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Report Methodology
Report Highlights
Executive Turnover
C-Suite Career Paths
Diversity Landscape
Education Background

The annual Crist|Kolder Volatility Report of America’s Leading Companies examines the backgrounds and measures the turnover of C-Suite executives in a portfolio of 672 of America’s leading companies from the Fortune 500 and the S&P 500 Indexes.
Crist|Kolder Associates examine each of the portfolio companies individually, noting personnel and organizational changes in the CEO, CFO, and COO roles. Each executive’s background is explored, including the path taken to get to their current role: industry background, functional experience, and education. This includes demographic information such as age, gender, and race.
This is the twelfth year of the Crist|Kolder Volatility Report, though information for the report goes back to 1995. This Summer 2015 release of the
Crist|Kolder Volatility Report contains data through August 1, 2015.
1

•
2015 Fortune 500 and S&P 500 Companies (672 Total)
-Companies Removed vs. 2014: 49
-Companies Added: 52
-Public Companies: 639
-Private Companies: 33
•
Data tracked January 1, 1995 through August 1, 2015 Company Industry Breakdown
•
Industries broken down by Fortune's classification system and then grouped into designated larger categories based on SIC codes and judgment of
Crist|Kolder Associates .
Services 11%
Retail 10%
Consumer
11%
Technology
12%
Resources:
•
Board Analyst: www.boardanalyst.com
•
BusinessWeek: www.businessweek.com
•
Capital IQ: www.capitaliq.com
•
Factiva: www.factiva.com
•
Fortune: www.fortune.com
•
GMI Analyst: www.gmianalyst.com
•
Hoover’s Online: www.hoovers.com
•
LinkedIn: www.linkedin.com
•
Notable Names Database: www.nndb.com
•
Phone Conversations with Company Executives
•
SEC Filings: www.sec.gov/edgov.shtml
•
Yahoo Finance: www.finance.yahoo.com
Healthcare 9%
Industrial 17%
Energy 13%
Financial 16%
2

Volatility: Turnover is noted when the executive starts in the new role (as opposed to the data of announcement).
Internal change: An executive is promoted to a new role at the company where he/she is already employed.
External change: An executive is recruited to a position at a company to which he/she has no formal ties.
Mergers: In a merger of equals, the combined company is considered a new entity. A change in leadership, therefore, is marked for all mergers. A change is internal if the executive was previously employed by either of the merging companies.
Acquisitions: In the event an executive from the acquired company is appointed to a role in the acquiring company, it is an external change.
COO Definitions:
COO Role: If no individual operates under the title of COO at a given company, description of duties, executive hierarchy, and compensation are simultaneously analyzed to determine if someone with another title (i.e. President) fulfills this role.
CEO-COO: Should a COO be promoted to CEO, or an individual be simultaneously elected to both positions, the COO role is considered vacant since the functions of the COO are handled by the CEO.
3

The following are some of the highlights from this year’s report:
•
As the economy improves, CEO and CFO turnover rates continue to decrease. (Page 9)
•
The number of companies utilizing the COO position continues to decrease; 33% of the S&P and Fortune 500 companies have COOs down from a high of 48% in 2000. (Page 11)
•
Nearly 65% of CEOs are promoted directly from a COO chair or a Divisional President position. (Page 14)
•
The Financial sector has the longest tenure average for CEOs, while retail has the longest tenure for CFOs.
(Pages 22-23)
•
Nearly 50% of CEOs were under the age of 50 when moved into the chair. (Page 24)
•
While the number of African American CEOs has remained static, the number of Hispanic CEOs has tripled in the last ten years. (Page 30)
•
2015 has seen the largest increase of female CFOs in the history of this study. (Page 33)
•
Foreign Universities have produced the most sitting CEOs, while Big Ten Universities have the highest number of sitting CFOs. (Pages 37-38)
•
Half of CFOs in our study have completed their education through the MBA level. (Page 43)
4

