The number of CEO changes at U.S. companies fell 41% from 207 in June to 123 in July. This is down 17% from the 149 CEO exits that occurred in the same month one year prior, according to a report released by Challenger, Gray & Christmas.
In fact, July’s CEO exits are the lowest total since May 2024 when 119 CEOs left their posts.
Through the first half of the year, 1,358 CEOs left their posts, up 9% from the 1,250 CEOs who left their posts during the same period last year. This represents the highest YTD total on record. Challenger began tracking CEO exits in 2002.
“CEO turnover continues to climb in 2025, reflecting the immense pressures leaders face in navigating economic uncertainty, rapid technological change, and shifting organizational priorities. We’re seeing companies recalibrate leadership faster than ever, with boards demanding adaptability and fresh perspective at the very top.” says Andy Challenger, workplace and labor expert, Challenger, Gray & Christmas.
Key takeaways:
· The rate of new female CEOs is hovering at 25, 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.
· Government/non-profit continues to lead all industries with 286 CEO exits through July, 30 of which occurred in July. Of those, the majority were in non-profits. This represents a 1.4% increase from the 282 CEO exits in this sector during the same period last year.
· Technology follows with 149 CEO exits through July, including 11 in July. While below the February peak of 31, the sector remains one of the highest for turnover this year. The industry has seen a 12% increase from the 133 CEO exits recorded through July 2024.
· Retail companies reported 38 CEO exits through July, 6 of which came in July. This represents a 100% increase from the 19 CEO exits recorded during the same period last year.
· Consumer products firms have announced 41 CEO exits so far in 2025, with 5 in July. This is down slightly, about 9% lower than the 45 CEO exits reported through July 2024.
· The West leads all regions with 435 CEO exits through July, up 4% from 418 during the same period last year. California accounts for the largest share with 162 CEO departures, followed by Texas at 112. Both states saw double-digit exits in July alone (13 and 11, respectively). Washington, meanwhile, has seen a decline, reporting 32 exits in 2025 compared to 45 last year.
· The South follows with 333 exits year-to-date, a sharp 21% increase from 275 one year ago. Florida led the region with 77 CEO changes, though this is slightly down from 81 in 2024. Georgia and North Carolina both more than doubled their totals year over year — Georgia rose to 54 from 26, while North Carolina climbed to 49 from 33. Tennessee also saw a notable jump, up to 41 from 26.
· The East reported 304 CEO exits so far in 2025, a modest rise from 296 during the same period last year. New York leads the region with 80 CEO changes, down from 89 in 2024. Pennsylvania saw a sharp increase to 61 from 47, while Massachusetts dropped to 47 from 60.
· The Midwest logged 286 CEO exits through July 2025, up from 261 last year. Illinois led the region with 56 CEO departures, compared to 47 in 2024. Indiana more than doubled to 31 from 14, and Iowa rose to 17 from 6. Ohio, however, fell to 49 from 57, and Michigan dropped to 26 from 35.
· The most common reason cited for CEO departures in July was leaders stepping down from their roles, with 38 exits last month and 464 so far in 2025. This category, which often reflects orderly leadership transitions or executives shifting into advisory roles, continues to be the top driver of CEO turnover.
· Retirement remains another significant factor, with 28 CEOs retiring in July and 303 exits year-to-date. While retirement levels are consistent with long-term trends, they highlight the ongoing generational shifts across corporate leadership.
“Boards are seeing turnover at both ends of the spectrum: retirement-age CEOs leaving after long tenures, and newer leaders exiting more quickly when they don’t meet expectations,” says Challenger.
