2023 saw a record-breaking 327 CEO changes at U.S. public companies, according to outplacement firm Challenger, Gray & Christmas. That’s the highest number since at least 2010. It’s also an 8.6% increase from last year. These changes included CEOs at companies like Boeing, Nike, Starbucks, and Peloton. These changes point to customer, investors, hedge funds, or boards growing impatient with sales slumps or strategic missteps in an otherwise strong economy.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and other challenges.
Consumer-focused companies, which are more susceptible to trends, generally have turnover than industries like oil and gas or utilities.
The recent spike in turnover comes even as the number of public companies has dropped. Here are some of the major U.S. CEO changes so far this year:
Intel CEO Pat Gelsinger, nearly four years after he was appointed to turn the chipmaker around and better compete with rivals. Intel’s stock price and market share had collapsed as the AI wave boosted chipmaker Nvidia while Intel struggled. A successor hasn’t yet named.
Boeing CEO Dave Calhoun announced his departure in March, part of a broad executive shake-up. It came nearly months after an unsecured door plug blew off a nearly new Boeing 737 Max 9, plunging the company back into a safety crisis, frustrating leaders of some of its biggest airline customers. Calhoun was succeeded in August by Kelly Ortberg, a three-decade aerospace veteran and former Rockwell Collins CEO, whom Boeing plucked retirement in Florida to the company. During a labor strike, Ortberg announced thousands of layoffs and elsewhere to cash as Boeing works toward stabilizing production.
Starbucks CEO Laxman Narasimhan was poached Chipotle CEO Brian Niccol to turn the coffee chain’s fortunes, replacing John Donahoe, who helped Nike, sales since he took helm, but growth eventually stalled after he moved away from partners and lost sight of innovation.
Nike CEO John Donahoe replaced by Elliott Hill, a former Spotify and Netflix executive, bringing experience.Stern, a former Apple executive, brings subscription-based services, and CEO.
Peloton, a darling of the pandemic, announced CEO Sima, CEO, the weight loss company. Shares fell more than 80% this year.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges.
Consumer-focused companies, generally have turnover than industries like oil and gas.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges.
CEO changes slowed during the pandemic, when companies faced lockdowns, remote work, supply chain difficulties, and survival challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. They later faced higher borrowing costs, inflation, labor shortages, changing consumer preferences, and challenges. 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