May 29 March CEO Exits Rise 20%, Retirements Surge in Q1 2026
Retirements Surge to Highest Monthly Total in Over a Year; Founder Departures Accelerate
The number of CEO changes at U.S. companies rose 20% to 170 in March from 142 in February. This is down 4% from the 177 CEO exits that occurred in the same month one year prior, according to a report released Thursday by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
Through the first quarter of 2026, 521 CEO exits have been announced, down 19% from the 646 recorded in the same period last year. It is the third-highest first-quarter total since Challenger began tracking in 2002, trailing only Q1 2025 (646) and Q1 2024 (622).
“March turnover bounced back from February’s lull, but the broader signal is that boards are no longer churning through CEOs at the breakneck pace they were a year ago. Companies are settling into the leaders they have. After two years of relentless change driven by economic uncertainty, AI disruption, and political volatility, we’re seeing a recalibration rather than a continued acceleration,” said Andy Challenger, labor expert and chief revenue officer for Challenger, Gray & Christmas, Inc.
Publicly traded company exits rose modestly from February’s depressed level. In March, 29 public company CEOs departed, up from 26 in February but down 24% from the 38 recorded in March 2025. Through the first quarter, 108 public company CEOs have departed in 2026, compared to 141 in the same period last year.
The standout story in March was retirements. Some 59 CEOs retired last month, the highest single-month retirement total since at least early 2024 and a 59% increase from the 37 retirements recorded in March 2025. Combined with retirements in January (46) and February (34), 139 CEOs have retired in the first quarter of 2026, essentially flat with the 142 retirements recorded in Q1 2025.
“The surge in retirements is consistent with what we’re hearing. There’s a generation of long-tenured leaders who delayed decisions through the pandemic, then through the 2024 election cycle. They appear to be making those moves now, on their own terms, before market conditions shift again,” said Challenger.
WOMEN CEOs
The rate of new CEOs who are women rose to 29.3% in March, the highest monthly rate so far in 2026. Year-to-date, 26.9% of new CEOs are women, up from 23.9% in the same period of 2025 and on pace to surpass last year’s full-year rate of 25.4%.
The rate of outgoing women CEOs held at 25% in March, up modestly from 19% in February. Through three months, the outgoing women rate sits at 20%, well below the 23% recorded through March 2025.
“Women are stepping into the corner office at a higher rate than a year ago, and departing at a lower one. That combination, if it holds, would mark the first sustained improvement in women’s representation at the CEO level since 2023. The boards that stayed disciplined about leadership pipeline development through last year’s pullback in DEI rhetoric are now seeing the dividend,” said Challenger.
What industries saw exits in February?
Government/Non-Profit led all industries with 48 CEO exits in March, up from 34 in February and from 37 in March 2025. Year-to-date, the sector has recorded 127 exits, down 6% from 135 in the same period last year but still the largest of any industry.
Hospitals reported 16 CEO exits in March, more than double the 6 recorded in March 2025 and up from 11 in February. The sector has posted 41 exits year-to-date, up 32% from 31 in the first three months of 2025.
Technology recorded 13 CEO exits in March, down sharply from 22 in March 2025 and 15 in February. The sector’s YTD total of 52 is well below last year’s pace of 78, a 33% decline.
Health Care/Products firms announced 12 CEO exits in March, down from 16 in March 2025 but up from just 6 in February. Year-to-date, the sector has posted 33 exits, down sharply from 60 in the same period of 2025.
Entertainment/Leisure reported 10 exits in March, down from 14 a year earlier and from 14 in February. Financial firms reported 8 exits, down from 13 in March 2025. Services posted 7, down from 9 a year prior. Consumer Products recorded 5 exits.
Insurance posted 7 CEO exits in March, sharply up from just 1 in March 2025 and up from 1 in February. Pharmaceutical exits ticked up to 3 from zero a year prior. Retail recovered from February’s near-zero level with 7 exits, close to the year-ago figure of 8.
WHERE DID CEO EXITS OCCUR YEAR-TO-DATE?
The West led all regions year-to-date with 181 CEO exits through March, down 16% from the 215 recorded in the same period of 2025. California posted 64 exits, down from 82 a year prior, and remains the single most active state. Texas followed with 39, down from 58. Colorado bucked the regional trend at 21 exits, up from 15 a year ago, as did Washington (17 vs. 14), Montana (4 vs. 3), and Utah (5 vs. 3).
The East logged 127 CEO exits year-to-date, down 16% from 151 in the same period of 2025. New York led the region with 39 departures, down from 42 a year ago. Pennsylvania declined sharply to 19 from 32. Massachusetts held flat at 21. Maine (3 vs. 1), Vermont (4 vs. 3), and Connecticut (8 vs. 4) all trended upward.
The South reported 113 CEO exits year-to-date, down 26% from 153 in the same period of 2025 — the steepest decline of any region. Florida saw 30 exits, down from 35. Georgia dropped sharply to 16 from 27, and North Carolina fell to 13 from 23. Tennessee declined to 13 from 19, while Virginia edged higher to 16 from 13. Alabama also ticked up to 7 from 6.
The Midwest recorded 100 CEO exits year-to-date, down 21% from 127 in the same period in 2025. Ohio companies announced 25 exits, the most in the region and above last year’s pace of 22. Illinois fell to 19 from 23, Indiana to 4 from 14, and Wisconsin to 5 from 15. Missouri held essentially flat at 13 vs. 14.
WHY DID CEOs LEAVE IN MARCH?
Retirements led all reasons for the second consecutive month, accounting for 59 of March’s 170 exits, or 35%. This is a 59% increase from the 37 retirements recorded in March 2025.
Stepped Down was the second-most common reason at 54, up from 26 in February but well below the 68 recorded in March 2025. Year-to-date, 113 CEOs have stepped down, less than half the 245 recorded in the same period of 2025.
New Opportunity accounted for 16 March exits, matching February’s total. Interim Period Over drove 13 exits, suggesting that the wave of interim appointments made during the surge of turnover in late 2024 and 2025 continues to resolve into permanent placements.
Resigned accounted for 6 March exits, down from 12 in March 2025. Acquisition/Merger drove 5 departures, and No Reason Given fell to just 4, down from 35 in March 2025 and 16 in February.
Other reasons for CEO departures in March include: New Position Within Company: 4; Restructuring: 2; Personal Reasons: 2; Death: 2; Differences with Board: 1; Allegations of Professional Misconduct: 1; Terminated: 1.
Notably, 17 of the CEOs who departed in March were founders of the companies they led, bringing the year-to-date total of founder exits to 45. Founder departures accelerated through Q1: 16 in January, 12 in February, and 17 in March. This often signal maturation events, capital raises, succession plans, or generational transitions in family-owned businesses.
Two CEOs left amid allegations of sexual misconduct in the first quarter; both occurred in February. One additional CEO departed amid allegations of professional misconduct in March.