In 2022, Russian companies replaced a record number of heads of financial services in 8 years
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About a quarter of Russian companies replaced their heads of financial services (CFO) in 2022-2023, according to a study by the consulting group Consulting. Data. Results” (KFR). The KFR materials note that in 2022, a record number of heads of financial services were replaced in eight years, which reflects “the general state of turbulence in Russian business last year.”
In the sample for analysis “Consulting. Data. Results” included 75 companies from the “Top 100 largest companies in Russia by capitalization”, compiled by RIA Rating.
According to a consulting group study that cites Forbes, last year 21.5% of companies replaced the heads of their financial services. In the first half of 2023, only 1.3% of companies have so far announced a change in financial directors.
In 2022-2023, the share of heads of financial services appointed to positions was 23%, as calculated by the Financial Markets Fund. A significant share of personnel changes occurred in the consumer sector, where 29% of companies replaced heads of financial services. People in these positions were least likely to be replaced in the financial sector: only 13% of companies announced a change in CFO.
KFR Managing Partner Anton Storozhenko cited sanctions as one of the reasons for the high rate of turnover of financial directors in Russian companies. “Some people were certainly frightened by the prospect of working for a company that was under sanctions; others had family circumstances related to relocation abroad; still others lost their positions, finding themselves unable to overcome the extraordinary challenges facing Russian business,” explained Mr. Storozhenko.
At the same time, Anton Storozhenko noted that over the past year and a half, the range of tasks entrusted to the heads of financial services has expanded. “Over the past year and a half, financial directors, whose functionality was already expanding, have received new challenges related to the rupture of supply chains and sanctions restrictions,” he added.
As Kommersant wrote in July, the share of companies complaining about a shortage of personnel grew to a record value in the entire history of observations – 50% (only 1.6% of respondents talk about an excess of workers). At the same time, unemployment in Russia fell to a historical low since 1991 of 3% in July versus 3.1% in June.
About how entrepreneurs tried to maintain and develop their businesses in 2022 – in a special project by Kommersant “It’s your business in the North-Eastern times”.
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