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Chief financial officer turnover reached a seven-year high in 2025, with 316 global appointments across 13 major stock indexes - a 10% increase from the prior year - according to data from Russell Reynolds Associates. While retirements accounted for 60% of departures, burnout and role fatigue are increasingly driving finance chiefs to step down. Expanding responsibilities - including capital allocation, investor relations, enterprise risk management and activist engagement - have made the CFO role more demanding than ever. Many seasoned executives are opting for board roles, advisory positions or private equity opportunities that offer greater flexibility. CEO turnover has also fueled CFO changes. More than half of companies that appoint a new CEO replace their CFO within 18 months, often due to leadership alignment rather than performance issues. Boards are responding by favoring experienced hires: 43% of CFO appointments in 2025 involved seasoned finance chiefs, up from 40% the previous year. Companies facing heightened external pressure are more likely to recruit externally, though outside hires tend to have shorter tenures than internally promoted CFOs.

 

Bloomberg

The United States has introduced a 10% global tariff, effective from 12:01am eastern time, with President Donald Trump stepping back from his weekend pledge to immediately raise the levy to 15%, according to a notice from U.S. Customs. The move follows a Supreme Court ruling on Friday that struck down Mr Trump’s previous sweeping tariffs imposed under emergency powers. In response, the president introduced a temporary 10% global tariff for 150 days under a different legal authority. The White House indicated that a 15% tariff remains under consideration, saying it is “being worked on” but offering no timeline. The delay provides a window for governments and businesses to lobby for exemptions or preferential treatment. The 10% levy includes carve-outs for a wide range of products, as well as many imports from Canada and Mexico. However, the tariff has triggered backlash from key U.S. trading partners, particularly in Europe. The EU is delaying ratification of a trade deal with Washington in response to the proposed 15% rate.  “We want to have clarity about the situation”, European Parliament trade committee chair Bernd Lange said Monday. “We want to have clarity from the U.S. that they are respecting the deal because that’s a crucial element."

 

Bloomberg

Financial Times

NBC News

New York Times

FedEx has filed a lawsuit seeking a refund of U.S. tariffs that the Supreme Court ruled unlawful last week, becoming one of the first major companies to demand repayment of levies imposed under President Donald Trump’s emergency powers. The case, lodged in the U.S. Court of International Trade, asks Customs and Border Protection to return the duties collected. FedEx did not specify the amount it is seeking, but analysts estimate the now-invalidated tariffs raised as much as $175bn for the U.S. government. Legal experts expect many other companies to follow suit, with dozens having already challenged the tariffs before the Supreme Court’s decision. While the Trump administration previously indicated it would comply with refund orders if the levies were struck down, Mr Trump has suggested that repayments could face further legal hurdles.

 

CNBC

Financial Times

New York Times

Reuters

The Supreme Court has agreed to hear cases from oil and gas companies attempting to block lawsuits that seek to hold them accountable for billions in damages related to climate change. The court's decision comes as Boulder, Colorado, and other jurisdictions pursue legal action against the companies, alleging they misled the public about fossil fuels' role in climate change. Suncor Energy and ExxonMobil argue that emissions are a national issue, warranting federal court jurisdiction. They claim that allowing state law to address global climate change poses a significant threat to the industry. Boulder attorneys maintain that state courts can address local harms caused by out-of-state actions.

 

Los Angeles Times

Law

The Globe and Mail

U.S. News

Berkshire Hathaway-owned utility PacifiCorp has reached a $575m settlement with the U.S. government regarding claims that its electrical lines caused six wildfires in Oregon and California. Although PacifiCorp denies any liability for the fires, which collectively burned nearly 290,000 acres, the company said that the settlement provides "certainty for customers and progress toward a financially healthy utility."

 

Reuters

Reuters reports that the U.S. Department of Justice (DOJ) and Federal Trade Commission are to launch a public inquiry to inform new guidelines for companies on the bounds of the law when it comes to collaborating with rivals, a senior DOJ official has said. The development comes amid an increase in businesses that aggregate industry data and advise their customers on pricing, Reuters notes.

 

Reuters

A U.S. federal judge has ruled that UPS can proceed with offering $150,000 buyout packages to its unionized drivers, rejecting an attempt by the International Brotherhood of Teamsters to block the program. Chief U.S. District Judge Denise Casper dismissed the union’s request for an injunction, calling its interpretation of the 2023 labor contract “flawed” and ruling that an arbitrator could later void any agreements found to conflict with the collective bargaining deal. The Teamsters had argued that allowing the program to move forward would undermine any future arbitration decision. UPS said it would proceed with the so-called Driver Choice Program, which extends buyout offers to around 105,000 drivers. The initiative forms part of a broader plan to cut up to 30,000 jobs and close 24 facilities, as the company reduces lower-margin deliveries, particularly those linked to Amazon, amid declining package volumes.

