fuels, where she was CFO. She was previously CFO of OPAL Fuels Inc., where she guided the company through its de-SPAC transition to the public market. Anthony also held senior executive roles, including principal financial officer at South Jersey Industries Utilities.
Tom Speir was appointed EVP and CFO of United Community (NYSE: UCB). Speir will join the bank on Sept. 8, succeeding Jefferson Harralson, who announced his retirement earlier this year. Speir brings to the role more than two decades of financial experience, including balance sheet management, M&A, strategic planning, and investor relations.
Chris Polimeni was appointed CFO of FingerMotion, Inc. (Nasdaq: FNGR), a mobile data and telecommunications services company, effective Aug. 17. Polimeni succeeds Lee Yew Hon, whose resignation as CFO was accepted by the board of directors. Polimeni has more than 35 years of experience. Most recently, he served as CFO of Avax One Technology Ltd. Since 2020, he has also served as president and CEO of Polimeni & Associates, Inc.
Big Deal
Goldman Sachs' recent markets podcast digs into why Treasury yields keep climbing even as inflation data comes in "roughly down the middle."
Mike Mitchell, Goldman's head of U.S. Treasuries and Inflation Trading, breaks down a rare confluence of pressures, including a fiscal outlook he calls a "problematic path" that could drive up the term premium for years to come, and a corporate borrowing wave tied to AI infrastructure that could hit $250 billion this year and $400 billion in 2026—all pushing in the same direction.
His trade recommendation: a curve steepener, betting that the back end keeps cheapening while the front end has already priced in the Fed.
Going deeper
Here are four Fortune weekend reads:
"Wall Street is bemused by Bessent’s bond plan and the unwinding punt on the Japanese yen—he’s hinting he knows something the markets don’t" —Eleanor Pringle
"Supermicro investigation clears CEO in alleged $2.5 billion smuggling scheme while a criminal trial involving a cofounder is set for next year" —Amanda Gerut
"Moderna co-founder is a billionaire once again at $1.7 billion—he once turned down 20 high-paying job offers to ‘have more of an impact on the world’" —Emma Burleigh
"Microsoft CEO Satya Nadella says he doesn’t see empathy as a soft skill: ‘It’s the hardest skill we learn’" —Orianna Rosa Royle
Overheard
"What happens when large language models become commodities? Competitive advantage moves from the model itself to the balance sheet behind it."
—Amit Joshi, professor of AI and strategy at IMD Business School, writes in a Fortune opinion piece. "AI is now reversing 20 years of technology economics, turning what was once a software business into a capital-intensive industry," according to Joshi.
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