CEO turnover surged in June 2025, with 207 departures recorded—a 23% jump from May—as more boards increasingly turn to interim leaders while searching for permanent replacements, according to Challenger, Gray & Christmas. This marked one of the most active months of the year, though still 12% lower than the 234 departures seen in June 2024. Overall, 1,235 CEOs have exited their positions so far in 2025, the highest year-to-date figure since Challenger began tracking in 2002 and 12% higher than the same period last year.
A defining trend of the year has been the growing reliance on interim leadership. One-third of new CEO appointments in 2025 have been interim roles, reflecting a shift toward what Challenger described as a “CEO gig economy.” Of those temporary appointments, 53% came from internal ranks and 47% were external hires. When companies did move to permanent placements, internal and external candidates were equally represented, each accounting for 20% of new CEO hires.
Despite the surge in leadership turnover, progress on gender representation has stalled. Women have accounted for just 25% of new CEO appointments so far this year, down from 28% during the same period in 2024. The slowdown highlights the ongoing challenges companies face in diversifying leadership pipelines.
CEO departures varied significantly by sector. Government and non-profit organizations led with 256 exits year-to-date, including 44 in June alone, 39 of which came from nonprofits. The technology sector reported 138 exits through June, up 16% from last year, with 24 of those departures occurring in June. Health care and product companies saw 121 exits, a 20% increase year-over-year, with hospitals contributing 68 of those departures, 17 in June alone. The financial sector also experienced higher churn, with 76 CEO exits so far this year, up 29% from 2024, including 11 in June.
According to Andy Challenger, the rise of interim CEOs reflects a shift in how boards are approaching leadership transitions in an uncertain environment. Factors such as economic volatility, rapid technological change, and evolving corporate values are driving boards to embrace short-term solutions and rethink succession planning. The “gig economy” model for CEOs may provide stability during times of transition, but it also underscores the volatility facing executive leadership in today’s business landscape.