- In a recent survey of 740 finance chiefs, only 34% of them said a succession plan is in place for their role and 81% of the respondents said there is no internal, “ready-now” successor
- The survey found higher percentages of companies with CFO succession plans in place where the existing finance chief’s tenure was more than 10 years (53%), revenue was greater than $1.5 billion (51%), and the company was publicly held (46%)
- Korn Ferry presented an interesting breakdown of the activities that CFOs spend the most time on — and which ones they wish they could spend more on
- 60% of finance chiefs, the desire is greatest to devote more time to either strategy or working with data to enhance business intelligence
- CFOs want to be in positions where they’re adding value as opposed to doing the day-to-day blocking and tackling
- Virtually none of the respondents want to spend more time on reporting and compliance.
