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E-MailRusty O’Kelley is a Managing Director, Laura Sanderson is a Senior Member of the Board and CEO Advisory, and Emma Combe leads the UK Board Practice at Russell Reynolds Associates. This post is based on their Russell Reynolds memorandum.
1. Boards showed a stronger preference for experienced CEOs—especially in the S&P 500
The most notable shift in Q1 2026 was the increase in experienced CEO hires. Globally, 26% of incoming CEOs had prior experience of serving as a CEO of a publicly listed company, up from 17% in Q1 2025 and 8% in Q1 2024.
This trend was particularly pronounced in the S&P 500, where 41% of incoming CEOs were experienced CEOs—the highest Q1 level in our nine-year tracking period—up from 25% in Q1 2025 and 9% in Q1 2024. In absolute terms, this equates to nine appointments, compared with five in Q1 2025 and two in Q1 2024.
The data does not suggest a structural move away from first-time CEOs. But it does suggest that in a more demanding and uncertain environment, boards are increasingly favouring proven leaders, particularly in situations where performance needs to be stabilized or investor confidence rebuilt, or if the perceived learning curve for first-time CEOs is too steep.
Regional View: Share of CEO hires that were first-time CEOs
– S&P 500: 59% (13/22) in Q1 2026, versus 75% (15/20) in Q1 2025
– FTSE 100: 80% (4/5) in Q1 2026, versus 100% (2/2) in Q1 2025
– FTSE 250: 80% (8/10) in Q1 2026, versus 86% (6/7) in Q1 2025
– ASX 200: 64% (7/11) in Q1 2026, versus 86% (6/7) in Q1 2025
– Nikkei 225: 100% (6/6) in Q1 2026, versus 100% (7/7) in Q1 2025
2. Global CEO appointment activity reached a new Q1 high
The most notable shift in Q1 2026 was the increase in experienced CEO hires. Globally, 26% of incoming CEOs had prior experience of serving as a CEO of a publicly listed company, up from 17% in Q1 2025 and 8% in Q1 2024.
This trend was particularly pronounced in the S&P 500, where 41% of incoming CEOs were experienced CEOs—the highest Q1 level in our nine-year tracking period—up from 25% in Q1 2025 and 9% in Q1 2024. In absolute terms, this equates to nine appointments, compared with five in Q1 2025 and two in Q1 2024.
The data does not suggest a structural move away from first-time CEOs. But it does suggest that in a more demanding and uncertain environment, boards are increasingly favouring proven leaders, particularly in situations where performance needs to be stabilized or investor confidence rebuilt, or if the perceived learning curve for first-time CEOs is too steep.
Regional View: Incoming CEO appointments in Q1 2026 vs. Q1 2025
– S&P 500: 22 CEOs were appointed, up from 20 in 2025
– FTSE 100: 5 CEOs were appointed, up from 2 in 2025
– FTSE 250: 10 CEOs were appointed, up from 7 in 2025
– ASX 200: 11 CEOs were appointed, up from 7 in 2025
– Nikkei 225: 6 CEOs were appointed, down from 7 in 2025
3. Outgoing CEO tenure rose sharply in the US
One of the notable developments in Q1 2026 was the tenure profile of outgoing CEOs. Globally, average outgoing CEO tenure rose to 10.0 years, up from 6.6 years in Q1 2025. But the more meaningful signal sits at index level.
In the S&P 500, outgoing CEOs served an average of 11.8 years, compared with 8.3 years in Q1 2025. Importantly, the number of departures was broadly comparable—22 in Q1 2026 versus 21 in Q1 2025.
This suggests that boards have been willing to retain CEOs who have demonstrated an ability to navigate sustained periods of complexity.
Regional View: Outgoing CEO tenure in Q1 2026 vs. Q1 2025
– S&P 500: Average outgoing tenure of 11.8 years, up from 8.3 years in Q1 2025
– FTSE 100: Average outgoing tenure of 12.5 years, up from 1.1 years in Q1 2025
– FTSE 250: Average outgoing tenure of 8.1 years, up from 2.2 years in Q1 2025
– ASX 200: Average outgoing tenure of 5.7 years, up from 4.3 years in Q1 2025
– Nikkei 225: Average outgoing tenure of 7.4 years, up from 6.2 years in Q1 2025
The Q1 2026 data suggests boards are approaching CEO succession with a sharper focus on readiness, credibility, and continuity. The rise in experienced CEO appointments points to a growing premium on leaders who can step in and perform quickly, while the continued preference for internal successors reinforces the value of strong CEO pipeline development. At the same time, longer CEO tenure suggests that some boards are retaining proven leaders for longer before making a transition. Together, these trends point to a CEO succession environment in which optionality, depth of internal talent, and confidence in immediate execution are increasingly critical.
What is CEO turnover?
CEO turnover—the rate at which chief executives leave and join organizations—serves as a key economic indicator, reflecting both business confidence and broader market conditions. High turnover often signals companies’ willingness to take risks and make strategic changes, while low turnover may indicate uncertainty or a preference for stability.
How has CEO turnover changed for public companies?
CEO turnover has increased since 2018 for the companies listed on the 13 indices tracked in the CEO Turnover Index, hitting a eight-year high in 2025, when 234 CEOs exited their roles globally.
Why is CEO turnover so high for public firms globally?
High CEO turnover is reflective of market volatility and the increased scrutiny of CEOs today among both boards and activist investors. This has also impacted the number of CEOs who are choosing to do the job more than once. We’re seeing more ‘step-up’ first-time CEOs appointed to the role; some of these are internal candidates as part of planned CEO succession, but some of them are external. In addition, many CEOs are now choosing to step down and retire from executive life rather than choosing to undertake a second CEO role elsewhere.
How many CEOs were appointed globally in 2025 at public companies?
There were 213 CEO appointments globally in 2025 for the companies listed on the 13 indices tracked in the CEO Turnover Index. This included:
- 61 CEO appointments in the S&P 500.
- 10 CEO appointments in the FTSE 100.
How many CEOs of public companies stepped down in 2025?
There were 234 CEO departures globally in 2025 for the companies listed on the 13 indices tracked in the CEO Turnover Index. This included:
- 59 CEO departures in the S&P 500.
- 14 CEO departures in the FTSE 100.
What is the proportion of women CEO appointments at public firms in 2025?
In 2025, women accounted for 19 CEO appointments globally (9% of all appointments). However, there are regional nuances. In 2025:
- 5 women CEOs were appointed in the S&P 500, representing 8% of S&P 500 CEO appointments.
- 3 women CEOs were appointed in the FTSE 100, representing 30% of FTSE 100 CEO appointments.
What proportion of new CEOs of public companies were first-time CEOs?
In 2025, 86% of CEO appointments were first-time CEOs for the companies listed on the 13 indices tracked in the CEO Turnover Index. They had never held a CEO role at a public-listed company.
What’s the average tenure of CEOs at publicly listed companies?
In 2025, the average tenure of outgoing CEOs was 7.1 years, according to the CEO Turnover Index, down from 7.4 years in 2024, and 8.3 years in 2021.
