A study released Monday contains some troubling, even shocking, implications for CFOs: CFO turnover at Fortune 500 companies continues to rise (16 percent over last year’s turnover rate), while the frequency with which CFOs ascend to the CEO spot is dropping.
“The CFO seat is not just a ‘hot seat,’ it’s a dead end,” reads the press release for Russell Reynolds Associates 2006 “Financial Officer Turnover Report.”
That’s bad news for CFOs — but good news for controllers, who are fast becoming the “rock stars” of the finance department as they leverage “their status for better pay at different companies.”
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