Tag Archives: CFO Turnover

Companies expand CFOs’ role to retain them amid high demand

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The pressure is on for boards to hold onto chief financial officers as firms face the prospect of an economic slowdown and intense competition for talent.

Demand for finance chiefs continues to be high in U.S. businesses, according to a July 4 report from The Wall Street Journal. Data from Russell Reynolds Associates indicates that CFO turnover at companies in the S&P 500 rose to 18 percent in 2021, compared to 15 percent in 2020 and 14 percent in 2019. 

Some new strategies call for broadening CFO responsibilities or elevating their positions altogether to retain top executives, according to Joel von Ranson, head of recruitment firm Spencer Stuart’s global functional practices. 

“Companies create these broader roles and titles to engage and recognize and motivate the very best of the best,” Mr. von Ranson said. 

CFOs at companies in the S&P 500 and Fortune 500 average about five years in their job, according to executive search firm Crist Kolder Associates. Expanding the CFO role allows organizations to create opportunities to retain key talent past the five-year mark. 

In 2021, just under 8 percent of chief executive officers at companies in the S&P 500 and Fortune 500 came from the CFO seat. 

More Memorial Hermann execs to depart

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https://www.bizjournals.com/houston/news/2017/07/31/more-memorial-hermann-execs-to-depart.html?lipi=urn%3Ali%3Apage%3Ad_flagship3_feed%3B5bILEwnxSM%2BkK22A0oNGSA%3D%3D

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Three more executives plan to leave Memorial Hermann Health System, Houston’s largest nonprofit health care system, according to multiple reports.

Last week, Arizona-based Banner Health announced it hired Dennis Laraway as CFO, effective Sept. 29. Laraway has been CFO of Memorial Hermann since 2011.

Following the announcement, Modern Healthcare, Healthcare Finance and others reported that two other executives plan to step down. Memorial Hermann spokeswoman Alex Loessin confirmed to the publications that Christopher Lloyd, CEO of Memorial Hermann’s physician network, and Jim Garman, chief human resources officer, also plan to leave. That’s in addition to Craig Cordola, president of Memorial Hermann Health System’s west region, whose departure was announced earlier this month.

The reports did not specify when Lloyd and Garman will step down or what their next positions will be. Cordola, however, will become senior vice president of St. Louis-based Ascension Healthcare and ministry market executive of Ascension Texas, effective Sept. 1. Memorial Hermann is evaluating a successor for Cordola internally, Loessin previously told the Houston Business Journal.

“Career moves by top leaders to other signature health systems speak volumes about the caliber of talent we have at Memorial Hermann,” CEO Chuck Stokessaid in a statement to the publications last week. “While we will miss the contributions of these individuals to the organization, I’m incredibly proud of all they accomplished, and I wish each of them the very best. We have a strong management team at Memorial Hermann and excellent support from our board.”

Stokes was named CEO for Memorial Hermann in early July. He had served in an interim capacity for a few weeks after Dr. Benjamin Chu abruptly stepped down from the position June 19.