C-suite structures are changing significantly, with Fortune 500 companies increasing the number of executives by 23% from 2018 to 2023, according to a Deloitte study. New roles such as chief communications officer have emerged, and some chief financial officers are taking on dual roles, such as chief operating officer or president, as the need for specialized expertise grows amid rising regulatory demands and operational complexity, says Elizabeth Moore, a senior manager at Deloitte.
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.
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.