Fortune 500 CFO Retirements Hit 60% as AT&T's Desroches Exits

AT&T (No. 35 on the Fortune 500) announced this week that Pascal Desroches, senior executive vice president and CFO, will retire effective Dec. 31. Jennifer Biry, a former longtime AT&T finance executive who most recently served as CFO and chief operating officer of McAfee, has been named deputy CFO effective July 6. She will succeed him as CFO on Jan. 1, 2027.

The move is part of a broader wave. Globally, 60% of outgoing CFOs retired or moved to board roles in the first quarter of 2026, up from 56% a year earlier. That is well above the seven-year first-quarter average of 39%, according to Russell Reynolds Associates’ Q1 2026 Global CFO Turnover Index.

Desroches’ tenure at AT&T coincided with one of the company’s most consequential strategic resets. He oversaw the separation of DirecTV, the divestiture of media assets through the WarnerMedia-Discovery transaction, debt reduction, a dividend reset, and renewed investment in 5G and fiber. In a LinkedIn post announcing his retirement, Desroches wrote: “Progress isn’t linear. It takes discipline, resilience, and, at times, the willingness to make difficult decisions in service of something bigger and longer term.”

For AT&T shareholders, the succession raises a familiar question: does a new CFO signal a shift in financial priorities? Biry’s profile suggests continuity. She spent more than two decades at AT&T before moving to McAfee as CFO and COO. Her experience in technology and cybersecurity matches what boards increasingly demand from finance chiefs. AT&T CEO John Stankey credited Desroches with helping strengthen the company and sharpen its strategic focus, while expressing confidence that Biry’s breadth of experience will drive the next phase of execution.

The six-month overlap between Biry’s deputy role and her assumption of the CFO position is longer than typical. That runway should ease the transition, reducing the risk of strategic drift in capital allocation or cost structure.

Outside AT&T, the CFO turnover wave is hitting multiple sectors. Newmont Corporation (NEM) promoted Brian Tabolt to CFO effective July 1. Tabolt joined Newmont in 2021 and most recently served as chief accounting officer and group head of finance. Before Newmont, he was VP, controller and chief accounting officer at Molson Coors. His promotion comes as the world’s largest gold miner navigates elevated gold prices and rising cost pressures on labor and energy. The internal succession reduces transition risk, the change still introduces uncertainty for investors tracking capital spending and dividend policy.

Newmont carries an Alpha Score of 71 out of 100, with a Moderate label in the Materials sector. The score reflects a balanced risk-reward profile, NEM stock page and broader commodities analysis provide context for those tracking the gold sector.

Other CFO moves this week reinforce the breadth of turnover. Alaska Airlines CFO Shane Tackett was promoted to president, adding commercial oversight to his finance portfolio. Lovesac appointed Andrew Farag as CFO, replacing Keith Siegner. Blaze Pizza hired Lucas Bravo, and Congruex named Jim Stanley. Across these appointments, boards are seeking candidates with operational or technology experience beyond traditional accounting.

Grant Thornton’s Q2 2026 CFO survey adds a broader context. U.S. CFO confidence in the economy has fallen to its lowest level in 20 quarters, yet 67% expect to increase IT and digital transformation spending, and 68% anticipate profit growth. Nearly half rank technology upgrades as a top priority despite concerns about cost control, supply chains, inflation, tariffs, and energy disruptions. The data suggests CFOs are being asked to do more than manage the books: they are expected to drive digital strategy, AI integration, and risk management.

The risk for investors is not the retirement itself. The better read is that the successor’s profile matters more than the departure. A CFO with deep industry knowledge and a track record of execution, like Biry or Tabolt, can maintain strategic continuity. A CFO from outside the industry may signal a pivot. In AT&T’s case, the internal appointment points to continuity. For Newmont, the same logic applies.

Two dates to track: Biry assumes the deputy CFO role on July 6. Tabolt takes over as Newmont CFO on July 1. Both are worth watching for any signs of change in capital allocation priorities or strategic direction.