Women Appointments Rise Slightly In April But Rate is Below Last Year; Companies Pick Up External Replacements; Rate of Interim CEOs Remains High

Published June 3, 2025

The number of CEO changes at U.S. companies rose 21% from 177 in March to 214 in April. This is a 70% increase from the 126 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.

“The second quarter has become a talent and workforce planning period for many companies. We’re increasingly seeing more job cuts announced in the second quarter than at other times of the year,” said Andrew Challenger, Senior Vice President and labor expert for Challenger, Gray & Christmas.

“For many companies, mid-year is the fiscal year-end, and major workforce announcements are occurring in April,” he added.

“Meanwhile, companies are gaining clarity on how 2025 is shaping up. Some CEOs are choosing this time to step away – others are being asked to. Boards are looking for leaders who can navigate uncertainty and course-correct quickly,” he added.

A growing share of those departing CEOs are older. The average age of exiting leaders reached 63 through April 2025, compared to 55 during the same period last year.

“A wave of seasoned leaders are stepping down in 2025 compared to the same period last year, which indicates many of these CEOs are taking the opportunity to leave. At the same time, companies are ready for new ideas in the face of a rapidly changing landscape – politically, socio-economically and technologically,” said Challenger.

Through April, 860 CEOs have left their posts, up 15% from the 748 CEOs who left their posts during the same period last year, and the highest January to April total on record.

Internal v. External CEO Replacements

Challenger has tracked whether new CEOs are internal or external for 777 replacement CEOs so far in 2025. Through the first quarter, companies were decidedly looking internally for their new CEOs, after years of going to external sources. With April’s data, companies are just as likely to bring in outside CEOs as inside ones.

“Succession planning is very much an issue for companies right now. As CEOs leave in growing numbers, many companies appear unprepared to fill these roles from their existing leadership bench or more worryingly, do not have a bench at all,” said Challenger.

Interim Leaders

Interim leadership has soared in 2025. Of all incoming CEOs this year, 18% of them were named on an interim basis, compared to 7% during the same period last year. Men replacing women were most often named on an interim basis (27% of replacements were named on an interim basis), followed by women replacing women (22%). During the same period last year, 10% of men replacing women CEOs were named on an interim basis, and 8% of women replacing men were named on an interim basis.

“The seeming reliance on interim leadership is a real change from previous years, including during the pandemic. While interim roles may offer flexibility or help bridge periods of uncertainty, they can also make it difficult to build team cohesion and execute long-term strategy. It may indicate that companies are reacting to turnover rather than proactively planning for it,” said Challenger.

Women CEOs

The rate of new CEOs who are women rose to 25% in April from 23% in March, but is still well below the 29% of new CEOs who are women appointed in January to April 2024.

“Women are not ascending to the CEO role in 2025 at the rate they had been over the last few years. This is potentially due to a climate that eschews the diversity and equity efforts that often bring talented individuals from underrepresented groups into the leadership pipeline,” said Challenger.

What Industries Are Seeing Turnover?

The Government/Non-Profit sector continues to lead in CEO exits, reporting 43 transitions in April 2025. This marks a 16.2% increase from March’s 37 and a 30.2% decline from April 2024’s 62. Forty of the April exits in this industry occurred at Non-Profits.

The Technology sector saw 16 CEO exits in April, a 27.3% decrease from March’s 22 and flat compared to April 2024.

The Health Care/Products industry reported 26 CEO exits in April, up 62.5% from March’s 16 and 136.4% higher than April 2024’s 11. Hospitals accounted for 15 exits, a 150% increase from March’s 6 and also up 150% from April 2024’s 6.

The Entertainment/Leisure industry reported 16 CEO departures in April, up 14.3% from March’s 14 and 128.6% higher than April 2024’s 7.

The Financial sector recorded 11 CEO transitions in April, down 15.4% from March’s 13 and 83.3% higher than April 2024’s 6. FinTech recorded 0 exits, down from 2 in March and 2 in April 2024.

In Construction, CEO exits totaled 5 in April, up 66.7% from March’s 3 and 150% higher than April 2024’s 2.

The Energy sector saw 3 CEO transitions, down 50% from March’s 6 but up 50% from April 2024’s 2.

The Retail industry reported 5 CEO departures, down 37.5% from March’s 8 but up 400% from April 2024’s 1.

Other industry trends:

• Automotive: 6 CEO exits in April, up from 5 in March and April 2024.
• Pharmaceutical: 1 exit in April, up from 0 in March but down from 4 in April 2024.
• Real Estate: 6 exits in April, up from 3 in March and from 4 in April 2024.
• Services: 21 exits in April, up 133.3% from March’s 9 and 250% higher than April 2024’s 6.
• Consumer Products: 4 exits in April, up from 3 in March but down from 7 in April 2024.
• Chemical: 0 exits in April, down from 3 in March and 1 in April 2024.
• Media: 3 exits, up from 2 in March and 50% higher than April 2024’s 2.

Where in the U.S. are CEO Exits Happening?

The West region led in CEO transitions in April 2025, reporting 62 departures, up 10.7% from March’s 56 and 25.8% higher than April 2024’s 49. California led all states with 23 CEO exits, down 14.8% from March’s 27 and 15% higher than the 20 recorded in April 2024. Texas followed with 11 CEO transitions, down from 14 in March but 22.2% higher than April 2024’s 9. Washington reported 6 exits, up from 4 in March and down from 7 in April 2024.

The East region reported 43 CEO exits, up 19.4% from March’s 36 and 16.3% higher than April 2024’s 37. New York recorded 7 CEO transitions, down from 11 in March and 30% lower than April 2024’s 10. Massachusetts saw 7 CEO exits, up from 2 in March and from 6 a year ago. Pennsylvania reported 11 CEO transitions, up from 4 in March and from 9 in April 2024.

The South reported 56 CEO departures, up 12% from March’s 50 and 14.3% higher than April 2024’s 49. Florida recorded 8 CEO changes, down from 9 in March and from 10 in April 2024. Virginia saw 5 CEO exits, up from 2 in March but down from 6 in April 2024. Tennessee reported 7 CEO departures, up from 5 in March and from 4 a year ago.

The Midwest recorded 53 CEO exits, up 51.4% from March’s 35 and 17.8% higher than April 2024’s 45. Illinois led with 10 CEO transitions, up from 5 in March and from 6 in April 2024. Ohio reported 7 CEO departures, down from 8 in March but up from 6 in April 2024. Michigan had 2 exits, down from 3 in both March and April 2024.

Reasons for Exits

Challenger tracks CEO departures based on the language used in announcements. The leading reason for CEO transitions year-to-date remains “Stepped Down,” with 64 exits in April, bringing the 2025 total to 309. This tends to indicate the CEO is retained in some capacity, most often as a Board Member, but also temporarily during transition period.

“Retired” was the second most common reason, with 55 CEOs stepping away in April, for a YTD total of 197. While CEOs are leaving at higher ages than this time last year, 206 CEOs cited retirement for leaving their posts during the same period last year.

“No Reason Given” was cited 45 times, bringing the 2025 total to 166.

“New Opportunity” was cited 20 times, bringing the YTD total to 74. During the same period last year, just 33 CEOs cited new opportunities as reasons for leaving the top spots.

“Resigned” was reported 17 times, bringing the total to 65.

“Interim Period Over” accounted for 7 exits, YTD total: 22. By this point last year, 48 CEOs saw their interim periods end. Fewer CEOs are being replaced on a permanent basis in 2025.

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SVP Andy Challenger is available for interviews on the job market, economy, and job search process. Please contact Colleen Madden Blumenfeld for more information.