Record numbers of CEOs quit in 2023

In 2023, a historic turnover unfolded among C-suite executives, with 1,170 CEOs quitting or shifting by the fourth quarter—a notable 51% increase from the previous year. Challenger, Gray & Christmas, Inc., noted while reporting these findings that the numbers mark the highest surge since their tracking began in 2002. The COVID-19 pandemic played a pivotal role as CEOs, who might have retired earlier, chose to stay during the uncertainty, resulting in a delayed exodus amid a more stable post-COVID period.

By November, the government and nonprofit sectors witnessed the highest CEO exits, totaling 47 leaders—a remarkable 86% increase from 2022. Healthcare and the technology sector followed suit. Nonprofit organisations, particularly in the arts sector, experienced increased turnover due to changing audience behaviours post-COVID, while hospitals faced consolidation and reduced demand.

Companies seeking fresh perspectives in the current business landscape revealed that 5% of departing CEOs sought “new opportunities,” and 17% transitioned into advisory roles. Notably, 10 CEOs left amidst allegations of professional misconduct, and two resigned due to alleged sexual misconduct. This departure trend follows the impact of the MeToo movement, with companies now addressing workplace misconduct as they implement return-to-office mandates. Some notable departures in 2023 included John Grogan (Northwestern Mutual), Jonathan Johnson (Bed Bath & Beyond), Todd Jones (Publix), and Susan Wojcicki (YouTube).