Fifty percent of the chief financial officers who left companies did so for reasons other than finding another job, including 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 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 surveyed.
It typically takes between three and five months to replace a departing chief financial executive, according to the survey.
Respondents included primarily human resource managers and executives at mid- to large organizations in all industries.
“Many chief financial officers 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,” said Doug Matthews, President and Chief Operating Officer for Right Management, the world's leading provider of integrated consulting solutions across the employment lifecycle.
See full Press Release.
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