Overview
- Roughly one in nine CEOs were replaced across 1,500 large U.S. public companies in 2025, the highest rate since 2010.
- The turnover wave has continued in early 2026, with Walmart, Procter & Gamble, Lululemon, Disney, PayPal, HP and Kroger among recent moves affecting companies worth about $2.2 trillion.
- Incoming leaders skew younger and less tested, averaging 54 years old, with more than 80% first‑time public‑company chiefs and two‑thirds lacking prior board service, according to Spencer Stuart.
- Changes span planned successions such as Warren Buffett handing Berkshire Hathaway to Greg Abel, sudden ousters and cuts at firms like CarMax and Codexis, and interim or board‑member appointments including at HP.
- Recruiters link the churn to AI, shifting trade patterns, volatile conditions and activist pressure, while the share of new female CEOs fell to 9% in 2025.