Research finds that CFOs have lowest job security in gambling C-Suites
Despite CFOs being at the top, they are currently suffering the shortest tenures in their field.
New research has found that Chief Financial Officers (CFOs) have the lowest job security in the gambling C-Suite field.
This comes from Datarails, which analysed reports from SEC filings dated from 2022 and 2023, from 10 casino and gaming companies, including Caesars, Boyd Gaming and Penn Entertainment.
A C-Suite is made up of a company’s senior executives and management, such as the CEO, CFO and COO.
The data found that CEOs have an average salary of $11.3m, while CFOs get $4.5m and COOs with $3.5m.
However, this trend was not reflected in the tenures of the people in the same positions.
It was found that CFOs only tend to last three years, out of the five years studied, while CEOs lasted 3.2 years.
In comparison, people who were appointed as Chief Marketing Officers (CMOs), COOs and CTOs all lasted the full five years.
As an example, MGM Resorts has gone through three CFOs in the past five years; Dan D’Arrigo, Corey Sanders and Jonathan Halkyard.
Although, there was no explanation as to why the CFOs suffer the shortest tenures in the industry. But one can ponder. We examined the role of the CFO in the cover feature of the July/August issue of Gambling Insider magazine.
In the case of MGM Resorts, D’Arrigo left the company in 2019 after spending over a decade in the role, stating that it was due to a cost-cutting strategy.
A recent change in the CFO world was Marilyn Jentzen in Inspired, who succeeded Stewart Baker.
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