Apr 28 February CEO Turnover Report: Exits Fall as Boards “Wait-and-See”
Internal Replacements Lead External for Second Consecutive Month; Public Company Exits Ease From January Surge
The number of CEO changes at U.S. companies fell 32% to 142 in February from 209 in January. This is down 42% from the 247 CEO exits that occurred in the same month one year prior, according to a report released Tuesday by global outplacement and executive coaching firm Challenger, Gray & Christmas.
It is the lowest February total since 2022, when 151 exits were recorded. Through the first two months of 2026, 351 CEO exits have been announced, down 25% from the 469 recorded in the same period last year, and back in line with pre-2024 levels after two years of accelerated turnover.
“Companies paused CEO decisions in February. Boards rushed leadership changes through 2024 and 2025 in response to economic pressure, AI disruption, and political uncertainty February’s drop suggests a wait-and-see approach,” said Andy Challenger, labor expert and chief revenue officer for Challenger, Gray & Christmas.
Public company CEO exits fell sharply in February. Just 26 publicly traded companies announced CEO changes, down 59% from the 63 recorded in February 2025 and down from the 53 reported in January 2026. Through two months, 79 public company CEOs have departed in 2026, compared to 99 in the same period last year.
Meanwhile, CEOs are leaving their posts younger than ever before. December saw the lowest average age for departing CEOs at 51.5. The average age of departing CEOs in January was 51.9, the second youngest. The previous low was just over 52.
WOMEN CEOs
The rate of new CEOs who are women year-to-date is 25.7%, up from 24.1% in the same period of 2025. Of the 315 categorized incoming CEOs through February, 81 are women.
The rate of outgoing women CEOs is 19% through February, compared to 24% through February 2025, suggesting that the pace of women departing the corner office has eased meaningfully in early 2026.
“Last year’s data suggested women were being disproportionately cycled out as DEI rhetoric peaked. These numbers suggest women are not only entering the role at a higher rate than last year, they’re also staying. This is the kind of stabilization that compounds over time if companies stay committed to the pipeline,” said Challenger.
What industries saw exits in February?
Government/Non-Profit led all industries with 34 CEO exits in February, down from 47 in February 2025 and 45 in January. Year-to-date, the sector accounts for 79 exits, the largest of any industry.
Technology saw 15 CEO exits in February, less than half the 31 recorded in February 2025 and down from 24 in January. The sector’s YTD total of 39 is well below 2025’s pace.
Health Care/Products posted one of the steepest year-over-year drops, falling to 6 exits from 26 in February 2025, or 77%. Hospital CEO turnover is flat from one year prior at 25 exits.
Pharmaceutical CEO exits also dropped sharply, to 2 from 3 in February 2025 and from 7 in January.
Financial firms reported 6 CEO exits in February, down from 16 in February 2025 and from 16 in January. Services posted 8 exits, down from 14 a year prior. Consumer Products held flat at 7, matching January.
Retail recorded just 1 CEO exit in February, down sharply from 8 in February 2025 and 7 in January, marking the quietest month for retail leadership turnover in over a year.