Job moves account for just half of CFO turnover.Fifty percent of the CFOs who left companies did so for reasons other than finding another job. Those included inability to fit culturally into the organization, the increasingly stressful demands of the position and lack of current knowledge related to Sarbanes-Oxley, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey by Right Management. CFOs lasted in their positions for more than five years at 48 percent of the 191 organizations surveyed. However, CFOs stayed in their jobs for less than three years at 25 percent of companies. It typically takes between three and five months to replace a departing de·part v. de·part·ed, de·part·ing, de·parts v.intr. 1. To go away; leave. 2. To die. 3. chief financial executive, according to the survey. Respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. included primarily human resource managers and executives at mid-sized to large organizations in all industries. "Many CFOs had the same 'cultural fit' problems that are a leading cause of executive failure--their management styles and ways of doing their jobs did not fit in with the prevailing organizational culture  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . ," said Doug Matthews, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Right Management, which calls itself "a provider of integrated consulting solutions across the employment lifecycle." Then, of course, there is Sarbanes-Oxley. "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 CFO See Chief Financial Officer. executive for a public company must now confront," said Matthews. "In addition, the job market for CFOs has been good in recent years, with new opportunities at other public companies that are under greater Sarbanes-Oxley scrutiny, and with privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that were not affected by the legislation," he added. According to the survey, CFOs who left companies did so for the following reasons: Accepted another job offer 50% CFO did not fit into culture of 23% organization Work environment and/or job was 22% too stressful Lack of current knowledge around 5% Sarbanes-Oxley regulations The average tenure of a CFO is: Six to 10 years 28% Three to five years 27% Up to three years 25% More than 10 years 20% It typically takes this long to find a replacement CFO: Three to five months 34% Six to 12 months 26% One to two months 22% Less than one month 11% More than 1 year 7% |
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