Constantly evolving: The CFO in 2026

The 100 largest
For this study, we examined the CFO positions at the 100 largest companies and organizations in the Netherlands. From this, it is fairly easy to draw conclusions about basic data, such as age, education, gender, nationality, and experience. Where possible, we compare these figures with data from 1997. The substance of a CFO’s work is somewhat less easy to measure (not to mention the quality of the work delivered).
To identify some trends in this area, we examined publications that have appeared over the past thirty years regarding the changing scope of the CFO’s responsibilities, such as essays and interviews with CFOs and experts in this magazine and other media.

Women on the rise; but men still dominate
Let us start with the hard numbers – the measurable data. When we look at the male-to-female ratio, we cannot help but conclude that the CFO position is still primarily a man’s job. The good news, however, is that the number of female CFOs has risen significantly. Of the 100 largest organizations in the Netherlands, just under a quarter are now led by women (75 men, 23 women, and 2 vacancies) – a significant increase from thirty years ago. It is striking that the thirty AEX-listed companies fall below that average: only six women serve as CFOs at publicly traded companies. In 2012, there was only one: Marina Wyatt, CFO of TomTom.
In short: enormous strides have been made, but we are still far from the desired balance. However, the CFO position is now among the most accessible executive roles for women. This confirms the impression we secretly already had; in our recent Top 100 Corporate Women list, we also noted the rise of female CFOs. Professor Mijntje Lückerath noted more than ten years ago that the relatively few top women in Dutch business are strikingly often CFOs: ‘It is a global trend. In many other countries as well, women are, on average, five times more likely to be CFOs than board chairs.’ Leading female CFOs on our list include Sinead Gorman (Shell), Jolanda Poots-Bijl (Ahold Delhaize), Angelique Magielse (NS), Linde Jansen (PostNL), and Charlotte Hanneman (Philips; see Charlotte Hanneman (Philips): ‘Turning innovation into actual growth’). In 2024, Hanneman became the first woman on the Philips board in the company’s 133-year history at the time. ‘Men especially – and I am generalizing here – like to have their say. The increase in the number of women is changing the atmosphere,’ Charlotte Hanneman once told Het Financieele Dagblad.

The CFO is in his or her fifties
The CFO over sixty – the former accountant who was appointed CFO at age fifty-eight after a long career in finance – hardly exists anymore. These days, the average CFO is in his or her (early) fifties. The average age is fifty-four. Most CFOs on our list were born in 1969 and 1972. The late 1960s and early 1970s are, in any case, the most common birth years among today’s CFOs.
We also see a striking number of CFOs in their 40s. This could indicate that companies today are increasingly looking for young CFO talent – CFOs who can stay with the company for a decade, lead multiple transitions, and potentially advance to the role of CEO.
The oldest CFO on our list is not actually that old either; he was born in 1961: Hans Kooijmans, CFO of IMCD Group, a wholesaler of specialty chemicals and ingredients. Kooijmans in 2022 in an interview with cfo.nl: ‘I have never seen myself as just a finance guy. That operational side – being a business partner – is becoming increasingly important. That is also what makes it fun.’ Kooijmans has, incidentally, already announced his retirement. In 2027, he will be succeeded by Floris Lagerwerf. The four youngest on the list can, according to the most commonly used definition, can just barely be called millennials. They were all born in 1985. They are the young people in their forties: Mark Gils of distributor/wholesaler B&S Group, Daphne Smit of e-commerce company Coolblue (see ‘CFO Daphne Smit: the mirror image of Pieter Zwart’), the Canadian-Egyptian Beshoy Guirguis from chemical company OCI, and Ewout Hollegien from insurer a.s.r. Hollegien understands that companies are interested in CFOs from the new generation. In an interview with MT/Sprout: ‘New leaders are accustomed to operating in a rapidly changing world and adopt a leadership style that fits this reality. That means they create space for autonomy, encourage collaboration, and rely on the strength of the team.’

