WOMEN CEOs

The rate of new CEOs who are women is hovering at 25, compared to 27% of new women CEOs appointed during the same period last year. It is the lowest rate for women rising to the CEO role since 2020, when 23% of new CEOs were women.

WHAT INDUSTRIES ARE SEEING TURNOVER?

Government/Non-Profit continues to lead all industries with 286 CEO exits through July 2025, 30 of which occurred in July. Of those, the majority were in Non-Profits. This represents a 1.4% increase from the 282 CEO exits in this sector during the same period last year.

Technology follows with 149 CEO exits through July 2025, including 11 in July. While below the February peak of 31, the sector remains one of the highest for turnover this year. The industry has seen a 12% increase from the 133 CEO exits recorded through July 2024.

Health Care/Products companies have announced 133 CEO exits through July 2025, up about 8% from 123 during the same period last year.

Hospitals, a subset of the Health Care/Products sector, reported 78 CEO exits through July 2025, 10 of which occurred in July. This is up nearly 15% from the 68 hospital CEO exits recorded through July 2024.

Financial firms announced 6 CEO exits in July, bringing the year-to-date total to 82 — a 21% increase from the 68 CEO exits reported through July 2024.

Entertainment/Leisure has also seen significant activity, with 111 CEO exits year-to-date, up 37% from 81 during the same period in 2024.

Retail companies reported 38 CEO exits through July 2025, 6 of which came in July. This represents a 100% increase from the 19 CEO exits recorded during the same period last year.

Consumer Products firms have announced 41 CEO exits so far in 2025, with 5 in July. This is down slightly — about 9% lower than the 45 CEO exits reported through July 2024.

WHERE ARE CEO EXITS OCCURRING?

The West leads all regions with 435 CEO exits through July 2025, up 4% from 418 during the same period last year. California accounts for the largest share with 162 CEO departures, followed by Texas at 112. Both states saw double-digit exits in July alone (13 and 11, respectively). Washington, meanwhile, has seen a decline, reporting 32 exits in 2025 compared to 45 last year.

The South follows with 333 exits year-to-date, a sharp 21% increase from 275 one year ago. Florida led the region with 77 CEO changes, though this is slightly down from 81 in 2024. Georgia and North Carolina both more than doubled their totals year over year — Georgia rose to 54 from 26, while North Carolina climbed to 49 from 33. Tennessee also saw a notable jump, up to 41 from 26.

The East reported 304 CEO exits so far in 2025, a modest rise from 296 during the same period last year. New York leads the region with 80 CEO changes, down from 89 in 2024. Pennsylvania saw a sharp increase to 61 from 47, while Massachusetts dropped to 47 from 60.

The Midwest logged 286 CEO exits through July 2025, up from 261 last year. Illinois led the region with 56 CEO departures, compared to 47 in 2024. Indiana more than doubled to 31 from 14, and Iowa rose to 17 from 6. Ohio, however, fell to 49 from 57, and Michigan dropped to 26 from 35.

WHY ARE CEOS LEAVING?

The most common reason cited for CEO departures in July was leaders stepping down from their roles, with 38 exits last month and 464 so far in 2025. This category, which often reflects orderly leadership transitions or executives shifting into advisory roles, continues to be the top driver of CEO turnover.

Retirement remains another significant factor, with 28 CEOs retiring in July and 303 exits year-to-date. While retirement levels are consistent with long-term trends, they highlight the ongoing generational shifts across corporate leadership.

In 23 cases last month, companies gave no stated reason for the departure, bringing the year-to-date total to 276. This “no reason given” category remains one of the largest, suggesting that many organizations prefer to keep leadership transitions discreet.

Some CEOs left for new opportunities, with 13 such exits in July and 127 so far this year. Meanwhile, 7 CEOs resigned outright in July, bringing the 2025 total to 91. Another 7 left following the conclusion of interim appointments, now totaling 51 year-to-date.

Less frequent reasons included acquisition or merger activity (4 in July, 22 YTD), termination (1 in July, 8 YTD), and death (1 in July, 5 YTD). Rare but noteworthy categories such as differences with the board, personal reasons, allegations of misconduct, bankruptcy, and relocation remain isolated but underscore the diverse circumstances under which leadership changes occur.

WHEN ARE CEOS LEAVING THEIR POSTS?

The average age of departing CEOs has risen significantly in 2025, signaling a shift toward older leaders leaving their posts. Through July, CEO exits have averaged well into the mid- to late-60s, with several months surpassing the 70-year mark. In July alone, the average age of exiting CEOs was 70.3 years, compared to 56.2 years in the same month last year. This pattern suggests a retirement wave is underway, as boards and executives alike navigate generational transitions at the top of organizations.

Tenure data paints a more mixed picture. In the first quarter of 2025, departing CEOs had longer tenures than those in 2024, averaging more than 11 years in their roles, compared to 9 to 10 years last year. However, mid-year results show variability: May departures came after an average of just 8.1 years, while July’s average tenure was 11 years, down from 13.3 a year prior. This combination of older leaders stepping aside alongside shorter-serving CEOs being replaced points to both retirement-driven transitions and boards making quicker moves to adjust leadership strategies.