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CFO Slice
U.S. public companies replaced chief executives at a record pace last year, ushering in the largest wave of new leaders in at least 15 years, with incoming CEOs younger and less experienced than their predecessors. Around one in nine CEOs across 1,500 of the biggest listed companies was replaced in 2025, the highest rate since 2010, according to Spencer Stuart. The trend has continued into 2026, with major groups including Walmart, Procter & Gamble, Disney and PayPal announcing leadership changes. New appointees averaged 54 years old, down from nearly 56 the previous year, and more than 80% were first-time public company CEOs. Two-thirds had never previously served on a corporate board. Boards appear increasingly impatient for results amid challenges such as artificial intelligence, economic uncertainty and geopolitical shifts. While some transitions were planned, others were abrupt, particularly in sectors facing post-pandemic pressures. Female representation among new CEOs declined, with women accounting for just 9% of appointments, down from 15% a year earlier.
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