BusinessCompany NewsRecord turnover of finance chiefs predicted in US

Record turnover of finance chiefs predicted in US

Sarbanes-Oxley headaches the main culprit

Shareholders and board have been warned to prepare for record turnover among
chief financial officers in 2007, following a survey from executive services
firm Tatum.

The survey suggested that
Sarbanes-Oxley-related
headaches, unrealistic demands from board members and chief executives will
drive more than 2,300 chief financial officers from their positions in 2007.

‘Corporate America may soon find that creating shareholder value is
impossible with what is quickly becoming an itinerant chief financial officer,’
said Tatum chairman and chief executive Richard D’Amaro.

‘Many CFOs are fired or resign not because they weren’t a good match for the
company when they were hired 20 months ago, but rather because the business has
evolved so quickly that their capacity and capabilities are no longer an ideal
match for the company,’ he added.

A record 2,302 US chief financial officers left their positions in 2006.

Further reading:

Citigroup appoints new CFO

Q&A: Jeremy Darroch, BSkyB’s CFO on the company’s
results

Lonmin appoint Ferguson as new CFO

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