The Deloitte M&A Index Q3 2015 | 5 Spotlight on CEOs CEOs background and corporate appetite The changing skills of CEOs has had an impact for M&A on corporate attitudes towards M&A. In the One of the consequences of the global financial last six years, FTSE 100 companies spent an crisis was the realignment of many boardrooms. estimated $430 billion on acquisitions, and Deloitte analysis shows that since 2009, 63 of the CEOs with a non-financial background the FTSE 100 companies replaced their CEOs. accounted for $291 billion, which represents two-thirds of total spending. At the beginning of 2009, only 45 per cent of FTSE 100 CEOs had a financial background. This increased to 52 per cent in 2012 in the middle of the recovery when financial prudency was required. As market conditions started improving, CEOs with a more diverse set of skills were being recruited and CEOs with a financial background has fallen back to 47 per cent. Figure 5. Total M&A spending by constituents of FTSE100 ($bn) and background of CEOs of FTSE100 companies, 2009-15 YTD* 2014-15 YTD CEOs without $135.1 financial bn background 2012-13 63 50% $50.1 companies 50% bn have changed $40.2 $47.4 their CEO CEOs with bn bn since 2009 financial background CEOs with non-financial backgrounds accounted for two-thirds of total spending on M&A in the last six years *While determining whether a CEO has a financial background we considered prior work experience, professional qualifications and educational background. ce: Deloitte analysis based on data from Thomson One Banker, Bloomberg and BoardEx Sour