A significant wave of retirements is reshaping the CFO landscape in the Asia Pacific (APAC) region, according to the latest Global CFO Turnover Index by Russell Reynolds Associates. In 2025, 62% of the 73 CFO departures in APAC were due to retirement, up from 57% in 2024. This trend has led to 58% of all APAC CFO appointments being first-time CFOs, with the region recording 92 total appointments, surpassing its seven-year average of 85.
Globally, CFO appointments reached a record high of 316, marking a 10% increase from 2024. The APAC region alone saw a 31% rise in appointments, with Australia leading at 49, followed by Japan with 15, Hong Kong with 14, India with nine, and Singapore with five. The Global Index of CFO Turnover tracks CFO departures from major stock indices, including ASX 200, HANG SENG, Nikkei 225, NSE Nifty 50, and STI.
Retirement remains the primary driver of CFO exits globally, accounting for 60% of departures, up from 55% in 2024. In APAC, 45 of the 73 CFO departures were due to retirement. Australia, Hong Kong, and India saw the majority of exits driven by retirement, whilst Singapore had a balanced split, and Japan had only 34% retiring.
Adelin Choy, co-leader of APAC Financial Officers Practice at Russell Reynolds Associates, noted, “The demographic shifts, particularly the ageing population, necessitate businesses to critically re-evaluate their succession pipelines and the evolving qualifications for the CFO role.”
Despite these shifts, APAC organisations maintained a balanced approach to recruitment, with nearly equal internal and external CFO appointments. The region’s inclination towards first-time CFOs mirrors the global trend, with 57% of all CFO appointments being first-timers. The elevated turnover highlights the need for continuous governance in CFO succession planning, as noted by Choy.
