Jan 07 November CEO Turnover Report CEO Exits Tick Up From October, Slow YTD
CEO TURNOVER REMAINS FLAT IN NOVEMBER; 123 CEO EXITS DOWN 26% FROM NOVEMBER 2024
Most Public CEO Exits on Record; Third Year in a Row Companies More Often Choose External Replacements
Published January 6, 2026
The number of CEO changes at U.S. companies rose 12% to 123 in November from 110 in October. This is down 26% from the 167 CEO exits that occurred in the same month one year prior, according to a report released Tuesday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas.
November marks the sixth consecutive month CEO exits were lower than the corresponding month one year earlier. Through November, 1,883 CEOs have left their posts, down 5% from 1,991 exits during the same period in 2024.
“CEO exits are off their record pace and have slowed, indicating that boards want to project stability in the C-Suite,” said Andy Challenger, workplace and labor expert for Challenger, Gray & Christmas.
Through November, 419 CEOs have exited publicly traded companies, the most since Challenger began tracking company type in 2010.
Meanwhile, companies are more likely to choose an external replacement, according to the data available on CEO replacements. Companies have been more likely to choose an external replacement since 2022, the last time internal candidates outpaced external hires.
“External candidates can bring fresh perspectives, new playbooks, and experience navigating rapid change, qualities that are increasingly valued as companies adapt to shifting markets, technology, and workforce expectations,” said Challenger.
Communicating leadership changes clearly and thoughtfully is critical, particularly for organizations focused on retaining talent and maintaining productivity and morale,” he added.
Women CEOs
The rate of new CEOs who are women rose 0.1 percentage points in November for a year-to-date rate of 25.6%. This is compared to 27.8% of new women CEOs appointed during the same period last year. It is 3.1 percentage points from the peak of 28.7% of new CEOs who are women in all of 2023. It is the lowest rate for women rising to the CEO role since 2020, when 23% of new CEOs were women.
Meanwhile, the rate of outgoing women CEOs is 23% so far this year, compared to 21% during the same period last year, suggesting more women are leaving the CEO role.
What industries are seeing turnover?
Government/Non-Profit continues to lead all industries with 394 CEO exits through November 2025, including 29 in November. This is down from 438 CEO exits reported during the same period in 2024.
Technology follows with 199 CEO exits year-to-date, 13 of which occurred in November. While below earlier peaks this year, the sector remains one of the highest for turnover in 2025 and is slightly lower than the 208 CEO exits recorded through November 2024.
Health Care/Products companies have announced 193 CEO exits through November 2025, including 19 in November. This represents a 16% decline from the 230 CEO exits reported during the same period last year.
Hospitals reported 107 CEO exits year-to-date, with 3 in November. This is up nearly 6% from the 101 hospital CEO exits recorded through November 2024.
Financial firms announced 11 CEO exits in November, bringing the year-to-date total to 116, a 12% increase from the 104 CEO exits reported through November 2024.
Entertainment/Leisure companies reported 144 CEO exits through the first eleven months of the year, including 7 in November. This is up about 4% from the 139 CEO exits recorded during the same period last year.
Retail companies reported 48 CEO exits year-to-date, including 5 in November. This represents a nearly 30% increase from the 37 CEO exits recorded through November 2024.
Consumer Products firms have announced 64 CEO exits through November 2025, including 8 in November. This is down nearly 10% from the 71 CEO exits reported through the first eleven months of last year.