CFOs rarely leave because they fail to deliver on their numbers

Published date: October 2, 2026

When a CFO leaves, it is often assumed that the organisation’s financial performance fell short of expectations. New research by global talent solutions partner Robert Walters paints a different picture. In only 20% of cases is the departure related to performance issues.

Much more often, the problem lies in unclear agreements about the role itself. In 48% of CFO departures, disagreements over the CFO’s mandate played a role. In 45% of cases, conflicts with the CEO, board or executive team over the strategic direction were an important reason for leaving.

Mandate drift

One key factor is what Robert Walters calls ‘mandate drift’. A CFO starts with clear agreements about the role. Over time, expectations change or new responsibilities are added. The CFO’s authority and resources do not always evolve accordingly. This can happen, for example, when a CFO is hired to get the finances under control or lead a transformation. If the company’s priorities subsequently evolve, the CFO’s role may change as well.

“A CFO can perform well and still run into problems if the organisation later expects something different from the role than it did at the outset,” says Christophe Paquay, Senior Manager at Robert Walters. “That is why it is important to establish clear agreements when appointing a CFO. What is the CFO’s mandate? Which decisions can and may they make? And how can the role evolve over the coming years?”

Collaboration with the CEO

The relationship between the CFO and the rest of the leadership team also plays an important role. For 45% of departing CFOs, conflicts over strategic direction were a significant factor. According to Robert Walters, this is why it is not enough to look only at experience and financial expertise. The working relationship between the CEO and CFO also deserves attention before an appointment is made.

“Organisations spend a great deal of time assessing experience and expertise. Much less time is spent on whether a CEO and CFO can work well together,” says Christophe. “Can they challenge each other constructively? Can they disagree without putting their working relationship under pressure? These are important questions to discuss upfront.”

Clarity is key

In addition to unclear expectations and conflicts over strategy, the research also identifies cultural fit, stakeholder complexity and a lack of support for change as factors contributing to premature departures.

The key question, therefore, is not only, “Can this candidate do the job?” but also, “Have we made it clear what we expect from this CFO and how much room they will have to perform the role?” Christophe concludes.