5

25%
20%
As of August 1, 2015, turnover rate has dropped in all C-Suite level positions
CEO/CFO/COO Volatility (1995-2015)
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs; 662 Sitting CFOs; 222 Sitting COOs)
30%
Historical
Average
21.2%
15%
10%
5%
Historical
Average
14.7%
Historical
Average
10.8%
0%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
CEO 9.2% 9.5% 12.5% 11.7% 12.8% 15.3% 10.7% 9.5% 9.6% 11.6% 13.9% 10.6% 10.5% 11.3% 9.9% 7.9% 11.6% 9.4% 11.0% 9.7% 9.5%
CFO 12.6% 14.1% 18.1% 16.6% 16.1% 17.3% 14.8% 13.9% 12.5% 15.5% 15.0% 16.8% 17.3% 18.9% 12.3% 10.7% 11.6% 13.4% 15.8% 13.7% 10.9%
COO 19.1% 19.2% 28.0% 21.9% 24.1% 23.3% 20.3% 20.1% 20.7% 22.5% 22.4% 23.0% 19.6% 19.8% 18.8% 21.8% 20.8% 26.0% 17.0% 23.1% 14.4%
*Partial Year
6

Approximately 35% of CEO turnovers come from the Industrial and Retail Sectors
2015 CEO Volatility by Industry
2015 Fortune 500 and S&P 500 Companies (672 Companies)
Financial 7.8%
Services 10.9% Consumer 12.5%
Healthcare 7.8%
Energy 12.5%
Notable CEO Industrial and Retail
Sector Changes in 2015
-Archer-Daniels-Midland Company
-The Boeing Company
-Delphi Automotive PLC
-Dollar General Corporation
-The Gap Inc.
-J.C. Penney Company Inc.
-LyondellBasell Industries N.V.
-Toys “R”Us Inc.
-Walgreens Boots Alliance Inc.
Technology 14.1%
Industrial 18.8%
Retail 15.6%
7

CFO turnover rate is highest in the Consumer and Financial sectors
2015 CFO Volatility by Industry
2015 Fortune 500 and S&P 500 Companies (672 Companies)
Technology 11.1%
Retail 7.9%
Healthcare 4.8%
Industrial 12.7%
Energy 12.7%
Notable CFO Consumer and
Financial Sector Changes in 2015
-Comcast Corporation
-Dick’s Sporting Goods Inc.
-Kraft Foods Group Inc.
-McDonald’s Corporation
-Morgan Stanley
-PayPal Holdings Inc.
-Time Warner Cable Inc.
-Visa Inc.
Consumer 20.6% Services 14.3%
Financial 15.9%
8

As the S&P 500 Index advances, CEO and CFO turnovers continue to decrease
Overall Volatility and S&P 500 Index** (1995-2015)
2015 Fortune 500 and S&P 500 (672 Companies)
20% 2500
18%
16%
14%
12%
10%
8%
6%
4%
2%
2000
1500
1000
500
S&P 500 Index
0%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
551.62 679.47 883.75 1098.23 1333.84 1423.95 1191.19 990.98 966.02 1130.25 1206.75 1307.23 1475.50 1241.22 937.92 1132.95 1268.21 1379.36 1580.03 2092.94 2100.87
0
CEO/CFO Turnover 11.4% 12.5% 16.3% 15.8% 15.3% 17.5% 13.9% 12.6% 11.2% 14.9% 16.1% 14.2% 15.2% 15.9% 12.4% 9.8% 12.2% 11.9% 13.2% 10.9% 10.2%
*Partial Year
**Average Daily Close
9

Recently, CEO and CFO external recruitment continues to decrease
Percentage of CEO/CFO Recruited from Outside the Company (1995-2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 677 Sitting CEOs; 662 Sitting CFOs)
60%
50%
40%
Historical
Average
39.2%
30%
20%
10%
Historical
Average
20.2%
0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
CEO 20.8% 19.2% 20.9% 11.7% 16.4% 21.3% 20.7% 25.0% 18.1% 24.4% 24.6% 21.8% 21.0% 28.8% 34.6% 19.7% 17.2%
CFO 35.8% 40.4% 31.5% 53.9% 34.6% 39.0% 33.3% 37.5% 42.7% 42.2% 43.5% 32.4% 41.3% 43.0% 42.7% 42.0% 33.3%
*Partial Year
10

The number of companies with a COO has decreased by 10% in the last ten years
Percentage of Companies with a COO (2000-2015)
2015 Fortune 500 and S&P 500 (672 companies)
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
% with COO 48.0% 44.7% 45.5% 44.9% 44.4% 43.9% 43.8% 46.0% 44.3% 42.2% 42.6% 41.5% 39.6% 36.3% 36.0% 33.0%
*Partial Year
11

