
In 2025, roughly 1 in 9 CEOs at large public companies was replaced — and CFO appointments hit a 7-year high. Most boards never saw it coming. Download the CEO/CFO Transition Risk Index and learn to read the signals before they become a crisis.

The largest executive succession event in modern corporate history is already underway. New research from Cowen Partners Executive Search reveals a leadership pipeline under pressure, a shrinking successor pool, and a retirement wave expected to peak between 2029 and 2034.

Most leadership transitions turn into crises for one reason: no one recognized what they were dealing with until the cost was already locked in. Every leadership change falls into one of four scenarios, each with its own risk, warning signs, and window to act. Organizations that come through a transition intact tend to be those that saw it clearly while there was still time to act. This guide gives you the framework to recognize which transition you are facing, or about to face, before it becomes a problem you are managing in real time.

This checklist is designed for senior leadership and C-suite searches with total compensation above $250,000. These roles carry higher complexity, longer timelines, and greater organizational impact, which is why internal alignment matters most at this level.

This paper posits that an ESOP’s long-term valuation is determined less by its financial structure and more by three interconnected leadership decisions: how the board is composed, how external executives are evaluated for cultural fit, and how CEO succession is planned years in advance. Drawing on Cowen Partners Executive Search’s experience placing C-suite and board-level talent across hundreds of complex ESOPs, this paper offers a field-tested framework for building the leadership infrastructure that protects and grows employee-owner wealth

This report presents the findings of our study of the 264 CFO transitions in the first half of 2022 at the Fortune 500 and notable companies as of July 22, 2022. Individuals included in this study obtained a new CFO position within the 2022 year at a Fortune 500 company or a company of note. Using publicly available data, the 264 CFOs were coded with the following tags: gender (female or male), race (white or person of color), first-time CFO (no previous employment in a CFO role), internal promotion (obtained the CFO position at current company of employment), CPA, and MBA.

This issue delves into critical aspects of leadership: navigating crises, fostering cultural alignment, and planning for sustainable succession. We believe that a company’s success is deeply rooted in its people, and our proactive approach to executive search ensures that we connect you with leaders who embody integrity, commitment, professionalism, confidentiality, and a steadfast dedication to diversity, equity, and inclusion.