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Fortune 500 companies are expanding their C-suite teams and redefining executive roles to address changing business needs, research by Deloitte reveals.
Between 2018 and 2023, the average number of C-suite executives in such organizations increased by 23%, rising from 6.7 to 8.2 roles per company. The growth reflects both the creation of new leadership positions and the expansion of existing ones, according to Deloitte’s Executive Accelerators Sensing and Insights and Center for Integrated Research groups.
Elizabeth Moore, senior manager and data-sensing leader at Deloitte’s US Executive Accelerators organization, attributed the shift to rising regulatory demands, increased operational complexity, and the need for specialized expertise.
New roles such as Chief Communications Officer have emerged, while some CFOs are now taking on additional responsibilities as COOs or even company presidents. Moore highlighted PayPal and Salesforce as examples where finance chiefs have assumed dual roles.
Demand for broader skill sets
Deloitte’s report also highlights a rise in the number of skills required for executive roles. An analysis of public job posting data from the Lightcast Open Skills Taxonomy database shows the average number of skills listed in CFO job descriptions increased by 19% between 2018 and 2023.
For CFOs, business strategy has become a key requirement. In 2019, 32% of CFO job postings mentioned business strategy; by 2024, this figure had risen to 58%.
Moore noted that CFOs are also expected to demonstrate expertise in data and financial analysis, risk management, and regulatory compliance.
“In a recent Deloitte CFO Signals survey, CFOs ranked operational experience as the most important trait when evaluating potential successors,” Moore said. “Familiarity with new technologies and network leadership followed closely behind.”
Despite the broader skillset demand, core financial expertise remains essential. General accounting and finance knowledge continue to be the most frequently listed skills in CFO job postings each year, Moore confirmed.
A new era of leadership
Moore described the C-suite’s evolution over the past five years as one of the most significant transformations Deloitte has observed in executive leadership.
“This marks a fundamental shift in how organizations structure their leadership,” she said.
The convergence of digital transformation, evolving regulatory environments, and heightened business demands has driven companies to rethink traditional leadership frameworks.
“Unlike past changes shaped by specific trends such as globalization or financial crises, this transformation is broader and affects nearly every leadership function,” Moore explained.
In addition to technical skills, The report highlighted that there is now widespread agreement among business leaders that human skills such as adaptability, collaboration, and strategic thinking will remain vital for future C-suite success.
