Published April 30, 2025
The number of CEO changes at U.S. companies fell 28% from 247 in February to 177 in March. It is down 2% from the 180 CEO exits that occurred in March 2024, according to a report released Wednesday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas.
“After a record-breaking start to the year, companies have slowed a bit on changing their top leader, though historically, it remains a high number,” said Andrew Challenger, Senior Vice President and labor expert for Challenger, Gray & Christmas.
“We certainly continue to face economic uncertainty as tariffs, federal job and funding cuts, new regulation, and falling consumer confidence hit companies nationally,” he added.
In the first quarter, 646 CEOs left their posts, up 4% from the 622 CEOs who left their posts during the same quarter last year, the previous record. It is up 14% from the 569 CEO exits which occurred in the final quarter of 2024.
Women CEOs
The rate of new CEOs who are women dropped significantly to 23% from 27% during the same period last year.
“The current uncertainty, as well as the example being set by the new administration, is impacting corporate priorities. Employers are cutting costs by holding off on projects and initiatives they would otherwise undergo. This includes leadership development projects and diversity and equity efforts. Ultimately, this will impact who goes into the leadership pipeline and when leaders will be ready to take over CEO roles,” said Challenger.
The rate of women leaving the CEO role is higher in 2025 than during the same time last year, and men are replacing them more often than last year. Through the first quarter, 23% of CEOs who left their positions were women, compared to 20% last year. Of the women who have left their posts, 56% of those women were replaced by men. Of the 497 men who left their roles so far in 2025, 17% of them were replaced by women.
In Q1 2024, 41% of outgoing women CEOs were replaced by men. Women replaced 22% of the men who left their posts in Q1 2024.
Source: Challenger, Gray & Christmas, Inc.
“Our data suggests that fewer women are staying in their CEO roles, possibly because they are not receiving the support needed to lead, and more are being replaced by men in 2025,” Challenger said.
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 6% during the same period last year.
NOTE: These are CEOs who were originally named on an interim basis. Challenger also tracks if those CEOs became permanent at some point.
What Industries Are Seeing Turnover?
The Government/Non-Profit sector continues to lead in CEO exits, reporting 37 transitions in March 2025. This marks a 21.3% decrease from February’s 47 departures and a 21.3% decline from March 2024’s 47. All of the exits in this industry occurred in Non-Profits in March.
The Technology sector saw 22 CEO exits in March, a 29% decline from February’s 31, but a 69.2% increase from March 2024’s 13—highlighting sustained leadership churn.
The Health Care/Products industry reported 16 CEO exits in March, down 38.5% from February’s 26 but up 6.7% from March 2024’s 15. Meanwhile, Hospitals saw 6 exits, a 60% decline from February’s 15 and down 25% from March 2024’s 8.
The Entertainment/Leisure industry reported 14 CEO departures in March, down 26.3% from February’s 19 and a 6.7% decrease from the 15 exits reported in March 2024.
The Financial sector recorded 13 CEO transitions in March, an 18.8% decline from February’s 16, and up 30% from March 2024’s 10. FinTech saw 2 exits, down 60% from February’s 5 and a 50% decrease from March 2024’s 4.
In Construction, CEO exits totaled 3 in March, a 25% decrease from February’s 4 but a 50% increase over March 2024’s 2.
The Energy sector saw 6 CEO transitions in March, a 25% decline from February’s 8 but a 500% increase over March 2024’s 1.
The Retail industry reported 8 CEO departures in March, flat from February but a 700% surge from March 2024’s single exit.
Other industry trends:
- Automotive: 5 CEO exits in March, up 66.7% from February’s 3 and 25% from March 2024’s 4.
- Pharmaceutical: 0 exits in March, down from 3 in February (-100%) and from 4 in March 2024.
- Real Estate: 3 CEO exits in March, flat from February and up 200% from March 2024’s 1.
- Services: 9 CEO transitions in March, down 35.7% from February’s 14 and 10% lower than March 2024’s 10.
- Consumer Products: 3 exits in March, down 70% from February’s 10 and a 57.1% drop from March 2024’s 7.
- Chemical: 3 CEO exits, down 25% from February’s 4 but up 200% from March 2024’s 1.
- Media: 2 exits, flat from February and down 33.3% from March 2024’s 3.
Where in the U.S. are CEO Exits Happening?
The West region continues to lead in CEO transitions, reporting 56 departures in March 2025, down 35.6% from February’s 87 and 11.1% below March 2024’s 63. California again led all states with 27 CEO exits, down 15.6% from February’s 32 but still up 35% from the 20 recorded the previous year. Texas followed with 14 CEO transitions, down 39.1% from February’s 23, but still up 16.7% from March 2024’s 12. Washington reported 4 exits in March, flat from February and down 76.5% from the 17 recorded a year ago.
The East region reported 36 CEO exits in March 2025, a 37.9% drop from February’s 58 and 23.1% lower than March 2024’s 47. New York recorded 11 CEO transitions, down 35.3% from February’s 17 and 21.4% from March 2024’s 14. Massachusetts saw 2 CEO exits, down from 9 in February and down 77.8% from 9 in March 2024. Pennsylvania reported 4 CEO transitions, down from 12 in February and 50% lower than the 8 recorded a year ago.
The South reported 50 CEO departures in March, down 12.3% from February’s 57 but 31.9% higher than March 2024’s 38. Florida led the region with 9 CEO changes, steady compared to February and down 30.8% from the 13 recorded a year earlier. Virginia saw 2 CEO exits in March, down from 7 in February and 88.9% lower than the 18 exits in March 2024. Meanwhile, Tennessee reported 5 CEO departures, down 44.4% from February’s 9 but up 25% from March 2024’s 4.
The Midwest recorded 35 CEO exits in March 2025, flat compared to February’s 35 and down 22.2% from March 2024’s 45. Illinois led the region with 5 CEO transitions, down from 10 in February and 16.7% lower than the 6 recorded in March 2024. Ohio reported 8 CEO departures, down 20% from February’s 10 and even with the 8 recorded a year ago. Michigan saw 3 exits in March, flat from February but 50% lower than the 6 reported in March 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 68 such exits reported in March, bringing the 2025 total to 245. While slightly down from February’s 87 and January’s 90, it remains the most commonly cited reason.
Source: Challenger, Gray & Christmas, Inc.
“Retired” continues to be the second most frequent reason, with 37 CEOs stepping away in March, bringing the year-to-date total to 142. This reflects the continuation of retirement-driven turnover across sectors.
“No Reason Given” was cited 35 times in March, down from 64 in February but still a notable portion of transitions, raising the 2025 total to 121. This may reflect either confidential exits or reduced disclosure in public announcements.
“New Opportunity” was cited 17 times in March, down slightly from February’s 20, bringing the total to 54 for the year.
“Resigned” was reported 12 times in March, down from 20 in February, and now totals 48 for the year.
“Interim Period Over” accounted for 5 exits, up from 4 in February, bringing the YTD total to 15.
Less frequent but notable reasons in March included:
- Acquisition/Merger: 2 CEO exits (YTD: 10)
- Restructuring: 1 (YTD: 1)
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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.
