In 2023, a record 8.4% of companies represented in the S&P 500 and Fortune 500 promoted a finance chief to CEO, up from 5.8% 10 years ago, according to data from executive search firm Crist Kolder Associates.
The firm expects that trend to continue, with more CFOs landing in CEO roles as companies aim to get their finances back to a more stable footing amid an unstable outlook for the U.S. economy.
In healthcare, four hospitals have promoted CFOs to the chief executive role in 2024:
1. Stephen Kuhn was promoted on March 22 from CFO to CEO of River Park Hospital in Huntington, W.Va. He had served as interim CEO since November and was the hospital's CFO since 2009.
2. Nacogdoches (Texas) Memorial Hospital named Rhonda McCabe CEO after Lion Star, the group that runs the hospital, reached an agreement with the Nacogdoches County Hospital District to transition hospital operations to the district. Ms. McCabe previously served as CFO of Nacogdoches Memorial Health for more than four years.
3. Kearny County Hospital in Lakin, Kan., named Marley Koons CEO on Feb. 20. She served as the hospital's CFO since 2018.
4. Macon Community Hospital in Lafayette, Tenn., named Scott Tongate CEO, effective Jan. 8. He had served as the hospital's CFO since 2017.