Sep 30 CEO Turnover Trending Lower: 2025 Sees Record Turnover But Fewer Leaving Posts Than Same Months Last Year
Lowest Rate of New Women CEOs Since 2020
Published September 30, 2025
The number of CEO changes at U.S. companies rose 19% from 123 in July to 146 in August. This is down 27% from the 200 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.
August marks the third consecutive month CEO exits were lower than the corresponding month one year earlier, a phenomenon that has occurred five times this year.
Through August, 1,504 CEOs have left their posts, the highest on record, since Challenger began tracking in 2002. It is up 4% from the 1,450 CEO exits in the first eight months of 2024.
“The slowing CEO exits could reflect companies’ desire to go into the last part of the year with the appearance of stability, given the immense uncertainty that surrounds most organizations. Strategy shifts, potential loss of talent, workforce and shareholder unease can all follow a leadership change at the top-most position,” said Andy Challenger, workplace and labor expert for Challenger, Gray & Christmas.
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.
Meanwhile, the rate of outgoing women CEOs is 23% so far this year, compared to 21% during the same period last year.
“The fact that more women CEOs are leaving their posts and fewer are rising to the position than last year is incredibly troubling. The rhetoric and policy surrounding diversity and equity, coupled with the very public oustings of women in top Federal positions, are very likely contributing to a broader environment where women are not being supported in leadership ranks,” said Challenger.
What Industries Are Seeing Turnover?
Government/Non-Profit continues to lead all industries with 316 CEO exits through August 2025, 30 of which occurred in August with 27 in Non-Profits. This represents a slight increase from the 311 CEO exits reported in the same period last year.
Technology follows with 162 CEO exits year-to-date, including 13 in August. While below the February peak of 31, the sector remains one of the highest for turnover in 2025. The industry has seen a 6% increase from the 153 CEO exits recorded through August 2024.
Health Care/Products companies have announced 146 CEO exits through August 2025, down about 4% from 152 during the same period last year.
Hospitals, a subset of the Health Care/Products sector, reported 85 CEO exits year-to-date, 7 of which occurred in August. This is up nearly 6% from the 80 hospital CEO exits recorded through August 2024.
Financial firms announced 11 CEO exits in August, bringing the year-to-date total to 93 — a 19% increase from the 78 CEO exits reported through August 2024.
Entertainment/Leisure has also seen significant activity, with 123 CEO exits through August 2025, up 22% from 101 during the same period last year.
Retail companies reported 41 CEO exits year-to-date, 3 of which came in August. This represents a 116% increase from the 19 CEO exits recorded during the same period in 2024.
Consumer Products firms have announced 49 CEO exits so far in 2025, including 8 in August. This is essentially flat compared to last year, down just 2% from the 50 CEO exits reported through August 2024.
Where Are CEO Exits Occuring?
The West continues to lead all regions with 477 CEO exits through August 2025, just slightly below the 484 reported in the same period last year. California accounts for the largest share with 177 CEO departures, followed by Texas with 124. Both states saw double-digit exits in August (15 and 12, respectively). Washington, meanwhile, continues to decline, with 40 exits in 2025 compared to 59 one year ago.
The South follows with 372 CEO exits year-to-date, a 14% increase from 327 in 2024. Florida leads the region with 87 CEO changes, only slightly down from 93 last year. Georgia and North Carolina both posted sharp increases — Georgia rose to 56 from 33, and North Carolina climbed to 55 from 41. Tennessee also saw a significant increase, rising to 47 from 30.
The East reported 331 CEO exits through August 2025, down slightly from 343 in the same period last year. New York leads the region with 85 CEO changes, though this is down from 105 in 2024. Massachusetts also saw a drop, reporting 53 exits compared to 71 last year. Pennsylvania, however, rose to 67 from 56.
The Midwest logged 324 CEO exits year-to-date, up from 296 in 2024. Illinois led the region with 67 CEO departures, compared to 54 last year. Indiana more than doubled, climbing to 35 from 17, while Iowa rose to 19 from 9. Ohio saw a modest decline to 56 from 63, and Michigan dropped to 28 from 36.
Why Are CEOs Leaving?
The most common reason cited for CEO departures in August was leaders stepping down from their roles, with 49 exits last month and 513 so far in 2025. This category, which often reflects orderly transitions or executives shifting into advisory roles, continues to be the top driver of CEO turnover this year.
Retirement remains another significant factor, with 29 CEOs retiring in August and 332 year-to-date. These figures are consistent with long-term trends, highlighting the generational shift underway across corporate leadership.
In 39 cases last month, companies gave no stated reason for the departure, bringing the 2025 total to 315. This “no reason given” category remains one of the largest, suggesting that many organizations prefer to keep leadership changes discreet.
Some CEOs left for new opportunities, with 17 such exits in August and 144 so far this year. Meanwhile, 7 CEOs resigned outright in August, bringing the 2025 total to 98. Another 1 CEO left after completing an interim appointment, bringing that category to 52 year-to-date.
Interim CEOs
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.