Dec 02 October CEO Turnover Report: Exits Slow, New Women CEOs Tick Up For the First Time This Year
CEO EXITS FALL TO LOWEST LEVEL IN TWO YEARS AS COMPANIES OPT TO KEEP LEADERSHIP IN PLACE
New Women CEOs Tick Up in October
Published December 2, 2025
The number of CEO changes at U.S. companies fell 25% to 110 in October from 146 in September. This is down 36% from the 172 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.
October marks the fifth consecutive month CEO exits were lower than the corresponding month one year earlier.
Through October, 1,760 CEOs have left their posts, down 3.5% from 1,824 exits during the same period in 2024.
“After a wave of departures that pushed CEO turnover to record levels, exits are moderating. This reversal over the last couple months shows companies have likely lowered their tolerance for change,” said Andy Challenger, workplace and labor expert for Challenger, Gray & Christmas.
Women CEOs
The rate of new CEOs who are women rose 1.6 percentage points in October for a year-to-date rate of 25.5% from 23.9% through September. This is compared to 26.4% of new women CEOs appointed during the same period last year. It is 3.2 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.
“We saw positive progress in October. More CEOs who have left their posts this year were replaced by women in October. However, the rate of new women CEOs fell slightly for CEOs who exited in 2024 and whose replacements were named this year. Ideally, the rate for both years would move higher,” said Challenger.
What industries are seeing turnover?
Government/Non-Profit continues to lead all industries with 365 CEO exits through October 2025, including 24 in October. This is down from 404 CEO exits reported during the same period in 2024.
Technology follows with 186 CEO exits year-to-date, 11 of which occurred in October. While below the February peak, the sector remains one of the highest for turnover in 2025 and is down slightly from the 192 CEO exits recorded through October 2024.
Health Care/Products companies have announced 174 CEO exits through October 2025, including 16 in October. This is an 18% decline from the 212 CEO exits reported in the same period last year.
Hospitals reported 104 CEO exits year-to-date, with 9 in October. This is up 15.5% from 90 hospital CEO exits recorded through October 2024.
Financial firms announced 1 CEO exit in October, bringing the year-to-date total to 105, a 12% increase from the 94 CEO exits reported through October 2024.
Entertainment/Leisure reported 137 CEO exits through the first ten months of the year, including 7 in October. This is up 14% from the 120 CEO exits recorded during the same period last year.
Retail companies reported 43 CEO exits year-to-date, with 0 in October. This is the first month the sector reported no CEO turnover since August 2024. The year-to-date total represents a 34% increase from the 32 CEO exits recorded through October 2024.
Consumer Products firms have announced 56 CEO exits through October 2025, including 1 in October. This is down 19% from the 69 CEO exits reported through the first ten months of last year.
Where are CEO exits happening?
The West continues to lead all regions with 554 CEO exits through October 2025, though this represents a 9% decrease from the 609 reported during the same period last year. California still accounts for the largest share with 207 CEO departures, slightly up from 203 in 2024. Texas follows with 136, an increase from 117 one year earlier. Both states saw notable activity in October (California 13, Texas 4). Washington continues to trend downward, reporting 50 exits year-to-date compared to 69 last year.
The South reported 441 CEO exits year-to-date, an 8% increase from 409 in 2024. Florida leads the region with 104 CEO changes, down slightly from 111 last year. Georgia rose to 64 from 45, and North Carolina also climbed, reaching 64 from 48. Tennessee saw a significant increase, rising to 58 from 46, as southern states continue to show elevated leadership movement amid ongoing regional expansion.
The East logged 389 CEO exits through October 2025, a 11% decline from the 436 reported during the same period last year. New York leads with 111 CEO changes, though that is down from 134 in 2024. Massachusetts also declined, reporting 64 exits compared to 89 last year. Pennsylvania, however, increased to 77 from 71, and New Jersey ticked up to 31 from 28.
The Midwest reported 376 CEO exits year-to-date, a 2% rise from 370 during the same period last year. Illinois leads the region with 77 CEO departures, up from 65 in 2024. Indiana almost doubled, reaching 41 from 21, and Iowa rose to 24 from 13. Ohio declined to 68 from 78, and Michigan dropped to 30 from 46.
Why are CEO exits occurring?
The most common reason cited for CEO departures in October was leaders stepping down, with 46 exits last month and 603 so far in 2025. This category often signals planned successions, strategic transitions, or moves into advisory or board roles, and it continues to be the top driver of CEO turnover this year.
Retirement remains another major contributor, with 31 CEOs retiring in October and 392 year-to-date. While lower than the 405 exits for this reason through October in 2024, retirements continue to reflect a longer-term generational shift across corporate leadership.
Companies provided no stated reason for 12 CEO exits in October, bringing the 2025 total to 368. This remains one of the largest categories, suggesting that many organizations still prefer discretion when announcing leadership changes.
Some CEOs left for new opportunities, with 8 such exits in October and 164 so far this year. Meanwhile, 3 CEOs resigned outright last month, bringing that total to 104 for 2025. Another 4 CEOs completed interim appointments in October, pushing the Interim Period Over category to 64 year-to-date.
Other reasons for CEO departures this year include:
- Acquisition/Merger: 2 in October; 30 YTD
- Terminated: 0 in October; 9 YTD
- Death: 2 in October; 9 YTD
- Personal Reasons: 0 in October; 4 YTD
- Differences with Board: 1 in October; 4 YTD
- Allegations of Professional Misconduct: 0 in October; 3 YTD