Good morning, and happy Thanksgiving week, CFOs. Global CFO turnover is at the highest level in seven years; retail sales growth cools; and BeOne Medicines' CFO talks about plans for its first profitable year.

We'll be off tomorrow and Friday in honor of Thanksgiving and back in your inboxes on Monday.

Finance chiefs are landing new jobs at levels not seen in years.

There were 256 new CFO appointments and 215 departures globally in the first three quarters of the year. Those are the highest volumes recorded in seven years, according to leadership advisory firm Russell Reynolds Associates.

The Russell Reynolds report found that the U.S. and Australia are hotspots for turnover. Both the S&P 500 and ASX 200 reported seven-year highs in CFO appointments during the first three quarters of 2025, with 84 and 39 CFO appointments, respectively—up from 73 and 25 in the same period in 2024.

Another notable finding was that gender representation among finance leaders in the broader Asia-Pacific region is also trending higher. APAC indices reached a cumulative seven-year high for women CFO appointments in the first three quarters of 2025.

This week alone, some big U.S. companies announced CFO changes:

• Beverage company Keurig Dr Pepper appointed Anthony DiSilvestro, a former executive at Mattel and Campbell’s, as its new chief financial officer. DiSilvestro is replacing Sudhanshu Priyadarshi, who will serve as a strategic adviser to the company through April 7. The company said DiSilvestro's significant experience in mergers and acquisitions would support its pending acquisition of Peet's Coffee owner JDE Peet's and its subsequent spinoff of the combined coffee business.
• Restaurant chain Shake Shack's top finance executive, Katherine Fogertey, is leaving the company early next year. Fogertey, who has been the New York company's CFO since June 2021, has resigned from the post and will depart on March 4. Fogertey is moving into a senior adviser role to assist with the transition, and the company said it is launching a search for a new finance chief.
• Last week, Citigroup named Gonzalo Luchetti as its next CFO, promoting an internal hire who has been with the bank since 2006. Luchetti, the bank's head of U.S. personal banking, will take over as CFO in March, Citigroup said. At that time, the current CFO, Mark Mason, will become an executive vice chair and senior executive adviser to Chief Executive Officer Jane Fraser.

—Nicholas G. Miller, Colin Kellaher and Kelly Cloonan contributed to today’s Ledger.

📆 Earnings

• Deere

📈 Economic Indicators

The Census Bureau releases the durable goods report for September.

BeOne Medicines has had a busy year. The developer of cancer-treatment drugs renamed itself from BeiGene, redomiciled to Switzerland from the Cayman Islands and is on track for its first profitable year.

Aaron Rosenberg, finance chief at BeOne Medicines, talked with me about the company’s plans for profitability and a recent financing deal. Edited excerpts follow.

WSJLI: The company has said it expects to report full-year profit for the first time this year. How do you get there?

Rosenberg: There is a natural evolution of the business to deliver against our mission. It took quite a bit of investment. Certainly it also helps to have an incredibly growing financial profile. Just looking at our Q3 results, growing revenue at 41% year-over-year [to $1.4 billion] helps a lot. But at the same time, our management team recognized that we needed to continue to deliver sustainability as we grow.

There's opportunity to continue to scale and grow our commercial operation. There are markets that we're just launching this year as an example. Big markets like Japan as an example.

We're similarly making investments in our manufacturing capability and we do see significant gross margin expansion, both from a product and geographic mix perspective. But also through costs of sales, productivity measures, by investing in our manufacturing network.

WSJLI: The company recently secured about $1 billion in financing. What drove that move?

Rosenberg: This is another example of the maturation of the company, particularly its balance sheet. It allows us to refinance some of our existing shorter-term bilateral loans, provides us a bit of additional flexibility on the balance sheet, and also has a revolving facility to provide a bit more flexibility in our capital structure. We thought about it as an opportunity to mature, to have a syndicated facility with some of the leading banks in the world, to streamline our debt stock and provide some financial flexibility for strategic items for the future.

—Mark Maurer

Shutdown-delayed data showed American consumers closed out the third quarter on a cautious footing, while a measure of consumer confidence tumbled in November.

Taken together, the new and older data suggest the U.S. economy is heading into the all-important holiday season buffeted by a cooling labor market, continued inflationary pressures and signs consumers were easing their pace of spending and searching for bargains.

• HP plans to cut up to 10% of its workforce as it invests further in artificial intelligence, a move its chief executive sees as essential to maintaining its competitive edge.
   
• Meta Platforms is in talks to use chips made by Google in its artificial-intelligence efforts, a step toward diversifying away from its reliance on Nvidia, according to people familiar with the matter.
   
• Risk-taking is back for individual investors, and few people have done more to stoke those spirits than Robinhood Markets Chief Executive Vlad Tenev. The brokerage makes exotic investments available to ordinary investors, seeing aggressive traders as key to company’s success

📈 Earnings wrapup

• Kohl’s Shares Rocket Higher as Retailer Lifts Outlook
• Autodesk CEO Sees Long-Term Growth Due to Steady AI Demand
• Dell Technologies Raises Outlook as AI Shipments Increase
• Best Buy Raises Outlook as Consumers Spend on Tech Upgrades
• J.M. Smucker Says Coffee Price Hike Not in Cards Amid Tariff Relief
• Dick’s Sporting Goods Boosts Outlook, Promises to Revive Foot Locker Brand
• Alibaba’s Profit Slumps but AI Business Shines
• Burlington Stores Raises Outlook as Low-Income Shoppers Remain Resilient
• Abercrombie & Fitch’s Stock Jumps as Quarterly Sales Surprise Wall Street

When was the term “Black Friday” first used to refer to retail?

What alternate name for the day did some retailers propose to avoid connotations of stock-market crashes?

What did shoppers line up for on Black Friday in 1983?

Take The Journal’s quiz and find out how much you really know about Black Friday. (Write me with your score if you want to know mine.)

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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.