Study
Do companies promote their next CFO from inside or hire from outside?
Computed October 23, 2026 from the verified record · Download this table (CSV)
49.5%
of established cases were internal promotions
Of 336 verified moves that name an incoming CFO, the filing establishes 283 as internal or external. 140 were internal promotions and 143 were external hires, so 49.5% of the established cases were internal. 53 records do not establish it. A sector can be given for 31 of the 336, where the company also has a roster record with its SIC code.
The counts
| Event type | Incoming CFOs | Internal | External | Not established | Internal share of established |
|---|---|---|---|---|---|
| Appointment | 74 | 25 | 37 | 12 | 40.3% |
| Transition | 168 | 49 | 89 | 30 | 35.5% |
| Interim | 94 | 66 | 17 | 11 | 79.5% |
| All incoming CFOs | 336 | 140 | 143 | 53 | 49.5% |
| Sector (SIC division) | Incoming CFOs | Internal | External | Not established | Internal share of established |
|---|---|---|---|---|---|
| Finance, insurance and real estate | 3 | 2 | 1 | 0 | 66.7% |
| Manufacturing | 16 | 6 | 7 | 3 | 46.2% |
| Mining | 3 | 2 | 0 | 1 | 100% |
| Retail trade | 1 | 1 | 0 | 0 | 100% |
| Services | 2 | 1 | 0 | 1 | 100% |
| Transportation, communications and utilities | 5 | 3 | 1 | 1 | 75% |
| Wholesale trade | 1 | 1 | 0 | 0 | 100% |
| Sector not established | 305 | 124 | 134 | 47 | 48.1% |
Download the first table as CSV · Free to use with attribution to CFO Tribune and a link to https://cfotribune.com.
How this is computed
- The base is every verified appointment, transition or interim move that names an incoming CFO.
- Internal or external is the record's internal_promotion field: true where the filing says the person already worked at the company, false where it names an outside employer, and not established otherwise.
- The share is internal promotions over the cases the record establishes, with its base shown beside it. Not established cases are never counted as either.
- Sector is the SIC division of the company's SIC code, taken from the company's roster record (its 10-K) and matched by CIK. A company with no roster record has no sector here.
- Only verified records count: drafts never build. A share whose base is zero is shown as not established, never as 0%.
What the record cannot tell you
- Most companies with a move on the record have no roster record yet, so the sector table rests on small bases.
- An internal promotion here means the filing ties the person to the company before the appointment; it does not say how long they had been there.
- The record holds the filings CFO Tribune has read and verified, not every filing made. Each figure describes that record only.
Related studies
What job did new CFOs hold before they were appointed?37.5% of appointees with a stated prior role came from a CFO seat elsewhere
How many new CFOs are in the seat for the first time?67% of incoming CFOs: first-time status not established by the filing