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Over 15% of chief financial officers at listed companies in the U.K. and U.S. departed their roles last year, marking the highest turnover rate in six years, according to research from Russell Reynolds Associates. The average tenure of CFOs has decreased from 6.2 years to 5.8 years in 2024, largely due to a high retirement rate. The average retirement age has declined to 56.6 years. Additionally, 70 out of 275 CFOs appointed last year were women, the highest proportion in six years, with 54% being internal appointments. "We’re at a point where the supply, demand dynamic is getting concerning,” said Jim Lawson, co-leader of executive search and leadership advisory firm Russell Reynolds Associates’ CFO practice. “Classically-trained” CFOs are making the move to retirement, and “that is really limiting the pool of candidates moving forward,” he added.

 

The CFO

CFO Dive

City AM

After over 60 years, Sukup Manufacturing Co. has appointed Tom Mangan as its first non-family chief executive, succeeding Steve Sukup. Mr. Mangan, previously the chief financial officer, will work with Sukup until October for a smooth transition. “It's been a privilege to lead the company to tremendous growth and success during a time of great change and uncertainty for our industry and the world," Mr. Sukup said in a statement. "I have the utmost confidence in Tom and this great team that was assembled during my tenure. I am confident that the business is on the right path and in the right hands going forward."

 

Des Moines Register

Yum Brands has announced that chief executive David Gibbs will retire next year after over five years in the role. The board has established a succession planning committee to appoint the next CEO, with Mr Gibbs continuing to lead the company during the search process until his retirement in the first quarter of 2026. Under his tenure, Yum Brands expanded its store count and saw annual sales surge to $66bn. He also updated technology in stores, and oversaw the signing of a deal with the artificial intelligence and computing company Nvidia, which will work with Yum on automated ordering at drive-thrus and call centers and computer-enhanced operation plans in restaurants.

 

Reuters

US News and World Report

The Wall Street Journal

AICPA's Accounting and Review Services Committee has clarified a standard regarding financial statement preparation in client advisory services. The new Statement on Standards for Accounting and Review Services (SSARS) No. 27 states that a CPA is not obligated to apply AR-C Section 70 when financial statement preparation is not the primary goal of a consulting services engagement. This change reflects the rapid growth of client advisory services, where accountants often take on roles like outsourced chief financial officer. Sue Coffey, chief executive of public accounting at AICPA, emphasized: "Our goal is to ensure that accountants have the necessary knowledge, tools and resources to serve their clients efficiently." The revised standards will be issued over the coming weeks.

 

Accounting Today

CPA Practice Advisor

The Chicago Purchasing Managers’ Index (PMI), a key indicator of the economic health of the manufacturing sector in the Chicago region, has reported an unexpected rise, from 45.5 to 47.6. The reading, which is below the 50-mark separating expansion from contraction, beat analyst expectations for 45.5. 

 

Investing

Hooters has filed for Chapter 11 bankruptcy protection in North Texas. The HOA Restaurant Group, which operates many locations, aims to resolve its financial issues while keeping the restaurants open. The company said: “Our renowned Hooters restaurants are here to stay and we are taking action to strengthen our business”. Founded in 1983, Hooters has faced various challenges, including financial difficulties and lawsuits regarding its hiring practices. Despite these setbacks, the original founders plan to acquire more outlets to revitalize the brand.

 

Killeen Daily Herald

Wall Street Journal

U.S. banking leaders are advocating for significant regulatory changes under President Donald Trump's administration, and have expressed optimism that regulators are receptive to their requests. Proposed changes include raising the threshold for anti-money laundering reports from $10,000 to potentially $75,000 or $100,000. The push for deregulation follows a period of stricter rules under the Biden administration. However, advocates for tougher regulations, like Dennis Kelleher of Better Markets, warn that easing rules could jeopardise consumer protection and financial stability.

 

U.S. News

The U.S. Treasury Department's Office of the Comptroller of the Currency has withdrawn its principles for guiding banks on climate-related financial risks. Acting Comptroller of the Currency Rodney Hood said: "The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative." The decision aligns with President Donald Trump's broader agenda, which includes withdrawing from the Paris Agreement and cancelling U.S. global climate finance initiatives.

 

Reuters

Persefoni, a sustainability management software provider, has successfully raised $23m in a Series C funding round, aimed at expanding its product offerings. Founded in 2020, the company specializes in AI-driven tools for managing carbon footprints and sustainability reporting, with features that include carbon footprint calculation and audit-ready disclosures for global standards like SB 253 and CSRD. Chief executive Kentaro Kawamori commented: "Since our last funding announcement almost 18 months ago, we've continued to innovate at a breakneck pace." The latest funding brings Persefoni's total capital raised to $179m, following a $50m round in August 2023. The company anticipates reaching profitability by the second half of 2025, with plans for new AI innovations and product enhancements in the pipeline.

 

ESG Today

Mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4bn, just weeks after acquiring real estate listing company Redfin. “By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care,” Mr. Cooper chair and chief executive Jay Bray, who will become president and CEO of Rocket Mortgage, said in a statement. Rocket shareholders will own approximately 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The combined company’s board will have 11 members, with nine being from Rocket and two from Mr. Cooper.

 

The Columbian

Financial Times

The Federal Deposit Insurance Corporation (FDIC) has announced that banks can now engage in certain cryptocurrency activities without prior regulatory approval, provided they manage their risks effectively. This marks a significant shift from previous FDIC policy, which mandated advance clearance for such activities. The decision follows a similar move by the Office of the Comptroller of the Currency, which also aims to facilitate banks' entry into the crypto sector.

 

Reuters

For the first time since its founding in 2003, the Canadian Public Accountability Board will publish individual, “firm-specific” public inspection reports, commencing with 2025 inspections and expected to be published in the first quarter of 2026. The Canadian audit watchdog worked with the relevant legislative and regulatory bodies to adopt changes to CPAB’s rules and legislation — most notably, Ontario’s Canadian Public Accountability Board Act and national instrument 52-108 of the Ontario Securities Commission.  “This is a significant milestone for CPAB,” said CPAB CEO Carol Paradine in a statement, “and I sincerely appreciate the support of our stakeholders, the relevant provincial government and securities regulators, and the CPAB team. These approvals are a final step in our initiative to enhance the information we disclose and will allow us to provide greater transparency for the investing public, audit committee chairs and other stakeholders across Canada.” 

 

Canadian Accountant

Keisuke Yokoo, chief executive of state-backed fund Japan Investment Company, has told Reuters that Japan risks reputational damage if it blocks Alimentation Couche-Tard's $47bn bid for Seven & i Holdings. "It wouldn't be good for Japan's image", he said of the potential impact if the government were to intervene and block the bid. He added: "It's hard to see how the retail business is connected to economic security" - a reference to the Japanese government's classification last September of Seven & i as "core" to national security.

 

Reuters

Wile E. Coyote is back in the spotlight as Ketchup Entertainment has acquired worldwide distribution rights for the film “Coyote vs. Acme,” previously shelved by Warner Bros. in 2023. The acquisition revives one of the three completed films that Warner Bros. opted for a tax write-off instead of releasing. The company chose to take a $115m impairment charge on the films, which also included "Batgirl" and "Scoob! Holiday Haunt." Directed by Dave Green and based on a New Yorker article by Ian Frazier, the film features Wile E. Coyote suing Acme Corporation for its faulty products. The film, which stars John Cena and Will Forte, is set for a theatrical release at an unspecified date. Ketchup reportedly paid around $50m for the film, which had a production cost of $70m.

 

USA Today

The Hollywood Reporter

The Oregonian