This Year’s CFO Revolving Door

Quick quiz: Which C-suite position has the least job security? This year, at least, the answer would have to be chief financial officer, arguably the No. 2 executive at most big public companies. In tech and media in 2023, we’ve seen CFO departures (or CFOs taking a different position internally) at Alphabet, Uber, Tesla, Disney, Stripe, Airbnb, Digital Currency Group, Pinterest, Rent the Runway, Allbirds, BuzzFeed, Everlane and, on Thursday, Spotify. And I’m sure I’ve missed a few.

What’s going on? One answer, for some, may be exhaustion in what is an increasingly tough job. CFOs are responsible for keeping the books, monitoring financial risk and liaising with Wall Street and often, formulating strategy. The Securities and Exchange Commission has lately added to the CFO responsibilities by introducing new disclosure requirements related to cybersecurity, while other new rules related to climate-change impact are on the horizon. Many CFOs also serve as close advisers to their CEOs on all manner of things. Handling all of this for a period of years can wear down even the best executives. Alphabet’s Ruth Porat—described by a former colleague as a “uniquely multitalented individual”—was keen to do something different after eight years, as we reported here. In September, she took on a new role as president and chief investment officer. (Porat will remain as CFO until a successor is found).