Global CEO tenure also hits record low of 6.8 years, report finds
CEO turnover across the world is at a "strategic pause" as the number of incoming CEOs reached an eight-year low in the first half of 2025, according to Russell Reynolds Associates (RRA).
RRA's Global CEO Turnover Index revealed only 114 appointments of incoming CEOs in the first half of the year. This is 19% lower than the first half of 2024, and the lowest recorded since the first half of 2018.
"The first half of 2025 paints a picture of strategic pause in global CEO turnover," said Emma Combe, who leads the UK Board and CEO Practice for Russell Reynolds Associates, in a statement.
The report attributed the decline to organisational caution and policy uncertainty, as organisations take a "wait and see" approach amid regulatory and trade policy shifts.
"After a period of significant change in 2024, many companies are prioritising stability as a result of economic consolidation," Combe said.
According to the index, 76% of incoming CEOs were internally promoted, matching H1 2024 levels and indicating a focus on developing internal candidates.
"There is also a clear trend towards developing internal talent to ensure leadership continuity and deep organisational knowledge," Combe said.
"While the current turnover data suggests companies adopted a wait and see approach in H1, this quieter period may be an early indicator of CEO turnover picking up in the second half of the year."
Women CEOs
Women CEO appointments were also steady, as they accounted for nine per cent of all incoming CEO appointments in the first half of 2025.
This is unchanged from the same period in 2024, and consistent with the eight-year H1 average, according to the report.
"While this stability indicates that progress has not reversed, it underscores the significant opportunity that remains untapped," the RRA report read.
CEO tenure at record low
Meanwhile, CEO tenure hit a record low of 6.8 years in the first half of 2025, according to the report.
This is a decline from 7.7 years in the first half of 2024, and a drop from the record high of 9.2 years in the first half of 2023.
The report said the decline may stem from growing challenges in the CEO role, as chief executives face a combination of heightened stakeholder scrutiny and the need for continuous business transformation.
"The decline in tenure we are witnessing represents the evolution of the CEO role as top leaders face rising expectations, expanding responsibilities, and increased pressure to reinvent their organisations in an accelerating business environment," Combe said.
"This combination of heightened stakeholder scrutiny and the need for continuous transformation is certainly making the role increasingly challenging to sustain."
