CEO Turnover Remains Flat; Companies More Likely to Choose External Replacement: Study

The number of CEO changes at U.S. companies rose 12% to 123 in November from 110 in October. This is down 26% from the 167 CEO exits that occurred in the same month one year prior, according to a report released by Challenger, Gray & Christmas.

“CEO exits are off their record pace and have slowed, indicating that boards want to project stability in the C-suite,” says Andy Challenger, workplace and labor expert for Challenger, Gray & Christmas.

“Doubtless the earlier pace of change at U.S.-based companies brought with it a lot of uncertainty as organizations reacted to market conditions, the rapid pace of changing regulations, price increases, and shifting consumer behavior.”

Key takeaways:

·        November marks the sixth consecutive month CEO exits were lower than the corresponding month one year earlier. Through November, 1,883 CEOs have left their posts, down 5% from 1,991 exits during the same period in 2024.

·        Through November, 419 CEOs have exited publicly traded companies, the most since Challenger began tracking company type in 2010. Meanwhile, companies are more likely to choose an external replacement, according the data available on CEO replacements. Companies have been more likely to choose an external replacement since 2022, the last time internal candidates outpaced external hires.

·        The rate of new female CEOs rose 0.1 percentage points in November for a year-to-date rate of 25.6%. This is compared to 27.8% of new female CEOs appointed during the same period last year, and 3.1 percentage points from the peak of 28.7%.

·        Meanwhile, the rate of outgoing female CEOs is 23% so far this year, compared to 21% during the same period last year, suggesting more women are leaving the CEO role.

·        Government/non-profit continues to lead all industries with 394 CEO exits through November, including 29 in November. This is down from 438 CEO exits reported during the same period in 2024.

·        Technology follows with 199 CEO exits year-to-date, 13 of which occurred in November. While below earlier peaks this year, the sector remains one of the highest for turnover in 2025 and is slightly lower than the 208 CEO exits recorded through November 2024.

·        Retail companies reported 48 CEO exits year-to-date, including 5 in November. This represents a nearly 30% increase from the 37 CEO exits recorded through November 2024.

·        Consumer products firms have announced 64 CEO exits through November 2025, including 8 in November. This is down nearly 10% from the 71 CEO exits reported through the first eleven months of last year.

·        The most common reason cited for CEO departures in November was leaders stepping down, with 41 exits last month and 644 so far in 2025. This category often signals planned successions, strategic transitions, or moves into advisory or board roles, and continues to be the top driver of CEO turnover this year.

·        No reason given was the second-most common explanation in November, with 46 exits and a year-to-date total of 414. This remains one of the largest categories overall, suggesting many organizations continue to prefer discretion when announcing leadership changes.

·        Retirements remain another major contributor, with 20 CEOs retiring in November and 412 year-to-date. These figures continue to reflect a longer-term generational transition across corporate leadership, even as retirement totals remain below stepped-down departures.

·        Some CEOs left for new opportunities, with 2 such exits in November and 166 so far this year. Meanwhile, 1 CEO resigned outright last month, bringing the 2025 resignation total to 105. Another 6 CEOs completed interim appointments in November, pushing the Interim Period Over category to 70 year-to-date.

·        Other reasons for CEO departures reported in 2025 include acquisition/merger: 1 in November; 31 YTD; terminated: 2 in November; 11 YTD; death: 0 in November; 9 YTD; personal reasons: 4 in November; 8 YTD; differences with board: 0 in November; 4 YTD; allegations of professional misconduct: 0 in November; 3 YTD.