Global CEO appointments hit a historic 8-year H1 low in 2025 amidst slow leadership turnover

• The first half of 2025 saw the lowest number of global incoming CEOs in H1 since 2018
• In the FTSE100, of those incoming CEOs, all were first-timers from internal appointments showing the importance of internal succession planning
• Given the record number of leadership changes in 2024 and based on multi-year data trends, Russell Reynolds Associates’ expects leadership turnover to pick up substantially in the second half of the year

London UK, 30 July 2025 – Russell Reynolds Associates (RRA) today releases its Global CEO Turnover Index for the first half of the year (1 January – 30 June 2025), revealing a significant decrease in CEO appointments globally.

The index shows the lowest number of incoming CEOs since H1 2018, with 114 appointments recorded, notably 19% less than H1 2024 year-on-year. Of all CEO appointments which took place during H1 2025 globally, only 9% were women, underscoring the significant opportunity that remains untapped in the market.

This slow turnover may also reflect caution and policy uncertainty as some organisations adopt a ‘wait and see’ approach to major leadership decisions as they navigate regulatory and trade policy shifts across the globe.

CEO tenure reaches record low

The data tracks incoming and outgoing CEOs from the world’s largest listed companies across 13 global indices. It found the global average CEO outgoing tenure has dropped year-on year from 7.7 years (H1 2024) to 6.8 years (H1 2025). This represents the lowest H1 CEO tenure since tracking, in stark comparison to the record high of 9.2 years in H1 2023.

Emma Combe, who leads the UK Board and CEO Practice for Russell Reynolds Associates comments: “The decline in tenure we are witnessing represents the evolution of the CEO role as top leaders face rising expectations, expanding responsibilities, and increased pressure to reinvent their organisations in an accelerating business environment. This combination of heightened stakeholder scrutiny and the need for continuous transformation is certainly making the role increasingly challenging to sustain.”

Effective succession planning

Demands of the job saw 110 CEOs depart their positions in the first half of the year. While this suggests increased pressure on CEOs to continually reinvent their businesses, it also points to a more dynamic leadership environment where boards are increasingly focused on succession planning.

Of the three new incoming CEOs to FTSE 100 during H1 2025, all were first-time CEOs and internal appointments. This highlights the growing trend among companies to develop and appoint internal candidates who possess deep knowledge of the business and importantly, its culture.

The data suggests a strong pipeline of leadership candidates from within the C-suite, with the COO role increasingly (22%) serving as a key transitionary position for future CEOs, as evidenced during 2024. This internal development and succession planning signifies a strategic shift towards developing top talent from within as H1 2025 saw a global record of CEO changes resulting from a planned succession process (33%).

Looking ahead

Following a year of significant leadership transitions in 2024, companies have been navigating structural changes, a new U.S administration and the broader economic environment in the first half of 2025. The reduced CEO movement in H1 could indicate potential increased leadership movement to come in the second half of 2025.

"The first half of 2025 paints a picture of strategic pause in global CEO turnover," adds Emma Combe. “After a period of significant change in 2024, many companies are prioritising stability as a result of economic consolidation. There is also a clear trend towards developing internal talent to ensure leadership continuity and deep organisational knowledge.  While the current turnover data suggests companies adopted a wait and see approach in H1, this quieter period may be an early indicator of CEO turnover picking up in the second half of the year.”

More data and analysis can be found at the dedicated Global Index of CEO Turnover section of the Russell Reynolds website: https://www.russellreynolds.com/en/insights/reports-surveys/global-ceo-turnover-index

*Data covers the past 6 years since 2018

Notes to the Editor

Russell Reynolds Associates’ Global Index of CEO Turnover tracks CEO departures from constituent companies of the following global stock indices: ASX 200, CAC 40, DAX, Euronext 100, FTSE 100, FTSE 250, HANG SENG, Nikkei 225, NSE Nifty 50, S&P 500, S&P/TSX Composite, STI and SMI. More data and analysis can be found at the dedicated Global Index of CEO Turnover section of the Russell Reynolds website at: https://www.russellreynolds.com/en/insights/reports-surveys/global-ceo-turnover-index

Classification of the reasons for CEO departures is derived from a comprehensive review of publicly available information, including news publications, official announcements, and relevant articles around the time of each CEO's departure announcement. This categorization is intended to provide insight into overarching trends and should be interpreted within the context of the best available information at the time of the analysis.

Media Contacts

Russell Reynolds Associates
Sarah Carlyle, Marketing Director EMEA
Email: sarah.carlyle@russellreynolds.com