Spencer Stuart Appoints New CFO

January 13, 2026 – Spencer Stuart has appointed Clare Kennedy as its new chief financial officer. She succeeds Christine Laurens as part of a planned succession and in support of Laurens’ retirement from full-time executive work. Ms. Laurens will remain with the firm for several months to ensure a smooth transition. “We are grateful to Christine for her many significant contributions, which have strengthened our finance function and advanced our firm, and wish her the very best in her retirement,” said Jordan Brugg, CEO of Spencer Stuart. “We are delighted to welcome Clare to Spencer Stuart to further build on that strength. She is an accomplished finance leader and will be an exceptional addition to our global leadership team, with her deep experience and strong track record in strengthening operations, driving profitable growth and developing impactful teams.”

Ms. Kennedy, who is based in London, joins Spencer Stuart from Maples Group, an international advisory firm that provides legal, fiduciary and fund administration services, where she served as global chief operating officer. She joined Maples Group from Freshfields, an international law firm, where she served as its global CFO and held a seat on the global executive board.

Ms. Kennedy previously spent 18 years at Linklaters, an international law firm, where she held a variety of senior finance and commercial leadership roles during a period of significant expansion and growth. She began her career at Arthur Andersen and EY as a chartered accountant, specializing in tax. Ms. Kennedy’s experience has been global, not only in leading international operations but also in having lived and worked in Amsterdam, London, New York and Toronto.

“I am thrilled to join Spencer Stuart to lead its outstanding finance organization,” said Ms. Kennedy. “I am excited to be part of a client-focused and values-driven firm that works with organizations to navigate their most significant talent and leadership challenges.”

Related: A Look at How the CFO Role is Evolving

Privately held since 1956, Spencer Stuart focuses on delivering knowledge, insight, and results through the collaborative efforts of a team of search professionals — now spanning 56 offices, 30 countries, and more than 50 practice specialties. The firm helps boards and leaders address their leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organizational effectiveness.

CFO Talent Shortage

According to global talent advisor ZRG, the shortage of chief financial officers and their finance teams is reaching epic proportions as we head into another busy year of executive recruiting. With market complexity increasing, CFOs are in high demand, yet the supply of qualified candidates is dwindling. This shortage is being driven by a convergence of demographic shifts, evolving role expectations, and sustained deal activity –leaving companies scrambling to fill critical leadership positions.

“This is no longer just a tight labor market — it is a structural leadership gap,” said Leo Cummings, an associate at Hunt Scanlon Ventures. “Finance leaders are being asked to do more, faster, and under greater scrutiny, all at a time when the bench is thinning.”

CFOs as Strategic Architects: Navigating Transformation in Financial Services

As financial services organizations face increasing competition, regulatory shifts, and cost pressures, CFOs are stepping beyond traditional roles to become strategic leaders. They are now responsible for driving innovation, leveraging AI and data analytics, and ensuring resilience in a rapidly evolving landscape. Top search consultants recently joined Hunt Scanlon Media to explore how CFOs are adapting to these challenges and the qualities that define successful financial leaders today.

The CFO shortage, says ZRG, can be traced to several interrelated factors, each amplifying demand for skilled financial leadership. For starters, baby boomer CFOs are retiring at an accelerating pace, creating a leadership vacuum. Seasoned financial leaders are exiting the workforce — and with fewer up-and-coming executives prepared to step into their shoes — the pool of experienced candidates is shrinking quickly. As more CFOs retire, the gap between supply and demand continues to widen.

“At many organizations, succession plans haven’t kept pace with demographics,” Mr. Cummings noted. “The CFO role has evolved faster than the pipelines feeding it.”

According to a McKinsey report, the role of the CFO has also expanded dramatically over the past decade. Today’s CFOs are no longer just financial gatekeepers; they are responsible for driving strategy, navigating complex regulatory environments, and leading digital transformation initiatives.

As a result, companies are seeking CFOs with broader skill sets that include operational leadership, technology adoption, and risk management expertise — making truly well-rounded candidates harder to find, says ZRG.

Related: The Demand for Interim CFOs Soars

“The modern CFO is effectively a co-strategist to the CEO,” said Mr. Cummings. “That raises the bar significantly, but it also narrows the field.”

Private Equity Is Fueling Demand

The private equity market has added another layer of pressure. Bain & Company reports that PE deal activity reached record levels in recent years, and the trend shows little sign of slowing. CFOs operating in PE-backed environments are expected to manage complex transactions, oversee rapid scaling, and navigate high-stakes exits — capabilities that require deep M&A experience and financial sophistication.

“Private equity has raised expectations for CFOs across the board,” Mr. Cummings said. “Those skill sets don’t appear overnight, and the supply simply hasn’t caught up.”

As a result, CFOs have become among the most sought-after executives in the market. McKinsey notes that the average time required to fill a CFO role is increasing, prompting companies to explore alternative solutions.

The Finance Function Feels the Strain

The talent gap extends well beyond the CFO role itself. Shortages across the broader finance function are placing mounting pressure on existing teams, and that is slowing financial reporting, forecasting, and planning efforts. McKinsey’s research on the future of work in finance indicates that automation and AI have fundamentally shifted the skill sets required.

Demand is rising for finance professionals who can leverage data analytics and automation tools, but many organizations struggle to find talent with those capabilities, says ZRG.

“As expectations expand and teams remain understaffed, burnout becomes inevitable,” said Mr. Cummings. “That compounds the problem by increasing attrition at precisely the wrong time.”

Related: A Look at How the CFO Role in Private Equity is Evolving

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media