Healthcare and Industrial companies are less likely to have a COO in place, while nearly 50% of Service companies utilize this role
Percentage of 2015 Companies with COO by Industry
2015 Fortune 500 and S&P 500 Companies (672 Companies; 222 Sitting COOs)
10%
5%
0%
% with COO
30%
25%
20%
15%
50%
45%
40%
35%
Services
46.2%
Consumer
39.7%
Retail
37.9%
Financial
36.6%
Energy
32.6%
Technology
26.6%
Healthcare
25.4%
Industrial
22.9%
12

13

Nearly 65% of current CEOs came directly (internally and externally) from either a
COO chair or a Divisional President position
Percentage of 2015 Sitting CEOs by Immediate Previous Position
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs)
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
% From Position
COO
42.6%
Divisional
President
21.7%
CEO
10.8%
•
Operating Executive: President, Group President, VP/SVP/EVP Operations
•
CEO : Internally recruited CEOs a result of mergers
•
Other : i.e. Government Role, Private Equity, Management Consulting, Chairman
Operating
Executive
10.5%
CFO
6.5%
Founder
4.6%
Other
2.9%
Interim
0.4%
14

Externally hired CEOs are more frequently recruited from another CEO role
Immediate Prior Position of 2015 Sitting CEOs, Internal vs. External
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs)
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
External
Internal
CEO
40.3%
4.82%
COO
15.1%
48.98%
Divisonal
President
21.6%
15.96%
•
CEO: Internally recruited CEOs a result of mergers
•
Operating Executive: President, Group President, VP/SVP/EVP Operations
•
Other: Tax, Law, IT, etc.
Operating
Executive
15.1%
15.40%
Founder
0.0%
5.75%
CFO
5.8%
6.86%
Other
2.2%
2.23%
15

The Industrial sector leads in CEOs who come directly from a CFO chair
Percentage of 2015 Sitting CEOs Coming from a CFO Chair by Industry
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs; 48 CEOs Represented)
25%
20%
15%
10%
5%
0%
% From Position
Industrial
25.0%
Financial
16.7%
Services
14.6%
Energy
12.5%
Technology
10.4%
Retail
8.3%
Consumer
6.3%
Healthcare
6.3%
16

Over 20% of sitting CFOs came directly (internally and externally) from an Operating
Executive position
Percentage of 2015 Sitting CFOs by Immediate Previous Position
2015 Fortune 500 and S&P 500 (672 Companies; 662 Sitting CFOs)
25%
20%
15%
10%
5%
0%
Operating
Executive
22.0%
CFO Controller Treasuer Corporate
Finance
Executive
10.0% % From Position 21.9% 15.7% 11.4%
•
CFO: CFO of another company
•
Operating Executive: President, Group President, VP/SVP/EVP Operations
•
Corporate Finance Executive: VP, SVP, EVP of Finance
•
Strat/MA: Investment Banking, Corporate Development, Planning or Strategy
•
Other: Tax, Law, IT, etc.
•
Executives: CEO, COO
Strat/MA
5.8%
Divisonal
Finance
Officer
4.9%
Other
3.8%
Executives Consulting
1.6% 1.0%
Investor
Relations
1.0%
Risk
0.9%
17

Over 50% of externally hired CFOs are recruited directly from another CFO chair
Immediate Prior Position of 2015 Sitting CFOs, Internal vs. External
2015 Fortune 500 and S&P 500 (672 Companies; 662 Sitting CFOs)
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
External
Internal
CFO
51.9%
5.1%
Operating
Executives
16.5%
26.1%
Controller
5.8%
21.4%
Treasurer
2.1%
16.6%
Corporate
Finance
Executive
3.3%
13.8%
•
Internal CFO : CFO turnover in result of a merger
•
Operating Executive : President, Group President, VP/SVP/EVP Operations
•
Corporate Finance Executive : VP, SVP, EVP of Finance
•
S trat/MA : Investment Banking, Corporate Development, Planning or Strategy
•
Other : Tax, Law, IT, etc.
•
Executives : CEO, COO
Strat/MA
6.2%
4.2%
Divisional
Finance
Officer
5.3%
4.9%
Executives
5.3%
0.7%
Other
1.6%
3.7%
Investor
Relations
0.4%
1.4%
Risk
0.4%
1.2%
Consulting
1.2%
0.9%
18

