The CFO-to-CEO trend is growing in popularity, partially because of the current economic environment, Fortune reported Oct. 16.
A leader who can navigate an unsteady economic climate is desirable, and the role of the CFO itself has entered the forefront of organizational strategy, Fortune reported.
"CFOs have become a real strategic partner to the CEO, and I would call them 'truth-tellers,'" Shawn Cole, president of executive search firm Cowen Partners, told Fortune.
In healthcare, about 6% of CEOs come directly from CFO positions, according to a recent Crist Kolder Associates report.
While the number of CFO promotions to CEO decreased in the first half of 2024, the figure remains higher than it was a decade ago, at 7.1% of CEOs, compared to 6.2% in 2014, the report said.
"CFOs have a unique vantage point since work crosses all segments of the company," Scott Simmons of Crist Kolder Associates told Fortune.
CFOs looking to pivot to a CEO role should possess emotional intelligence and effective communication skills, and they could benefit from a track record of affecting operational and strategic activities in their current role, Fortune reported.
Becker's has reported on multiple CFO-to-CEO transitions in hospitals and health systems in 2024, including Deb Mohesky, who was appointed CEO of CommonSpirit Health's Longmont (Colo.) United Hospital, and Joe Wanner, who took the helm at Bartlett Regional Hospital in Juneau, Alaska.