CFA Institute Announces Leadership Transition Plan

CFA Institute today announced that Margaret Franklin, CFA, has informed the Board of Governors of her decision to retire as President and Chief Executive Officer, effective March 1, 2026.

Tricia Rothschild, CFA, a long-serving Governor and current Vice Chair of the Board of Governors, will become Interim Chief Executive Officer, and Ms. Franklin will transition to an advisory role until December 31, 2026. A committee of the CFA Institute Board of Governors, chaired by Pamela Yang, CFA, will conduct a comprehensive search to identify the next CEO with the assistance of an independent search firm.

“The Board of Governors is grateful to Marg for her years of dedicated service and strategic leadership of the global CFA Institute ecosystem. She leaves both the organization and the profession in a stronger position,” said Marshall Bailey, CFA, Chair of the Board of Governors. “For over 75 years, CFA Institute has supported investment professionals to excel and to lead a profession that works for the ultimate benefit of society. As we look ahead to our next chapter, we will work closely with Marg, as well as our trusted colleague Tricia, to ensure a smooth transition and to provide continuity for staff, members, societies, and other stakeholders.”

Ms. Franklin said: “It has been a privilege to lead CFA Institute, and I’m proud of all we accomplished during my tenure. Over the past seven years, we strengthened CFA Institute’s operational and financial foundations, instituted a global delivery model, evolved and modernized the CFA program, expanded our educational offerings, and positioned the organization for the next phase of growth. Most importantly, we built a strong leadership team and reinforced our commitment to ethics, excellence, and global relevance. On a personal note, I remain deeply committed to the CFA Institute mission, and I look forward to continuing to champion CFA Institute in the future.”

Ms. Rothschild said: “Marg has been a tireless advocate of CFA Institute and the importance of a global, ethics-based investment industry as a driver of economic progress and broader societal development. The Board and our entire leadership team will continue to work with members and societies to advance our mission and maintain the highest standards of ethics, education, and professional excellence in the investment profession.”

Ms. Rothschild is an active asset and wealth management board director, consultant, and investor who previously served as President of Apex Fintech Solutions, and spent more than 25 years at Morningstar, including executive officer roles as Chief Product Officer and Co-Head of Global Markets. She earned her CFA charter in 2001 and served as the Vice Chair of the CFA Institute Board of Governors from 2021 – 2023, and from 2025 to the present.

Ms. Franklin joined CFA Institute as President and CEO in 2019 and has led the organization through a period of dynamic global change. Her swift and decisive response during the COVID-19 pandemic was critical to CFA Institute’s continued success, enabling the organization to navigate unprecedented disruption while emerging stronger, more resilient, and on a robust financial footing. During her tenure, Ms. Franklin led the transformation of the CFA program by introducing specialized pathways and computer-based testing, expanding the learning portfolio by launching certificates, extending member benefits and services, and overseeing the publication of key industry research.

Over the coming months, Ms. Franklin will assist with a seamless transition in her advisory role. During her service as Interim CEO, Ms. Rothschild will serve as an ex-officio member of the Board of Governors and current Governor Heinz Hockmann, PhD, will serve as Vice Chair of the Board.