The CFO position is the only C-Suite position with external hires in each sector
2015 External Hires by Industry
2015 Fortune 500 and S&P 500 Companies (672 Companies; 677 CEOs; 662 CFOs; 222 COOs)
20%
15%
10%
5%
0%
Consumer
Energy
Financial
Healthcare
Industrial
Retail
Services
Technology
45%
40%
35%
30%
25%
CEO
33.3%
33.3%
0.0%
0.0%
16.7%
16.7%
0.0%
0.0%
CFO
22.7%
9.1%
9.1%
4.5%
18.2%
4.5%
18.2%
13.6%
COO
14.3%
0.0%
0.0%
14.3%
14.3%
42.9%
0.0%
14.3%
19

50
Only 27% of sitting Fortune 500 and S&P 500 CFOs have public accounting backgrounds
2015 CFOs with Public Accounting Backgrounds
2015 Fortune 500 and S&P 500 (672 Companies; 185 CFOs)
48
38
40
37
29
30 25
20
10
4 4
0
PwC Ernst & Young Deloitte KPMG Arthur
Andersen
Multiple Firms Other
*Multiple firms indicates that the individual has been employed with more than one public accounting firm. This includes Arthur Andersen,
Deloitte, Ernst & Young, KPMG and PwC
**Other includes BDO, IBM and an unspecified Big 4 Firm
20

10% of Fortune 500 and S&P 500 CFOs have investment banking backgrounds
2015 CFOs with Investment Banking Backgrounds
2015 Fortune 500 and S&P 500 (672 Companies; 65 CFOs with Investment Banking Backgrounds; 43 Represented)
12
11
10 10
10
8
6
4
2
5
4
3
0
Merrill Lynch Goldman Sachs JP Morgan Citigroup Lehman Brothers Morgan Stanley
*One CFO has worked for both Citigroup and Merrill Lynch
**One CFO has worked for both Bank of American and Goldman Sachs
***One CFO has worked for both Allen & Company and JP Morgan
****One CFO has worked for First Boston, Lehman Brothers and Citigroup, one CFO has worked for both Merrill Lynch and Citigroup and one CFO has worked for both Schroeder and Co. and Citigroup
21

10
9
8
7
6
Years
5
4
3
2
1
0
The Financial sector has the longest tenured CEOs (10 years)
Average Tenure in Years of 2015 Sitting CEOs by Industry
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs)
10.0
8.4
7.4
6.8
6.5
6.7
5.9
4.6
Energy Industrial Technology Services Consumer Retail Healthcare Financial
Overall
CEO
Tenure
Average:
7.0 years
22

The Retail sector has the longest tenured CFOs (6.3 years)
Average Tenure in Years of 2015 Sitting CFOs by Industry
2015 Fortune 500 and S&P 500 (672 Companies; 662 Sitting CFOs)
7
6
5
4
Years
3
2
1
0
4.5
4.7
4.8
4.9
5.1
5.4
5.7
Services Industrial Financial Energy Consumer Healthcare Technology Retail
6.3
Overall
CFO
Tenure
Average
: 5.2 years
23

Nearly 50% of current CEOs were under the age of 50 when hired
Age of Hire for 2015 Sitting CEOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 659 Known CEO Ages at Hire)
20
15
10
5
35
30
25
50
45
40
0
20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73
Male Female
24

The majority of CEOs are currently between the ages 50 and 59
Age Distribution of 2015 Sitting CEOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 667 Known CEO Ages)
15
10
5
25
20
45
40
35
Average Age of
CEOs in 2015
Males: 57.2
Females: 56.1
30
Age Range of CEOs
Youngest Male : Mark Zuckerberg,
Facebook Inc. (31)
Oldest Male : Warren Buffet,
Berkshire Hathaway Inc. (85)
Youngest Female : Marissa Mayer,
Yahoo! Inc. (40)
Oldest Female : Lauralee Martin,
HCP Inc. (64)
0
31 36 39 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 82 85
Males Females
25

Nearly 70% of current CFOs were under the age of 50 when hired
Age of Hire of 2015 Sitting CFOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 630 Known CFO Ages at Hire)
35
30
25
20
45
40
15
10
5
0
28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
Male Female
26

