Global CEO turnover climbed to a record level in 2025 as boards worldwide replaced chief executives at a faster pace, according to Russell Reynolds Associates, reflecting tighter performance timelines, rising investor scrutiny, and shifting governance expectations across major markets.
CEO turnover accelerates across key markets
CEO turnover reached an all-time high in 2025, with 234 chief executives exiting globally. That figure rose 16% from 2024 and stood 21% above the eight-year average. It marked the second straight year of record departures.
Asia Pacific and parts of Europe drove much of the increase. Germany’s DAX recorded eight CEO exits, up from three a year earlier. India’s NIFTY 50 saw exits rise from three to seven. Singapore’s STI reported five departures, compared with three in 2024.
In contrast, turnover remained relatively stable in Western markets. The S&P 500 recorded 59 CEO exits, up by one year over year. The UK’s FTSE 100 reported 14 departures, compared with 12 in 2024.
CEO turnover reshapes tenure and succession
CEO tenures continued to shorten alongside higher turnover. The average outgoing CEO served 7.1 years in 2025, down from 7.4 years in 2024. That figure remained well below the 8.3-year average seen earlier in the decade.
Short tenures increased sharply. Exits within 30 to 36 months rose 79% year over year. Roles lasting less than one year accounted for about 5% of all departures. Eleven CEOs stepped down within their first year, matching the highest level since tracking began.
Boards also changed how CEOs exited. Planned succession accounted for 32% of departures, overtaking retirement for the first time. Retirements made up 26%, while board-led removals fell to 9%.
Boards adjust strategy as leadership cycles compress
Technology companies showed the strongest shift toward planned transitions. In 2025, 40% of tech CEO exits followed succession plans, compared with 5% in 2023. Financial services and industrial firms showed similar patterns.
Gender representation shifted as well. Women accounted for about 9% of incoming CEOs globally, down from earlier peaks. At the same time, outgoing women CEOs rose to roughly 7%. In the S&P 500, women represented nearly 9% of departing CEOs.
Russell Reynolds Associates noted that 86% of incoming CEOs were first-time leaders. The firm urged boards to begin succession planning three to five years ahead and treat CEO development as a continuous governance responsibility.
