Leadership transitions are changing shape. According to Spencer Stuart’s 2025 CEO Transitions report, covering the S&P 1500, 168 new CEOs were appointed in 2025, the most since 2010. 84% of them were in their first CEO role. Chief operating officers and presidents accounted for 48% of appointments, up from 40% a year earlier, and outside hires fell to 40%.
A quieter 2026, but longer tenures
The pace slowed in 2026. Russell Reynolds Associates counted 101 global CEO exits in the first half of the year, a nine-year low, against 130 appointments. Departing CEOs had served an average of nine years, up from 6.6 a year earlier, and 88% of incoming S&P 500 CEOs were promoted from within.
Succession can be sudden
Even long-planned roles can open unexpectedly. In October, European Central Bank President Christine Lagarde announced she would step down in February, nine months before the end of her term, while another Executive Board member also plans to leave early. Strong institutions prepare for such moments well in advance.
Lessons for boards and founders
- Build an internal bench early; operating roles such as COO are now the most common route to CEO.
- Give high-potential leaders exposure to the board before they need it.
- Review the succession plan every year, not only when a transition is announced.
Sources
- Fortune: CEO turnover, first-time chief executives and the COO path (February 2026)
- Gulf News: Global CEO exits slump to nine-year low, insiders preferred
- The Irish Times: ECB pauses rate hikes as Lagarde announces early exit
Photo: Benjamin Child / Unsplash