40
35
30
25
50
45
20
15
10
Over 60% of CFOs are currently between the ages 45 and 55
Age Distribution of 2015 Sitting CFOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 657 Known CFO Ages)
Average Age of
CFOs in 2015
Males: 52.6
Females: 52.1
Age Range of CFOs
Youngest Male : Matthew Meloy,
Targa Resources (37)
Oldest Male : Walter Berman,
Ameriprise Financial Inc. (72)
Youngest Female : Cheryl Scully,
AutoNation Inc. (42)
Oldest Female : Sandra Callahan,
TECO Energy (62)
5
0
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 70 72
Male Female
27

28

The number of female CEOs has tripled in the last ten years
Number of Companies with a Female CEO by Industry (2004-2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 677 Sitting CEOs)
35
30
25
20
15
11
10
5
0
Consumer
Energy
Financial
Healthcare
Industrial
Retail
Services
Technology
Total Female CEOs
0
2
0
0
2004
2
1
2
4
11
10
0
2
0
0
2005
2
1
2
3
10
13
1
2
1
0
2006
5
0
2
2
13
14
1
3
1
1
2007
4
0
2
2
14
13
1
3
1
1
2008
4
0
1
2
13
17
4
3
1
1
2009
4
0
1
3
17
16
4
2
1
1
2010
4
0
1
3
16
21
5
1
3
1
2011
6
1
1
3
21
24
6
1
3
0
2012
7
1
1
5
24
30
7
4
3
1
2013
5
4
1
5
30
32
30
8
5
3
1
2014
5
4
1
5
32
6
3
2
1
2015
*
5
4
2
7
30
*Partial Year
29

While the number of African American CEOs has remained static, the number of
Hispanic CEOs has tripled in the last ten years
Number of Companies with Racially Diverse CEOs (2004-2015)
2015 Fortune 500 and S&P 500 (672 Companies; 677 Sitting CEOs)
52
50
45
40
37
38 38
30
30
26
29
28
29
24
21
20
10
0
Asian/Indian
African American
Hispanic/Latino
Total Diverse CEOs
2004
10
5
6
21
2005
13
6
5
24
2006
15
5
6
26
2007
17
6
6
29
2008
18
6
6
30
2009
17
6
5
28
2010
19
5
5
29
2011
22
6
9
37
2012
22
6
10
38
2013
18
6
14
38
2014
25
6
14
45
2015*
31
6
15
52
*Partial Year
30

The Technology sector has the greatest number of racially diverse CEOs
Number of Companies with Racially Diverse CEOs by Industry (2004-2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 677 Sitting CEOs)
60
52
50
44
39
40 37
38
30
25
29
30
28
29
21
22
20
10
0
Consumer
Energy
Financial
Healthcare
Industrial
Retail
Services
Technology
Total Diverse CEOs
1
2
3
3
2004
5
1
0
6
21
1
2
2
3
2005
5
1
1
7
22
2
3
2
4
2006
4
1
1
8
25
3
3
4
3
2007
4
1
1
10
29
3
3
6
3
2008
4
1
1
9
30
3
3
4
3
2009
4
1
1
9
28
3
3
6
2
2010
4
1
1
9
29
4
3
6
5
2011
5
0
3
11
37
4
3
6
6
2012
4
0
4
11
38
5
3
6
7
2013
4
0
4
10
39
6
3
6
8
2014
4
1
5
11
44
2015*
5
1
9
1
8
9
6
13
52
*Partial Year
31

Female presence at the CEO/CFO level continues to rise and is at an all time high
Percentage of 2015 Female CEOs and CFOs (2004-2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 677 Sitting CEOs; 662 Sitting CFOs)
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
2005
1.6%
7.8%
2006
2.1%
8.0%
2007
2.2%
8.5%
2008
2.0%
8.6%
2009
2.7%
9.6%
2010
2.5%
8.8%
2011
3.2%
10.1%
2012
3.7%
10.8%
2013
4.5%
10.7%
2014
5.4%
12.0%
*
0%
2004
% Female CEOs 1.8%
% Female CFOs 6.6%
2015*
4.79%
13.32%
*Partial Year
At the current rate, it will take until 2056 for the number of Female Executives to reach 50% of the 672 Fortune 500 and S&P 500 Companies
32

