Companies are cycling through CEOs—and replacing them with first-timers

In a year marked by market volatility, inflation, activist pressure, and economic uncertainty, boards leaned heavily toward first-time chief executives. That is the central finding of Spencer Stuart’s 2025 CEO Transitions Report, which tracks leadership changes across the S&P 1500.

Some 168 new CEOs were appointed in 2025, the highest total since 2010. The defining shift was who got the job. Among incoming CEOs, 84% were serving in their first enterprise CEO role, reversing a multi-year tilt toward leaders with prior public-company experience.

As recently as 2024, more than one in five new CEOs had already led a public company. That share fell sharply in 2025. Of the 140 first-time CEOs appointed, 116 had no prior enterprise CEO experience. Two-thirds had never served on a public company board, meaning many are stepping into the role without prior exposure to shareholder oversight or public company governance.

The report suggests experienced CEOs can be especially valuable in turnarounds or crises. Over time, however, talented first-time CEOs are often more likely to deliver stronger performance. That conclusion is likely to resonate in boardrooms weighing whether to prioritize a steady hand or long-term upside in their next succession decision.

The shift is most pronounced among........

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