Global CEO Turnover Index

We share the latest CEO turnover data across listed companies globally. Each quarter, you’ll find the proportion of CEO departures and appointments globally, as well as trends on CEO appointments by gender, tenure, and whether CEOs are internal or external hires.

Global CEO turnover - Russell Reynolds Associate

Global CEO Turnover Index Q3 2024: Key Trends

01	Year-to-date CEO turnover has increased in 2024. While year-to-date CEO departures have increased from 147 in 2023 to 156 in 2024, when you compare quarter to quarter, there has been a 5% decline in turnover from Q3 2023 to Q3 2024. As we move forward, boards will need to double down on their succession planning, focusing not just on the CEO role, but the entire C-suite.

02	Highest number of ‘short-term’ appointments recorded since Q3 2019. Eight CEOs departed from the top seat in Q3 2024 after a ‘short-term’ appointment—meaning they lasted less than three years in the role. This is the highest number of 'short-term' appointments recorded in Q3 since 2019. This highlights the critical need for specialist transition coaching or the support of an executive mentor to help new leaders adjust and succeed quickly.

03	Record number of women CEO are appointed, but gender party remains 81 years away. Of the 42 CEOs appointed in Q3 2024, seven were women—accounting for 17% of all incoming CEOs — significantly higher than the Q3 average of 10%. Notably, the DAX 40 welcomed its first woman CEO since 2021, and the STI saw the appointment of two women CEOs, representing half of all the current women CEOs in the index. But women remain vastly underrepresented in the CEO role. At this present rate of change, it’s estimated to take 81 years to achieve global gender parity. To achieve true gender balance at the top, we need to create systemic changes to how succession is planned, managed, and executed. The scope of CEO candidacy needs to be widened, and organizations need to take the preparation of women for CEO roles far more seriously—investing more in their women leaders, increasing pipelines, and addressing bias.

04	The percentage of internal CEO hires has declined in Q3 2024. In Q3 2024, 67% of incoming CEOs were internal hires, compared with 74% in Q3 2023. To ensure more internal candidates are hired for the CEO role, it’s vital boards double down on their succession planning, looking not only at the CEO role but also its feeder roles.

The Next CEO

In our inaugural Global CEO Turnover Index Annual Report, discover 2023’s trends and what they mean for business in 2024 and beyond.

What is CEO turnover?

CEO turnover refers to the rate at which CEOs depart and are hired from their roles. It can be a helpful indicator of wider trends, including economic health and businesses’ risk appetites.

How has CEO turnover changed for public companies?

CEO turnover has increased since 2018 for the companies listed on the 12 indices tracked in the CEO Turnover Index, hitting a five-year high in 2022, when 189 CEOs were appointed globally. CEO turnover remained high in 2023, with 180 CEO appointments globally.

Why is CEO turnover so high for public firms globally?

High CEO turnover is reflective of companies’ growing risk appetites and search for leaders who can navigate increasing complexity in the macro business environment, including tech transformation, sustainability, geopolitical crises, and social issues.

How many CEOs were appointed globally in 2023 at public companies?

There were 180 CEO appointments globally in 2023 for the companies listed on the 12 indices tracked in the CEO Turnover Index. This included:

45 CEO appointments in the S&P 500.
24 CEO appointments in ASX 200.
16 CEO appointments in the FTSE 100.

How many CEOs of public companies stepped down in 2023?

There were 178 CEO departures globally in 2023 for the companies listed on the 12 indices tracked in the CEO Turnover Index. This included:

48 CEO departures in the S&P 500.
20 CEO departures in ASX 200.
13 CEO departures in the FTSE 100.

What is the proportion of women CEO appointments at public firms in 2023?

Women remain largely underrepresented in the CEO role across the world as per the CEO Turnover Index. In 2023, women accounted for 22 of CEO appointments globally (12% of all appointments), compared to 156 for men. However, there are regional nuances. In 2023:

6 women CEOs were appointed in the S&P 500, representing 13% of CEO appointments.
6 women CEOs were appointed in the ASX 200, representing 25% of CEO appointments.
3 women CEOs were appointed in the FTSE 100, representing 19% of CEO appointments.

What proportion of new CEOs of public companies were first-time CEOs?

In 2023, 88% of 180 CEO appointments were first-time CEOs for the companies listed on the 12 indices tracked in the CEO Turnover Index. They had never held a CEO role at a public-listed company.

What’s the average tenure of CEOs at publicly listed companies?

In 2023, the average tenure of CEOs was 8.1 years. However, there are some interesting nuances according to the CEO Turnover Index.

Internal vs. external hires. Internal CEO hires had longer tenures than external CEO hires. On average, internal CEOs’ tenures were 1.4 years longer than external CEO hires.

Men vs. women. Women CEO tenures had shorter than men’s. On average, women lasted 5.0 years in the CEO role globally, compared to 8.0 years for men. There is significant variation across the globe. Only in the NSE Nifty 50 do women CEOs stay in the role longer than men.

CAC 40: -7.7 years
S&P 500: -3.9 years
NSE Nifty 50: +1.5 years
FTSE 100: -1.0 years

First-time CEOs vs. seasoned CEOs. First-time public company CEOs’ tenures were 2.1-years longer than those who had previous CEO experience.

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How we support boards through CEO turnover

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