Home-grown talent or a top-tier hire? 
Ewout Hollegien, incidentally, is an example of a ‘homegrown CFO’ – in this case, developed by a.s.r., the company where he started as a ‘junior.’ Forty-one percent of the CFOs at the companies we surveyed have followed a similar path within their own organizations. A significant portion of CFOs are therefore homegrown talent. Hollegien himself commented on this in Management Scope: ‘At a certain point in my career, I set my sights on becoming a CFO.’ However, more than half of the CFOs (56 percent) still come from other companies or organizations. It is noteworthy that there are now significantly more external appointments than in 2012 or 1997. AEX companies, in particular, like to draw on CFOs from fellow AEX-listed firms or on an ambitious CFO from a somewhat smaller company. It is striking that CFOs regularly switch sectors or move internationally. For example, Maarten de Vries, CFO of AkzoNobel, was previously CFO of the smaller Intertrust and FedEx Express; Hendrik Jan Roel became CFO of Jumbo this year after moving from a CFO position at Royal FloraHolland; Jolanda Poots-Bijl (CFO of Ahold Delhaize) from a similar role at Van Oord, and Annemiek van Melick, CFO of NN, previously held CFO positions at a.s.r. and de Volksbank. The Dutch figures appear to align with an international trend. According to a survey by Egon Zehnder of more than 600 CFOs worldwide, fifty-seven percent of CFOs had previously held that position elsewhere. In other words: companies are increasingly looking for someone who can start tomorrow, rather than someone who still needs to learn the ropes.

The CFO role is becoming increasingly international
The internationalization of the CFO role is now well advanced. One in four CFOs on our list holds a foreign nationality. It is a melting pot of Britons, Americans, Indians, South Africans, and Portuguese. Thirty years ago, according to our comparative study, only a fraction of CFOs was from abroad; by 2012, that number had already increased slightly (we mention Jeff Carr at Ahold and Keith Nichols at AkzoNobel). It is primarily publicly traded and internationally operating companies that are turning to foreign CFOs. International experience – preferably across multiple continents – is a major plus for the CFO of 2026. In fact, the CFO role could well be the most internationalized position in the Dutch boardroom.
Prominent non-Dutch CFOs in the Dutch business world include, for example, the British Simon Crowe (CFO of Arcadis), the Swedish-Norwegian Ida Lerner (ING Group), the French Yang Xu (JDE Peet’s), the Turkish Hayrettin Koçak (Ballast Nedam), and the South African Nico Marais (Prosus). The Netherlands is apparently popular among expat CFOs. ING CFO Ida Lerner on her employer’s website: ‘My youngest son, my husband, and I are very excited about our move to Amsterdam; our recent visit has only reinforced that feeling. It is a beautiful and vibrant city with its canals, great restaurants, and international community.’

The Export of Dutch CFO Talent
Incidentally, the internationalization of the role means that Dutch CFO talent is also heading abroad – CFOs who are not on our list but who help keep the migration balance in check. We will mention Ewout Steenbergen, CFO of Booking Holdings (the U.S. parent company behind Booking.com, among others), Remco Steenbergen, CFO of the Swiss pharmaceutical manufacturer Sandoz, and Peter-Wim Gerssen, the Dutch CFO of the Swiss energy company Alpiq. It is presumably not so much the Dutch passport that foreign companies find attractive, but rather the professional profile often developed in the Netherlands: Dutch managers grow up in an economy that is heavily dependent on international trade. The Deloitte CFO Survey Netherlands from the spring of 2026 shows that Dutch CFOs also have a unique selling point: they place a relatively strong emphasis on scenario analysis and stress testing. Thirty-five percent use scenario analysis, compared to an average of twenty-nine percent in Europe.

The accountant (still) reigns supreme
In terms of education, the vast majority of CFOs still hold a degree in economics or accounting (which appears relevant). Forty percent of CFOs in the Netherlands hold an RA, RC, AA, or CA designation – the protected professional titles for accountants and controllers. The largest group (30 percent) dutifully studied economics or business administration, followed at a respectable distance by a group (22 percent) who studied accountancy. The vast majority of the remaining CFOs also pursued a degree in the exact sciences, business administration, or taxation. The few lawyers stand out as something of an oddity. Even more eccentric within the CFO population are historian Duncan Russell (CFO of insurer Aegon), astronomer Joost Gietelinks (CFO of flower and plant company Dutch Flower Group), and classicist/linguist Douglas Wood (CFO of maritime company SBM Offshore).
While the CFO’s responsibilities may have changed, a professional financial education remains the most important ticket to the boardroom. And that’s striking, because in our interviews we’re hearing more and more often that it’s not about a candidate’s resume or background, but rather about agility, resilience, and modern leadership. Reportedly, there are even companies that dare to appoint this type of modern CFO, without a clear financial background. However, apart from the occasional standout, such exciting appointments are not very clearly reflected in our list. Could all this just be talk for show?

As part of our research into the changing role of the CFO, we highlight a few notable CFOs; also see the profiles below.

