Global CEO Turnover Index
Global CEO departures drop to lowest H1 level, while appointments hold steady
After two years of elevated CEO turnover across the world’s largest indices, H1 2026 data suggests that leadership change is beginning to stabilize.
Globally, 101 CEOs departed their roles, down from 118 in H1 2025 and the lowest H1 departure total in our nine-year tracking period. At the same time, global CEO hiring held steady, with 131 CEO appointments, broadly in line with the nine-year H1 average (129).
The decline in CEO turnover was driven primarily by the Nikkei 225, where CEO departures fell from 30 to 19 year-on-year, while CEO appointments fell from 33 to 22. The S&P 500 also recorded fewer CEO transitions, declining from 36 to 30 year-on-year, while appointments declined from 37 to 32.
The moderation in CEO turnover coincided with broader market conditions that may have reduced pressure for leadership change, including rising stock markets in markets like the US.
Barclays also reported that while activist campaign volumes remained high in both Japan and the US during H1, activists’ demands were more heavily concentrated on M&A, with management-change demands representing just 3% of campaigns globally.
Elsewhere, FTSE 100 appointments doubled from three to six, although it remained broadly in line with the historical average (7). The ASX 200 also recorded an increase, from 11 to 14 appointments, again broadly in line with its nine-year average (12).
Boards continue to place a higher premium on experienced CEOs. In H1 2026, 30 of the 131 incoming CEOs had held the role at a public company before, representing 23% of appointments—the highest H1 share in our nine-year tracking period.
The S&P 500 showed the clearest shift, where 11 of the 32 incoming CEOs (34%) had previously led a public company, compared with 8 of 37 in H1 2025 (22%).
Meanwhile, 88% of incoming S&P 500 CEOs were internal appointments, the highest H1 share in the tracking period. This overlap between internal appointments and prior CEO experience is important. In the S&P 500, nine incoming CEOs were both internal appointments and experienced public-company CEOs. Of those nine appointments, four moved from the board into the CEO role, while five held executive positions within the company. This means that 4 of the 32 incoming S&P 500 CEOs, or 13%, were already serving on the board. The data indicates that rather than choosing between internal succession and proven CEO experience, some boards appear to be building succession pathways that give them both.
Institutional investors have increasingly encouraged boards to treat CEO succession as a multiyear governance responsibility, and the high proportion of internal appointments suggests many boards are continuing to invest in long-term CEO pipeline development. Where credible candidates have been developed, boards continue to prefer leaders whose capabilities, judgment, and knowledge of the organization are already well understood.
CEO tenures tick upwards, reinforcing signs of greater leadership stability
Globally, departing CEOs served an average of 9.0 years, up from 6.6 years in H1 2025. This was the second-highest H1 average outgoing tenure in the tracking period, behind 1H 2023.
The tenure of outgoing CEOs in the FTSE 100 reached 12.5 years, above the nine-year average of 7.7 years. The Euronext 100 recorded an average outgoing tenure of 12.4 years, compared to the historical average of 10.3 years.
Longer tenure is consistent with a more stable leadership environment. Where company performance is strong, boards and investors are generally less likely to press for CEO change. And in uncertain environments, boards are more likely to favor continuity by retaining leaders whose capabilities, judgment, and organizational knowledge is already established.
Women CEO appointments rose globally, with the biggest increases outside UK and US
Women accounted for 21 of 131 incoming CEO appointments globally, representing 16% of appointments—the highest share in our nine-year tracking period.
But the market picture was uneven. In the S&P 500, women accounted for three of 32 appointments, or 9%. In the FTSE 100, women accounted for one of six appointments. These figures suggest that while the global H1 picture improved, the trend across the major US and UK indices remained more limited.
The biggest increases came from outside those markets. Women represented six of 14 appointments in the ASX 200, or 43%, and four of nine appointments in the Euronext 100, or 44%. Together, those two indices accounted for nearly half of all women CEO appointments globally in H1 2026.
What this means for CEO succession
Robust CEO succession processes start early, maintain multiple credible internal and external options, and assess candidates against the future leadership challenges the business is likely to face—not only the demands of the role today.
While internal succession remains the preferred outcome, it depends on sustained investment in leadership development, exposure, and readiness. Boards should be clear about the experiences and capabilities that future CEO candidates still need and create opportunities for them to build enterprise leadership, P&L ownership, and experience operating under public and investor scrutiny.
At the same time, the growing preference for experienced CEOs is a reminder that the strongest succession plans preserve optionality and give boards genuine choice between credible internal and external candidates, enabling them to appoint the leader best suited to the circumstances the business faces at the time.
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