Good morning. If you’re a Fortune 500 CFO and your remit is steadily increasing while you take on an additional title and learn new skills, you’re not alone.
C-suite dynamics of the biggest companies in the U.S. are rapidly changing, according to research by Deloitte’s Executive Accelerators Sensing and Insights and Center for Integrated Research groups. The researchers examined the C-suite composition of Fortune 500 companies between 2018 and 2023. Top leadership teams grew 23% on average (from 6.7 executives to 8.2).
“This reflects both the addition of new executive roles and the expansion of existing ones,” said Elizabeth Moore, a senior manager and a data-sensing leader in Deloitte’s U.S. Executive Accelerators organization. “The shift is driven by increasing business complexity, regulatory demands, and the need for specialized leadership.”
New roles like chief communications officer have been introduced, for example. But there’s also a rise in dual-title executives, Moore said. That dynamic certainly pertains to CFOs. I previously reported that finance chiefs are taking on the COO role or even a newly combined finance chief and COO role, like at PayPal and Salesforce. And CFOs are increasingly becoming company presidents.
More skills wanted
Deloitte’s report includes an analysis of publicly available C-suite job posting data in the Lightcast Open Skills Taxonomy database, which shows the number of skills executives are asked to bring to the table is increasing. From 2018 to 2023, the average number of skills listed in a CFO job posting—at companies of all sizes—went up 19% (from approximately 12.5 skills to 14.9), according to the report. And oftentimes, these skills are in areas outside of the position’s historical mandate.
“For CFOs, business strategy is a rapidly rising skill reflected in role postings,” Moore told me. “In 2019, 32% of CFO postings included business strategy, by 2024 that number increased to 58% of postings.”
Other skills growing in demand are data and financial analysis, risk management, and regulatory and legal compliance skills, she said. “In a recent Deloitte CFO Signals survey, we also asked CFOs what three traits, skills or experience are most important when identifying their possible successors,” she explained. “Operational experience was the most-cited answer, followed by familiarity with new technologies and network leadership.”
Although the scope of the role has expanded outside of number crunching, that’s still a necessary foundation. The top two skills represented in CFO job postings every year are general accounting and general finance, Moore said.
“The changes we observed in the C-suite from 2018 to 2023 are among the most significant shifts in executive leadership we’ve analyzed,” she said. It marks a “fundamental transformation in how companies structure their leadership,” she added.
The convergence of rapid digital transformation, evolving regulatory landscapes, and heightened business complexity makes this five-year period particularly profound, Moore said. Companies had to rethink traditional leadership models.
“While past shifts have been driven by specific trends, such as globalization or financial crises, this transformation is broader and touches nearly every function,” she said.
Another key finding is an “overwhelming consensus” among executives that human skills, such as adaptability, collaboration, and strategic thinking, will remain essential for leadership success, Moore said.
SherylEstrada
sheryl.estrada@fortune.com
Leaderboard
Randy Greben was appointed CFO of Fossil Group, Inc. (Nasdaq: FOSL), a lifestyle accessories company, effective March 17. He replaces Andrew Skobe, interim CFO. Greben most recently served as chief financial and operating officer at Casper Sleep, Inc. Previously, he was CFO and treasurer of the meal kit company Blue Apron. He joined Blue Apron after serving as SVP and CFO at apparel retailer ANN Inc.
John Verkamp was appointed CFO of Wheels Up Experience Inc. (NYSE: UP), a global private aviation company. Verkamp will be based in Atlanta and is expected to join the company on March 31. Verkamp served as VP and CFO of the gas power global services business of GE Vernova and previously held various financial leadership positions in the GE family of companies, including CFO of Gas Power Commercial and Services, CFO of Avio Aero and chief risk officer at GE Aviation.
Big Deal
Banks, similar to companies from many other sectors, are facing stock price pressure during recent trading sessions as concerns about economic growth, according to an S&P Global Market Intelligence report. And uncertainty has erased most gains that followed Election Day in late 2024, the research found.
As a result, market volatility and a dim showing from the year's first bank initial public offering have "dampened the outlook for depositories looking to launch an IPO," the researchers explain. Much of the drop has come in the weeks after the Feb. 13 IPO of Northpointe Bancshares Inc., the first bank to go public in 2025.
Just one bank went public in 2023 and 2024 when excluding mutual stock conversions. "And a bank IPO has not priced within the expected range since Hanover Bancorp Inc.'s 2022," according to the report.
Going deeper
“Power Players: Meet the women reshaping 10 key European industries" is a new Fortune report. This year, Fortune curated a list of women who are at the helm of European companies across the continent’s biggest industries. From Daimler Truck Holdings’ Karin Rådström to Chanel’s Leena Nair, it’s hard to find an industry—or any slice of corporate Europe—that women haven’t made waves in.
For example, Veolia’s Estele Brachlianoff joined the $49 billion French utility company 20 years ago in various capacities before becoming CEO nearly three years ago. Branchlianoff presided over the Seine River’s clean-up ahead of the Paris Olympics last year.
Overheard
"In areas where we are behind the competition, we need to take calculated risks to disrupt and leapfrog."
—Intel's new CEO Lip-Bu Tan wrote in a letter on Wednesday to Intel staffers. Tan is a semiconductor industry veteran who served as CEO of chip design software giant Cadence Design Systems for more than a decade, Fortune reported.
