CFOs Stuck in Paperwork

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CFOs Stuck in Paperwork

Sarbanes-Oxley swells the workload of many chief financial officers (CFOs).

The stacks of documents needing certification, the extra sessions with board members--they tend to crowd out the strategic and creative parts of the job while denying CFOs the corner office.

A study by executive search firm Russell Reynolds Associates shows that last year the share of CFO job turnover due to promotions to CEO sank to just 19% of all CFO churn, down from 30% in 2004 and 27% in 2003. One reason for 2005's lower number: resignations, which accounted for 32% of all CFO turnover.

"What we're hearing is: 'I want out,'" says Lorraine Hack, a member of Russell Reynolds' financial officers' practice. And more boards are keeping their financial whizzes in place. "You become more hesitant to move them if you've got a good player," she says.

But take heart, CFOs. Hack believes the trap is temporary. As other finance managers gain SarbOX acumen, allowing more CFOs to move up--perhaps with the help of an executive coach. Besides, a study by executive compensation consultant Steven Hall & Partners shows last year's average total CFO pay up 13% to $1.75 million annually.