CFO William Bontes: ‘The best CFO role in the Netherlands’
CFO Angelique Magielse: Homegrown CFO talent
CFO Chris Figee: Effortlessly switching between sectors
CFO Dirk Jan Sloots: More 'care' than 'insurance'

The Big Four as a breeding ground
Another striking finding from our list: many of the Dutch CFOs have a background at Deloitte, PwC, EY, or KPMG. Virtually every large company has a CFO who once worked at the Big Four. Think of Roger Dassen (ASML, formerly of Deloitte), Bas Brouwers (Rabobank, formerly of KPMG; see ‘Bas Brouwers: Belief in tech and AI’), Ralf Schmeitz (DSM-Firmenich, formerly of PwC), Michel Lamie (Achmea, formerly of KPMG) and Carlo van Noort (Boskalis, formerly of EY). Compared to 1997 and 2012, the influence of the Big Four themselves has increased significantly. The conclusion – without passing judgment, mind you – can only be that the accounting industry’s influence on the top ranks of Dutch CFOs remains enormous.

High turnover rate and two giants
Then there is the question: how long has the average CFO in the Netherlands been in the role? The turnover rate turns out to be strikingly high. Most CFOs in our top 100 took up their positions relatively recently. In just three years, more than a third of the CFO population has been replaced. In fact, the average CFO has actually only just completed their onboarding. If we look at the starting year of the current CFO population in the Netherlands, it is striking that 2024, 2025, and 2026 are the most common ‘years of appointment.’ The CFO population is therefore relatively new and fresh. At the very least, this suggests high turnover and plenty of CFO-type job openings on the market. Fortunately, there are always exceptions to the rule: the longest-serving CFO is Max van der Kwaak of animal feed producer Royal De Heus. He has held his position at the family-owned company since 1992 and will therefore celebrate – don’t forget to congratulate him – his thirty-fifth anniversary as CFO next year. Speaking to cfo.nl: ‘Working somewhere other than De Heus? I can hardly imagine it. I am loyal because De Heus has given me so much over the years. I would go so far as to say that my work at De Heus is also my hobby.’ There is one other CFO who was already in the role in the last century, the aforementioned ‘doyen’ of Dutch CFOs: Hans Kooijmans of IMCD Group.

The influence of private equity
Another thing that has changed in recent decades is the influence of private equity. A significant percentage of Dutch CFOs deal with ‘PE.’ We mention Joost Sliepenbeek (CFO of Action; see ‘Joost Sliepenbeek: PE specialist among CFOs’), Sean Lannon (Nouryon), Luc Leunis (Maxeda), Bill McFarland (Refresco), Thorsten Krekels (Nobian), Jenny de Vries (Rituals), and Lucas Faase (BME). It is not easy to capture the implications of this for the CFO role in data. Private equity firms typically focus explicitly on cash flows, debt reduction, operational improvements, and value growth. As a result, these very themes often end up on the CFO’s plate. Moreover, the rise of private equity has made the CFO more visible as a board member. In a PE environment, the CFO is often the primary point of contact for the financiers.

The chief finance becomes chief value
Which brings us to the substance of the role.  ‘The CFO of the future’ is a popular topic at forums and symposia. Entire reports have been written on the subject. And it is also a recurring theme in this magazine. To what extent has the role truly changed over the past thirty years, and where is it headed? Of course, we see little evidence of this in the hard data. Or perhaps we do, in a subtle way: in the title of the position. Shortly before the turn of the century, the CFO was sometimes referred to in a nice, old-fashioned (and let us admit it, nice and clear) way: ‘financial director’ or ‘financial manager.’ The titles ‘financial manager’ or ‘financial director’ have since fallen completely out of fashion. These days, the head of finance is quite simply called CFO. Although there is a clear trend toward the next phase: the CFO is slowly but surely becoming a CVO, a chief value officer (such as Niel Cortenraad, CVO of Vebego; see ‘Niel Cortenraad: From janitor to Chief Value Officer’). We are also seeing an increase in the number of CFROs, or chief financial & risk officers (such as Godelieve van Velsen, CFRO of the DELA cooperative, and Kees Hamster, CFRO of the VGZ cooperative). Harold van den Broek, CFO of beer brewer Heineken, told Management Scope: ‘The role of the chief financial officer has slowly but surely evolved into that of chief value officer. Actually, I think that is a better description.’ Walter Bien, CFO of network operator Alliander, in an earlier interview: ‘Perhaps ‘chief value officer’ is indeed a more logical title. But anyway, whether you are called a CFO or a CVO – it does not matter. It is about the substance. This role is broader than ‘financial.’ That is irreversible.’
If we try to look beyond the title and examine the substance of the role, we see a number of important trends. For example, the CFO’s role has become significantly more strategic; CFOs have become much more involved in transitions; the role has changed considerably due to digitalization and the rise of AI; risk and geopolitics have become significantly more important; and CFOs have increasingly become (co-)spokespeople for the company. The CFO’s portfolio has broadened considerably. Conclusion: The CFO has become much more important.

