Global CEO turnover hits record high in 2025

Global CEO turnover hit a record high in 2025, with 234 departures, up from 202 in 2024, said Russell Reynolds Associates (RRA) in its latest Global CEO Turnover Report 2025, highlighting elevated leadership change across major global stock indices.

The report revealed that CEO departures rose 16 percent year-on-year and were 21 percent above the eight-year average, underscoring intensifying scrutiny on CEOs amid economic uncertainty, geopolitical complexity and accelerating transformation agendas.

Escalating pressures were also evident in contracting CEO tenures. The data shows that 11 CEO appointments globally in 2025 lasted less than a year, suggesting a growing demand from boards and investors for immediate results. Globally, the average CEO tenure dropped to 7.1 years, a six-year low mirroring pre-pandemic 2019 levels.

Global markets see increase in departures

In the S&P 500, turnover remained high, with 59 CEO departures, one more than the previous year. Although the year-over-year increase was minimal, the persistently high level of CEO exits reflects sustained activist pressure and boards’ use of CEO change as a lever for strategic reset, particularly where performance or transformation milestones are perceived to be at risk.

In the UK, FTSE 100 CEO turnover also remained broadly consistent year over year, with 14 CEO departures in 2025, compared with 12 in 2024. The increase in global CEO departures in 2025 was instead driven by sharp year-over-year increases across Asia Pacific and parts of continental Europe.

In Germany’s DAX, CEO departures rose to 8 in 2025, up from 3 in 2024. India’s NIFTY 50 recorded 7 CEO departures, up from 3 the prior year, while Singapore’s STI saw 5 departures, compared with 3 in 2024.

Region’s CEOs respond to global pressures

CEOs across the Middle East are experiencing leadership pressures comparable to those shaping global turnover trends, with performance expectations and transformation mandates top priorities in the region.

“Middle East CEOs are operating under the same global forces driving record CEO turnover worldwide, from geopolitical shocks and investor scrutiny to accelerated transformation,” said Nicolas Manset, Head of the Middle East at Russell Reynolds Associates.

“The Gulf continues to strengthen its position as a globally competitive business hub, attracting international capital, multinational headquarters and world-class executive talent. This vibrant business landscape presents significant opportunity, with leadership effectiveness serving as a decisive factor in sustaining growth and business advantage,” Manset added.

Planned successions increase to 32 percent

The report also revealed that one of the most significant changes in 2025 is the way CEOs are leaving. Of the 234 CEO departures globally, 32 percent occurred through planned successions, up from 22 percent in 2024, indicating a meaningful rebalancing away from reactive exits toward more deliberate, board-led leadership transitions.

2025 was also the first year on record that the number of exits due to succession outpaced retirements. While retirements remained a major driver of CEO exits, they accounted for 26 percent of departures in 2025, down from 30 percent in 2024. At the same time, board-led removals represented 9 percent of exits, down from 14 percent the prior year. These trends reinforce that a greater proportion of CEO change in 2025 was anticipated and timed, rather than purely reactive.

The FTSE 100 saw a record proportion of internal CEO appointments and first-time leaders, with nine out of 10 CEOs appointed internally and all of them being first-time CEOs. Elsewhere, the S&P 500 saw 70 percent of new CEOs appointed internally, and 79 percent were first-timers.

The shift toward planned succession was particularly pronounced in the technology sector, where 40 percent of CEO departures were succession-driven, up sharply from 5 percent in 2023 and 18 percent in 2024. Industrial & Natural Resources and Financial Services also contributed to the global rise, with 35 percent and 33 percent of departures, respectively, categorized as planned successions.

“Taken together, these patterns suggest boards are investing more time and discipline in succession planning, even amid volatile market conditions. Rather than relying primarily on retirement or reacting to deteriorating performance, directors are increasingly using CEO succession as a strategic tool to manage continuity, renewal and long-term value creation,” added the report.

Read: Gulf states post strong growth as economic mix shifts

New female leadership declines as departures grow

The report also revealed that the share of incoming women CEOs declined to about 9 percent globally, continuing a steady fall from the peak in 2022. At the same time, the share of outgoing women CEOs increased to about 7 percent, up slightly from the prior year.

This global pattern was heavily influenced by movements in the S&P 500, where women represented just under 9 percent of outgoing CEOs in 2025, up sharply from about 5 percent in 2024. Meanwhile, the share of incoming women CEOs in the index fell from a record 15 percent in 2024 to around 8 percent in 2025.

This data highlights both the fragility of recent gains and the importance of sustained focus. While momentum can meaningfully accelerate over short periods, maintaining and translating that into a durable representation requires continued attention.