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Your next CEO is increasingly likely to be a female CFO

An analysis of the C-Suite at Australia's biggest listed companies shows the country is following a global trend.

Jennifer Duke and John Buckley
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Leah Weckert was promoted from CFO to CEO of Coles in 2023. She's one of a growing cohort of new top bosses with deep financial expertise. AAP Image/supplied.

The leaders of Australia’s biggest businesses are changing. Chief executives are much more likely to be female and their resumes increasingly list a top finance role.

An analysis by Capital Brief of the professional experience of ASX 50 chief executives before and after the height of the coronavirus pandemic shows an upwards trend in big business bosses who have previously held CFO roles, or equivalent senior finance positions. Prior to Covid, about a quarter of CEOs had this experience, compared to about a third of those in the top job today.

The CFO to CEO trend is not constrained to the companies with the biggest market capitalisation either. For instance, last week Seven West Media replaced its CEO James Warburton with experienced CFO Jeff Howard.

The number of women in the CEO hot seat among the ASX 50 has roughly tripled over this time, though off a small base.