The number of CEO changes at U.S. companies rose 19% from 123 in July to 146 in August. This is down 27% from the 200 CEO exits that occurred in the same month one year prior, according to a report released by Challenger, Gray & Christmas.
“The slowing CEO exits could reflect companies’ desire to go into the last part of the year with the appearance of stability, given the immense uncertainty that surrounds most organizations. Strategy shifts, potential loss of talent, workforce and shareholder unease can all follow a leadership change at the top-most position,” says Andy Challenger, workplace and labor expert for Challenger, Gray & Christmas.
Key takeaways:
· August marks the third consecutive month CEO exits were lower than the corresponding month one year earlier, a phenomenon that has occurred five times this year.
· Through August, 1,504 CEOs have left their posts, the highest on record, since Challenger began tracking in 2002. It is up 4% from the 1,450 CEO exits in the first eight months of 2024.
· The rate of new female CEOs is hovering at 25%, compared to 27% of new female 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.
· Meanwhile, the rate of outgoing female CEOs is 23% so far this year, compared to 21% during the same period last year.
· The technology sector saw 162 CEO exits year-to-date, including 13 in August. While below the February peak of 31, the sector remains one of the highest for turnover in 2025. The industry has seen a 6% increase from the 153 CEO exits recorded through August 2024.
· Financial firms announced 11 CEO exits in August, bringing the year-to-date total to 93, a 19% increase from the 78 CEO exits reported through August 2024.
· Retail companies reported 41 CEO exits year-to-date, three of which came in August. This represents a 116% increase from the 19 CEO exits recorded during the same period in 2024.
· Consumer products firms have announced 49 CEO exits so far in 2025, including 8 in August. This is essentially flat compared to last year, down just 2% from the 50 CEO exits reported through August 2024.
· The West continues to lead all regions with 477 CEO exits through August 2025, just slightly below the 484 reported in the same period last year. California accounts for the largest share with 177 CEO departures, followed by Texas with 124. Both states saw double-digit exits in August (15 and 12, respectively). Washington, meanwhile, continues to decline, with 40 exits in 2025 compared to 59 one year ago.
· The South follows with 372 CEO exits year-to-date, a 14% increase from 327 in 2024. Florida leads the region with 87 CEO changes, only slightly down from 93 last year. Georgia and North Carolina both posted sharp increases — Georgia rose to 56 from 33, and North Carolina climbed to 55 from 41. Tennessee also saw a significant increase, rising to 47 from 30.
· The East reported 331 CEO exits through August 2025, down slightly from 343 in the same period last year. New York leads the region with 85 CEO changes, though this is down from 105 in 2024. Massachusetts also saw a drop, reporting 53 exits compared to 71 last year. Pennsylvania, however, rose to 67 from 56.
· The Midwest logged 324 CEO exits year-to-date, up from 296 in 2024. Illinois led the region with 67 CEO departures, compared to 54 last year. Indiana more than doubled, climbing to 35 from 17, while Iowa rose to 19 from 9. Ohio saw a modest decline to 56 from 63, and Michigan dropped to 28 from 36.
· The most common reason cited for CEO departures in August was leaders stepping down from their roles, with 49 exits last month and 513 so far in 2025. This category, which often reflects orderly transitions or executives shifting into advisory roles, continues to be the top driver of CEO turnover this year.
· Retirement remains another significant factor, with 29 CEOs retiring in August and 332 year-to-date. These figures are consistent with long-term trends, highlighting the generational shift underway across corporate leadership.
· In 39 cases last month, companies gave no stated reason for the departure, bringing the 2025 total to 315. This “no reason given” category remains one of the largest, suggesting that many organizations prefer to keep leadership changes discreet.
· Some CEOs left for new opportunities, with 17 such exits in August and 144 so far this year. Meanwhile, 7 CEOs resigned outright in August, bringing the 2025 total to 98. Another 1 CEO left after completing an interim appointment, bringing that category to 52 year-to-date.
· The rate of new CEOs appointed on an interim basis is 14%, up from 11% during the same period last year. Interestingly, the largest rates of interim appointments are for those replacing female leaders. In 2025, 19% of women replacing women have been appointed on an interim basis, compared to 10% during the same period last year. Another 22% of men who are replacing women are interim, up from 14% last year.
“Women leaders also tend to ascend to the top job during periods of crisis or instability, a phenomenon sometimes referred to as the ‘glass cliff.’ These appointments often come with fewer resources, weaker succession pipelines, and less board support, leaving women more vulnerable to shorter tenures. When these leaders exit, organizations may be reluctant to move quickly on a permanent successor, relying instead on interim appointments to buy time and stabilize operations,” says Challenger.