A greater role for strategy
Thirty years ago, the CFO primarily reported on recent financial developments. That profession – the familiar, noble craft – has virtually disappeared today. The CFO role could easily have died a quiet death over the past few decades; after all, the old, familiar CFO tasks can be performed almost entirely by AI. The opposite is true, however: instead of quietly fading into the background in the boardroom, the CFO has often taken on a pivotal role within the company. The CFO has gained influence in non-financial areas and is more explicitly involved in strategic decision-making. As many as eighty percent of the CFOs surveyed by Deloitte (in the recurring CFO Survey) indicate that the CFO’s influence within the board of directors has increased over the past five years. Jan Kees de Jager, former CFO of telecom group KPN, summed it up clearly in a previous interview with this magazine: ‘When I started as CFO at KPN, we were mainly looking back. Reporting the past. We were always looking in the rearview mirror instead of through the windshield. That’s dangerous, because at some point you will hit a wall or a tree. I thought it was essential to change that. I wanted only one-third of our time to be spent on reporting the past. And the other third on comprehending the present and foreseeing the future. Thanks to data analysis, we’re better than ever at understanding the present and foreseeing the future.’ The picture De Jager paints is confirmed by Annette Mosman, the current CEO of pension administrator APG, but former CFO at the same organization; she said: ‘At APG, we say that the CFO must transition ‘from reviewer to director.’ In finance, we have traditionally been good at commenting on everything like Statler and Waldorf from the Muppet Show, but we need to move toward the role of director.’ Somehow, the CFO has managed to do that quite well over the past thirty years.

The CFO as a driver of transformation
While the traditional CFO primarily oversaw the finances, the modern CFO must above all lead and drive change. Thirty years ago, this wasn’t directly part of the job description. The CFO of 2026 is responsible (or at least jointly responsible) for major organizational changes such as mergers, acquisitions, and the digital transition. Linde Jansen, CFO of PostNL (see ‘Linde Jansen: Doing the math and making a difference’), put it this way earlier in Management Scope: ‘I see the CFO primarily as a transformational leader. In fact, I see finance as a frontrunner in this regard – a driver of that transformation. As finance, we are transformation leaders, not transformation supporters.’ Walter Bien, CFO of Alliander: ‘The CFO sets the pace. The art for the CFO is to seek out initiatives that, in line with the strategy, move us forward. A CFO must take the lead in this.’

The rise of data and digitalization
Perhaps the biggest change since the late 1990s is the digitalization of finance. Automation, cloud technology, advanced analytics, and AI have taken over a large part of the traditional CFO’s workload. As a result, the focus is shifting from collecting data to interpreting it. Research by McKinsey & Company shows that the number of CFOs responsible for digital activities more than tripled between 2016 and 2021. A modern CFO must understand how data analytics works, how AI can be deployed, how forecasting can be improved, and how digital transformation creates value. Taco Titulaer, CFO of TomTom: ‘Technology has fundamentally changed our work. Much of our old, familiar work has been taken over by technology. Financial reporting has become much more direct. Reports are generated quickly and tailored to specific needs. They’re also much easier and faster to review. As a result, there is now much more time for other matters.’

The CFO as a driver of ESG policy
The term ESG dates back to the beginning of this century. In 2004, the UN report Who Cares Wins first advocated for the integration of ‘environmental, social, and governance’ into corporate reporting.
No wonder the CFO of thirty years ago paid little attention to this issue. Due to regulations, investor pressure, and societal expectations, ESG is now shifting more and more emphatically toward the finance function. This has created a new responsibility for CFOs, such as assessing investments in terms of ESG and translating all that data into ‘value’. Mirjam van Thiel, CFO of Acomo, told this magazine: ‘As CFO, I see it as part of my job to challenge the company on the issue of sustainability.’ Hans Janssen, CFO of Royal FrieslandCampina: ‘The CFO sets the pace for sustainability. If you go too fast, you cannot afford it. Because then you are stuck with technology that is not fully developed yet. If you are too slow, you will miss the boat. So, setting the pace at which you take these steps – that’s where the CFO needs to provide direction.’

