According to a press release , the survey of human resource managers and executives at 191 mid-to large organizations found that half of CFOs left their jobs to go elsewhere, followed by 23%, who said the CFO did not fit into the organization’s culture; 22%, who said the work environment was too stressful and 5% who said new corporate disclosure requirements were too burdensome.
CFOs may not have adjusted to the added pressure of the corporate disclosure requirements prompted by Sarbanes-Oxley Act of 2002. “The strains that Sarbanes-Oxley placed on the job are still present. Some CFOs have not adjusted to the greater duties and increased responsibilities that a chief financial executive for a public company must now confront,” said Doug Matthews, president and chief operating officer for Right Management, in the press release.
According to the survey, the average time a CFO stays in one spot is:
- 28%, six to 10 years;
- 27%, three to five years;
- 25%, up to three years;
- 20%, more than 10 years.
When a CFO leaves the company, 22% say it takes one to
two months to find a replacement; 34% of organizations say
it takes three to five months; 26% say it takes six to 12
months; 11% say less than one month; and 7% say more than a