Nov 04 September CEO Turnover Report: Exits Slow, New Women CEOs Continue Decline
CEO EXITS FALL BELOW 2024 FOR FIRST TIME THIS YEAR; 146 CEOs LEAVE POSTS IN SEPTEMBER
Youngest CEOs of the Year Leave in September
Published November 4, 2025
The number of CEO changes at U.S. companies remained flat in September from August, as 146 CEOs leave their posts. This is down 27% from the 202 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.
September marks the fourth consecutive month CEO exits were lower than the corresponding month one year earlier, a phenomenon that has occurred six times this year.
Through September, 1,650 CEOs have left their posts, down from 1,652 during the same period in 2024, the highest on record since Challenger began tracking CEO exits in 2002.
Women CEOs
The rate of new CEOs who are women fell a percentage point in September for a year-to-date rate of 23.9% from 25% through August. This is 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, suggesting more women are leaving the CEO role.
“The finding that women are leaving this role at a higher rate than one year ago aligns with other data that shows women are leaving the workforce in droves,” said Challenger.
According to the Bureau of Labor Statistics, over 450,000 women have left the workforce since January. Many cite burnout and the high cost of childcare, as women serve as primary parent even in two-parent households. Read more
What industries are seeing turnover?
Government/Non-Profit continues to lead all industries with 341 CEO exits through September 2025, 25 of which occurred in September with 21 in Non-Profits. This is down slightly from the 356 CEO exits reported during the same period in 2024.
Technology follows with 175 CEO exits year-to-date, including 13 in September. While below the February peak of 31, the sector remains one of the highest for turnover in 2025, marking a modest 0.6% increase from the 174 CEO exits reported through September 2024.
Health Care/Products companies have announced 158 CEO exits through September 2025, down 15% from 186 during the same period last year.
Hospitals, a subset of the Health Care/Products sector, reported 95 CEO exits year-to-date, 10 of which occurred in September. This is up nearly 12% from the 85 hospital CEO exits recorded through September 2024.
Financial firms announced 11 CEO exits in September, bringing the year-to-date total to 104 — a 19.5% increase from the 87 CEO exits reported through September 2024.
Entertainment/Leisure has also seen significant activity, with 130 CEO exits through September 2025, up 16% from 112 during the same period last year.
Retail companies reported 43 CEO exits year-to-date, including 2 in September. This represents a 79% increase from the 24 CEO exits recorded through September 2024.
Consumer Products firms have announced 55 CEO exits so far in 2025, including 6 in September. This is down 11% from the 62 CEO exits reported through September 2024.
Where are CEO exits happening?
The West continues to lead all regions with 527 CEO exits through September 2025, a slight 6% decrease from the 560 reported in the same period last year. California accounts for the largest share with 194 CEO departures, followed by Texas with 132. Both states saw double-digit exits in September (17 and 8, respectively). Washington, meanwhile, continues to trend downward, reporting 47 exits in 2025 compared to 65 one year ago.
The South follows with 408 CEO exits year-to-date, up 12% from 365 in 2024. Florida leads the region with 98 CEO changes, only slightly down from 103 last year. Georgia rose to 61 from 37, while North Carolina increased to 59 from 47. Tennessee also saw a notable rise, climbing to 52 from 37, as southern states continue to post leadership movement amid regional growth.
The East reported 364 CEO exits through September 2025, down 8% from 395 during the same period last year. New York leads the region with 102 CEO changes, though that’s down from 119 in 2024. Massachusetts also declined, reporting 57 exits compared to 83 last year. Pennsylvania, however, increased to 75 from 65, offsetting some of the regional slowdown..
The Midwest logged 351 CEO exits year-to-date, up 6% from 332 in 2024. Illinois led the region with 72 CEO departures, compared to 57 last year. Indiana nearly doubled to 38 from 20, and Iowa rose to 23 from 11. Meanwhile, Ohio declined slightly to 61 from 71, and Michigan dropped to 29 from 41
Why are CEO exits occurring?
The most common reason cited for CEO departures in September was leaders stepping down from their roles, with 44 exits last month and 557 so far in 2025. This category, which often reflects orderly transitions or executives shifting into advisory or board positions, continues to be the top driver of CEO turnover this year.
Retirement remains another significant factor, with 29 CEOs retiring in September and 361 year-to-date. These figures are lower than the same point in 2024, when 507 CEOs had retired, but they continue to highlight the generational transition underway across corporate leadership.
In 41 cases last month, companies gave no stated reason for the departure, bringing the 2025 total to 356. This “no reason given” category remains one of the largest, suggesting that many organizations continue to prefer discretion when announcing leadership changes.
Some CEOs left for new opportunities, with 12 such exits in September and 156 so far this year. Meanwhile, 3 CEOs resigned outright in September, bringing the 2025 total to 101. Another 8 CEOs left after completing an interim appointment, bringing that category to 60 year-to-date
“We saw an average age of 52 for outgoing CEOs in September, the lowest average age since September of 2023. One interpretation of this is that companies hired younger CEOs to manage their digital transformations and they are leaving to do the same at other companies or stepping down to manage other business units,” said Challenger.