More CFOs than CEOs Left Their Jobs in April

147 CFOs departed in the past two months alone, says study.
Michelle GabrielleMay 1, 2001

CFOs really are on the move these days.

In April, 71 of them left their jobs, according to a report by Chicago- based outplacement firm Challenger, Gray & Christmas (CGC).

This rapid movement came after 76 CFOs left their jobs in March.

As a contrast, “only” 63 CEOs left their positions in April.

Why are the financial folks more actively moving around than their bosses? “CFOs seem to be a more convenient scapegoat when numbers don’t look right,” CGC’s CEO, John Challenger, says in the report. “It could be a sign that, during the slowdown, companies are putting greater emphasis on how money is managed, as opposed to how the company is managed. The mounting pressure on CFOs to hold the financial line may be too much and may be resulting in more voluntary and involuntary departures.”

The average tenure for CFOs who left their companies in April was 5.3 years, according to Challenger.

Thirteen of the 71 departing CFOs left dot-coms, compared to nine each from the health and retail sectors.

Of the 71 CFO departures, 30 of them left for unspecified reasons, according to the report. Another 15 resigned, eight retired, 7 took a new position within company while another 7 took a new position elsewhere.