2015 has seen the largest year over year increase of female CFOs in the history of this study (14%)
Number of Companies with a Female CFO by Industry (2004–2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 662 Sitting CFOs)
100
90
90
79
80
73
71
68
70
62
59
60
54
56
48
50 45
40
37
30
20
10
0
Consumer
Energy
Financial
Healthcare
Industrial
Retail
Services
Technology
Total Female CFOs
4
8
7
3
2004
3
2
4
6
37
4
8
9
3
2005
5
3
5
8
45
2
10
7
5
2006
5
5
6
8
48
3
13
7
7
2007
6
5
4
9
54
4
11
6
9
2008
5
4
10
7
56
5
11
7
8
2009
6
7
12
6
62
5
11
6
7
2010
5
7
12
6
59
4
14
8
6
2011
8
9
13
6
68
4
15
11
7
2012
9
9
11
7
73
4
17
10
6
2013
10
6
9
9
71
5
16
12
6
9
2014
12
7
12
79 90
*Partial Year
2015 *
14
9
12
5
19
14
4
13
33

The number of racially diverse CFOs has nearly doubled since 2004
Number of Companies with Racially Diverse CFOs (2004-2015)
2015 Fortune 500 and S&P 500 (672 Companies; 662 Sitting CFOs)
40
34
35
31
30
25
24
23 23
21 21
20
19 19
20
18
15
10
5
0
Asian/Indian
African American
Hispanic/Latino
Total Diverse CFOs
2004
10
5
4
19
2005
12
5
4
21
2006
10
4
4
18
2007
10
4
5
19
2008
13
4
7
24
2009
10
4
6
20
2010
10
5
6
21
2011
11
6
6
23
2012
11
6
6
23
2013
17
8
6
31
37
2014
18
8
2015*
21
8
8
34
8
37
*Partial Year
34

The Consumer, Financial and Healthcare sectors account for nearly half of diverse CFOs
Number of Companies with Racially Diverse CFOs by Industry (2004-2015)
2015 Fortune 500 and S&P 500 Companies (672 Companies; 662 Sitting CFOs)
40
15
10
5
0
Consumer
Energy
Financial
Healthcare
Industrial
Retail
Services
Technology
Total Diverse CEOs
35
30
25
20
17
1
0
4
3
2004
1
0
6
2
17
19
1
0
3
3
2005
2
1
6
3
19
17
1
0
3
3
2006
2
1
4
3
17
18
1
0
2
3
2007
2
1
4
5
18
23
3
0
2
5
2008
2
2
4
5
23
20
3
0
1
5
2009
3
1
3
4
20
21
2
0
1
5
2010
4
2
3
4
21
23
2
0
2
5
2011
4
2
4
4
23
23
3
1
2
5
2012
2
2
3
5
23
30
4
1
3
5
2013
4
2
4
7
30
31
37
4
1
3
5
2014
4
3
3
8
31
2015*
6
4
5
1
4
5
6
6
37
*Partial Year
35

36

Foreign Universities have currently produced the most sitting CEOs
2015 Sitting CEO Undergraduate University Conference Affiliation
2015 Fortune 500 and S&P 500 Companies (672 Companies; 654 Known CEO Education Backgrounds)
60
50
40
80
70
30
20
10
0
Number of CEOs
Foreign
71
Top Schools CEOs
Harvard University
Princeton University
Stanford University
Cornell University
University of Michigan 9
Ivy League
68
Big Ten
Conference
65
Pacific 12
Conference
44
Southeastern
Conference
44
Big East
Conference
37
Atlantic
Coast
Conference
36
Big 12
Conference
25
Patriot
League
20
17
12
12
11
Mid-
American
Conference
19
37

The Big Ten has produced the most sitting CFOs
2015 Sitting CFO Undergraduate University Conference Affiliation
2015 Fortune 500 and S&P 500 Companies (672 Companies; 630 Known CFO Education Backgrounds)
80
70
60
Top Schools CFOs
University of Notre Dame
14
University of Pennsylvania 12
Indiana University 12
Stanford University 11
University of Illinois,
Champaign-Urbana
10
30
20
10
50
40
0
Number of CFOs
Big Ten
Conference
73
Foreign
46
Atlantic Coast
Conference
44
Big East
Conference
41
Ivy League
38
Pacific 12
Conference
37
Southeastern
Conference
32
Big 12
Conference
28
Mid-
American
Conference
25
Patriot
League
20
38

