Global CEO turnover surges in 2024

Internal CEO appointments hit all-time high: report

Global CEO turnover surges in 2024

The number of chief executive officers who left their posts went up significantly in 2024, while the number of internal CEO appointments reached an all-time high, according to a new report.

The Global CEO Turnover Index from Russell Reynolds Associates (RRA) revealed there were 202 CEOs who departed their organisations last year, much higher than the six-year average of 186.

This total included 58 CEO departures in the S&P 500. It also included:

  • 27 CEO departures in ASX 200 
  • 12 CEO departures in the FTSE 100 
  • 3 CEO departures in NIFTY 50

"This surge in CEO turnover is largely driven by market volatility and the increased scrutiny of CEOs today," the report read.

However, it also noted that the higher turnover often indicates organisations' willingness to take risks and make strategic choices.

Record-high internal appointments

The report also revealed that internal CEO appointments hit an all-time high in 2024.

According to the report, 22% of all CEO departures in the previous year took place because of a planned CEO succession process.

"In line with this trend towards longer-term succession planning, 2024 also saw a record number of leaders promoted from within their organisation, with this group making up 73% of all incoming CEOs, above the six-year average of 69%," the report read.

Women remain underrepresented

Meanwhile, women's representation in CEO roles hit its second-highest number on record, despite the report noting that they remain underrepresented in the role.

In 2024, there were 24 CEO appointments globally, accounting for 11% of all appointments throughout the year, according to the report.

This is also the second-highest number of incoming women CEOs, after the 26 recorded in 2022.

Laura Sanderson, RRA EMEIA Co-Lead, noted that this is an encouraging finding: "We really shouldn't be in this position, but it is positive to be making significant inroads."

The higher number of CEO turnover can also be good for gender parity.

"It is a fact that the current trend of high CEO turnover is good for gender parity as it creates opportunities — opportunities that have been grasped by women CEOs," she said in a statement.

"But there is much work to do and our experience working with women on boards is that it is only through sustained, concerted efforts that we can continue to accelerate progress."