Greater focus on risk and geopolitics
Also on the CFO’s agenda in 2026: geopolitical tensions, trade conflicts, cybersecurity, robust supply chains, climate risks, and reputational risks. Many analysts view the COVID-19 pandemic as a turning point in this regard. Suddenly, the CFO took center stage in crisis management, scenario analysis, and business continuity. The geopolitical reality of recent years – marked by wars, trade tensions, and increasing rivalry between economic power blocs – has further reinforced this trend. The CFO of 2026 looks not only at currency and liquidity but also at ‘Washington,’ ‘Kyiv,’ and ‘Beijing’. Deloitte’s aforementioned CFO survey reveals that ‘geopolitical risks’ have risen sharply on the CFO’s agenda. In fact, forty percent of CFOs view them as a major threat to the business model. ‘When I look at the world around us and the ongoing escalations, it is almost inevitable that we will feel the impact as well,’ said Rabo CFO Bas Brouwers during the presentation of the 2025 annual results.

The CFO as a public face
In the past, the CFO operated largely behind the scenes. Now, he or she is a key public face. Investor relations have become more important. Research by McKinsey & Company shows that the proportion of CFOs responsible for this has risen from forty-four percent in 2016 to nearly two-thirds in 2021. The modern CFO regularly engages with shareholders, analysts, credit rating agencies, regulators, and banks. The CFO is also increasingly working in tandem with the CEO. ‘Forming a duo with the CEO is the best thing there is,’ said Mark Rutten, CFO of beer brewer Swinkels, earlier in this magazine. Rutten: ‘CEO Peer Swinkels and I work well together and also venture into each other’s areas of expertise. In the beginning, I always gave the CFO presentation to our certificate holders: Peer would provide the business update, and I’d give the financial update. The last time, we did it differently – we mixed things up a bit. That worked out great.’

The CFO as crown prince
Because CFOs are increasingly involved in strategy, technology, risk, sustainability, and operations these days, they’ve gained a much broader perspective on the company than in the past. As a result, CFOs are increasingly viewed as potential CEOs. According to Wharton Executive Education, the proportion of CEOs worldwide who have come from the CFO role has increased in recent years. Data on the exact number of CFOs who became CEOs is lacking. However, according to research by executive search firm Heidrick & Struggles, by 2025 approximately twenty-seven percent of newly appointed CEOs at AEX-listed companies had a CFO background. That percentage is notably high from a European perspective. There is a great deal of circumstantial evidence that the path from CFO to CEO is a common one. For example, Jumbo CFO Ton van Veen became the company’s CEO; CFO Peter Wennink rose to become CEO of ASML; Hein Schumacher was once CFO of FrieslandCampina before becoming CEO, we saw PostNL CFO Pim Berendsen take the CEO seat in the boardroom, and APG CFO Annette Mosman was promoted to chair of the board. These days, the CFO is increasingly seen as the crown prince of the boardroom. Want to become CEO? Then start as CFO!
Which brings us, slowly but surely, to the conclusion: never before has the role of CFO been as strategic, technological, and socially significant as it will be in 2026. At the same time, the CFO population still consists of economists, accountants, controllers, and former consultants. The CFO of 2026 does something radically different from that of 1996, yet the CFO’s profile remains surprisingly consistent. Is that a bad thing? We would not dare say so. But it is certainly noteworthy.

Boring people?
Finally, one more open and controversial topic: the personality traits of the average CFO. To address this, we’ll have to delve into some common prejudices: the supposed lack of charisma and the supposed dullness of the CFO. Professional supervisor Annemieke Roobeek, also a former professor at Nyenrode, dared to address and confirm this earlier in this magazine: ‘CFOs were often incredibly boring people.’ According to her, that has since changed, partly because the supervisory board has intervened: ‘We have realized that hiring people with such a boring profile is not smart. The CFO has really become much more important, especially for providing a reality check on the strategy and the link to the business. We are now looking for a broader profile and a personality.’
Is the CFO indeed that ‘personality?’ Not quite yet, in our opinion. It is all a bit less gray than it used to be, though. Our editorial team’s fashion police are pleased to note that while the three-piece gray suit is on the decline, it has been replaced by a three-piece dark blue one. Yes, that is indeed ‘more 2026.’ But a little more color, a little more vibrancy, a little more out of the box, a little more diversity – even a few more astronomers if need be – that is always welcome.

For this study, we drew on the CFOs of Management Scope's top 100 companies. This article was published in Management Scope 09 2026.