2024 Asia CEO Turnover

Asia CEO turnover decreased by 8% YoY in 2024, despite global CEO turnover at record high

• 42 CEOs across Asia-listed companies departed their roles in 2024, down from 46 in 2023
• Tech CEO turnover grew globally by 90% as AI drives transformational change
• 95% of incoming CEOs across Asia-listed companies were first-timers
• It will take 65.3 and 63 years respectively to reach CEO gender parity on the Hang Seng Index and STI, at the current rage of change, compared to an average of 72.5 years globally

Singapore, February 13 2025 – While global CEO turnover numbers reached a record high globally in 2024¹, CEO turnover in Asia bucked the trend and saw an 8% YoY dip in 2024. Last year, 42 CEOs across Asia departed their roles , down from 46 in 2023, according to Russell Reynolds Associates’ 2024 Global CEO Turnover Report. In contrast, global CEO turnover numbers rose from 186 in 2023 to 202 in 2024. 
The majority of indices across the world witnessed elevated turnover. A record number of CEOs (43) departed after less than 36 months as activist investor patience for underperformance ran thin. In Asia however, in a year of global geopolitical headwinds, political and election-related change, and economic challenges, boards largely stuck by their CEOs.

The data comes from Russell Reynolds Associates’ 2024 Global CEO Turnover Report, with analysis tracking incoming and outgoing CEOs from 13 global indices, across various metrics such as tenure, industry, and whether the outgoing/incoming CEOs are internal/external hires, their genders, and if they are first-time or experienced CEOs. The report studies four major Asian indices, the Hang Seng Index, Nikkei 225, NSE NIFTY 50, and Straits Times Index (STI).

Euan Kenworthy, Managing Director and Singapore Country Manager, Russell Reynolds Associates said: "While CEO turnover globally hit record levels in 2024, Asia Pacific bucked the trend with a notable decline. We believe this relative stability stems from a confluence of factors. Many Asian businesses prioritise long-term succession planning and leadership development, fostering greater CEO tenure. Cultural nuances in some Asian markets emphasise stability and loyalty, leading to less frequent leadership changes. Finally, despite global economic headwinds, certain sectors in Asia Pacific experienced robust growth, reducing pressure on boards to make leadership changes. However, this lower turnover shouldn't be misinterpreted as complacency. Boards must remain vigilant in ensuring they have the right leadership in place to navigate the evolving business landscape."

First-time CEOs becoming the new normal

The report found that serial CEOs were becoming less of a permanent fixture in publicly-listed companies, with the vast majority (85%) of incoming CEOs in 2024 being step-up candidates taking on CEO positions for the first time. In Asia, that proportion was even higher, at 95%.

Improved succession planning and increased pressures of the CEO role have contributed to the development of more robust leadership pipelines within organisations, giving rise to more first-time CEOs.

2024 was a record year for planned succession. Almost a quarter (22%) of all CEO departures globally occurred as part of a planned succession process with 73% of all incoming CEOs coming from within the organisation – an all-time high. This figure was even higher for the tech industry, with 84% of incoming CEOs being internal hires.

Gender parity a decade closer, but still a lifetime away

The report’s findings show that it will take 72.5 years to reach global CEO gender parity, at the current rate of change. This shows a significant improvement upon last year’s figures, which predicted 81 years to reach gender parity at current rates. 

In Asia, the Hang Seng Index and STI showed better rates of change towards gender parity among CEOs compared to the global average, with 65.3 and 63 years remaining, respectively. With firms placing stronger emphasis on succession plans and CEO churn higher than ever, this creates further opportunities for women leaders to rise to CEO seats previously occupied by men. Nonetheless, the goalpost of parity remains a lifetime away, emphasising that the rate of change must accelerate.

_{¹Globally, 202 CEOs left their roles last year, the highest on record and up 9% YOY; data covers the past 6 years since 2018.
¹CEOs from listed companies across major APAC stock exchanges: Hang Seng Index, Nikkei 225, NSE NIFTY 50, and Straits Times Index (STI).}  

Media Contacts

Russell Reynolds Associates
Joann Chin
Joann.Chin@russellreynolds.com