 

Atlanta Business Chronicle

Reuters

Walmart will pay U.S. corporate staff 121% of their eligible annual bonuses next month, reflecting another year of strong company performance and market share gains. The payout, close to last year’s 122% and just below the 125% maximum, marks at least the third consecutive year that bonuses have exceeded the 100% target. Awards are based on both individual and company performance.

 

Bloomberg

U.S. Energy Secretary Chris Wright has given an ultimatum to the International Energy Agency (IEA) – stop net zero emissions goals or lose the United States as a member. Wright told a panel on the sidelines of the IEA's ministerial meeting on Thursday: “We're definitely not satisfied [with current IEA's policy scenarios], and we’re not there yet . . . For the U.S. to remain a long-term member of the IEA, the agency needs to finish the reform . . . we don’t need a net zero scenario, that’s never gonna happen, net zero by 2050.” Wright said the "real physical phenomenon" of climate change has been "wildly misunderstood and exaggerated for political reasons."

 

Reuters

Euronews

New orders for U.S. factory goods fell 0.7% in December, driven by a sharp drop in commercial aircraft bookings, according to Commerce Department data published on Monday. The decline followed a 2.7% increase in November and was slightly worse than economists’ forecasts of a 0.6% fall. On a year-on-year basis, factory orders rose 3.7%. Commercial aircraft orders dropped 24.8% after surging 98.2% in November, reflecting volatility in the sector. Although Boeing reported 175 aircraft orders in December, most were for lower-priced models. In contrast, demand in other manufacturing segments remained firm, partly supported by investment linked to artificial intelligence. Orders for computers and electronic products rose 3.1%, machinery increased 0.5%, and motor vehicle bodies, parts and trailers advanced 2%. Orders for non-defense capital goods excluding aircraft were revised higher to a 0.8% increase, while shipments of these core capital goods rose 1%.

 

Nasdaq

Reuters

Wall Street Journal

Warner Bros. Discovery has received a revised takeover bid from Paramount but has not disclosed the terms, saying only that its board is reviewing the offer to determine whether it is superior to its existing agreement with Netflix. Last week, Warner gave Paramount a seven-day window to submit its “best and final” offer after reopening talks with the hostile suitor. Paramount confirmed it submitted a new bid, though details remain undisclosed. Warner is expected to outline the proposal to shareholders soon. Warner currently has a signed agreement to sell its movie and TV studios and HBO Max streaming service to Netflix for $27.75 per share, or $72bn. Under that deal, Netflix has the right to match any superior offer within four days. Warner’s board reiterated that it continues to recommend the Netflix transaction and advised shareholders not to act on Paramount’s amended tender offer at this time. Paramount’s previous bid, led by David Ellison, was valued at $30 per share, or $77.9bn, for the entire company, including cable networks such as CNN and TNT. 

 

Financial Times

Reuters

Wall Street Journal

The World Bank’s private sector arm has signed its biggest ever deal for insurers to underwrite the credit risk on its loans, following a fall in official aid to poorer nations.

 

Financial Times

Companies are turning back to consultants for ideas on how to supply energy-hungry data centers with power and turn AI experiments into productivity gains, according to research group Source Global.

 

Financial Times

Panasonic will transfer control of its TV sales, marketing and logistics operations in the U.S. and Europe to China’s Skyworth from April, marking a further retreat by Japanese electronics groups from a business they once dominated. The Osaka-based company said the move forms part of a “comprehensive business partnership” that combines Panasonic’s audiovisual technology and brand strength with Skyworth’s manufacturing scale. Panasonic, which has produced televisions since the 1950s, will continue managing its TV operations in Japan and will jointly develop high-end OLED models with its Chinese partner. The agreement follows Sony’s recent decision to cede control of its TV and home audio business, including the Bravia brand, to China’s TCL in a joint venture. The deals underscore the shift in global TV manufacturing dominance from Japanese companies to South Korean and Chinese rivals, as the industry has become lower-margin following the transition from cathode ray tube to flat-panel displays.

 

Nikkei Asia

Financial Times

The fourth quarter of 2025 marked a slowdown in new SEC audit engagements, closing out a volatile year shaped by major accounting firm mergers. Auditors added just 128 new SEC clients in the quarter, the lowest total since the first quarter of 2022. The decline follows a surge earlier in the year driven by mega-mergers between CBIZ and Marcum, and Baker Tilly and Moss Adams, which had significantly boosted second-quarter figures. Despite the slower market, BDO USA delivered a strong performance, posting 10 net new SEC audit engagements during the quarter. Those new clients represented more than $2.5bn in audited market capitalization, $823.5m in revenue, and over $21bn in assets, generating approximately $2.18m in audit fees. CBIZ CPAs recorded the highest net gain in engagements at 11, though its audited market capitalization and asset totals were lower than BDO’s. KPMG added four new engagements but led in total audited market cap ($11.5bn), revenue ($5.3bn), and audit fees ($11.1m). Other firms reporting new SEC audit wins included Assentsure, BDMP Assurance, HTL International, M&K CPAs, and LJ Soldinger Associates, each adding between three and five engagements.

 

Accounting Today