The United Kingdom and Canada lead in producing CEOs & CFOs with undergraduate degrees outside of the United States
2015 Top Five International Degree Producing Sitting CEO and CFO Countries
2015 Fortune 500 and S&P 500 Companies (672 Companies, 71 International Degree CEOs; 46 International Degree CFOs)
14
12
10
8
18
16
6
0
United Kingdom
Canada
India
Australia
France
4
2
Number of CEOs
18
8
8
6
5
Number of CFOs
11
12
5
4
4
39

Liberal
Arts**
26.8%
Over 30% of CEOs have an undergraduate degree in Business
Business Degree by Major of 2015 Sitting CEOs
2015 Fortune 500 and S&P 500 Companies (672 Companies, 654 Known CEO Education Backgrounds)
Other***
12.9%
Business
Administration
39.9%
Sciences
9.3%
Dual
4.9%
Finance
14.1%
Business*
30.8%
Accounting
33.1%
Top Majors CEOs
Engineering 153
Economics 99
Business Administration 71
Accounting 60
Finance 26 Engineering
28.2%
*Accounting, Business Administration/Management, Finance, Other
**Economics is Included in Liberal Arts
***Marketing, International Business, Commerce, Logistics
40

Over 65% of CFOs have an undergraduate degree in Business
Business Degree by Major of 2015 Sitting CFOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 630 Known CFO Education Backgrounds)
Liberal Arts**
20.3%
Sciences
3.5%
Dual
3.5%
Top Majors CFOs
Accounting
Economics
Business Administration
Finance
Engineering
187
95
88
85
37
Engineering
6.6%
Business*
66.2%
Finance
22.8%
Other*** 1.2% Business
Administration
24.6%
*Accounting, Business Administration/Management, Finance, Other
**Economics is Included in Liberal Arts
***Marketing, International Business, Commerce, Logistics
Accounting
51.4%
41

70%
CEOs in the Financial sector lead other sectors in education through the MBA level (51%)
Degree Level of 2015 Sitting CEOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 654 Known CEO Education Backgrounds)
60%
50%
40%
30%
20%
10%
0%
Bachelor's
Master's
MBA
JD
PhD
Consumer
35.8%
3.0%
47.8%
11.9%
1.5%
Energy
37.1%
9.0%
43.8%
4.5%
5.6%
Financial
29.5%
6.7%
51.4%
10.5%
1.9%
Healthcare
21.3%
11.5%
45.9%
11.5%
9.8%
Industrial
33.3%
10.5%
48.2%
5.3%
2.6%
Retail
62.5%
4.7%
26.6%
6.3%
0.0%
Services
33.8%
6.8%
44.6%
13.5%
1.4%
Technology
33.3%
18.7%
44.0%
1.3%
2.7%
42

Half of the CFOs in our study have completed their education through the MBA level
(332 CFOs)
Degree Level of 2015 Sitting CFOs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 630 Known CFO Education Backgrounds)
70%
60%
50%
40%
30%
20%
10%
0%
Bachelor's
Master's
MBA
JD
PhD
Consumer
52.1%
5.6%
39.4%
2.8%
0.0%
Energy
32.9%
8.5%
56.1%
2.4%
0.0%
Financial
36.5%
5.2%
53.1%
4.2%
1.0%
Healthcare
41.9%
3.2%
50.0%
4.8%
0.0%
Industrial
37.3%
4.5%
55.5%
2.7%
0.0%
Retail
37.0%
1.9%
61.1%
0.0%
0.0%
Services
39.2%
1.4%
51.4%
6.8%
1.4%
Technology
27.8%
8.9%
58.2%
3.8%
1.3%
43

40% of CEOs and CFOs who hold a MBA attended the same eight universities
2015 Top Eight CEO and CFO Attended Universities for MBAs
2015 Fortune 500 and S&P 500 Companies (672 Companies; 654 CEO and 630 CFO Known Education Backgrounds)
5
0
Harvard University
University of Pennsylvania
Northwestern University
Stanford University
New York University
University of Chicago
Columbia University
University of Michigan
25
20
15
10
50
45
40
35
30
Number of CEOs
48
16
15
15
8
7
7
6
Number of CFOs
23
13
20
9
9
34
18
11
44