share on
In 2025, the APAC region recorded 87 CEO departures, marking a 26% increase from 2024. Australia led the region with 34 departures, followed by Japan (31), Hong Kong (10), India (7), and Singapore (5).
CEO turnover across APAC is continuing to evolve, according to the 2025 CEO Turnover Index by Russell Reynolds Associates. The report found that 73% of new CEO appointments in APAC were internal — higher than the global figure of 68% — suggesting a deliberate strategy to leverage existing knowledge, experience, and cultural familiarity within organisations rather than seeking external hires.
The survey gathered responses from:
- S&P 500 – US
- FTSE 100 – US
- ASX 200 – Australia
- CAC 40 – France
- DAX 40 – Germany
- Euronext 100 – Pan-European (mainly France, Netherlands, Belgium, Portugal)
- FTSE 250 – United Kingdom
- Hang Seng – Hong Kong
- Nikkei 225 – Japan
- NSE Nifty 50 – India
- S&P/TSX Composite – Canada
- STI (Straits Times Index) – Singapore
- SMI (Swiss Market Index) – Switzerland
Euan Kenworthy, Country Lead, Singapore, Russell Reynolds Associates, stated: "Sustained high levels of CEO turnover should be expected given the environment leaders are operating in today and indeed, how long boards are willing to wait for results."
He added that the role of the CEO has evolved to become materially harder, often burdened by increased media scrutiny, a more demanding investor base, faster technology adoption, and regulatory challenges.
"As these pressures mount, the margin for error narrows, increasing the likelihood of board intervention and indicating that boards are making definitive judgements far earlier in the CEO lifecycle than in the past," Kenworthy explained.
The findings also revealed other key statistics, as follows:
APAC continues to hire first-time CEOs
Across APAC, around 94% of new CEO appointments went to first-time leaders, closely mirroring the global trend where 86% of CEOs appointed were stepping into the role for the first time. This alignment suggests boards increasingly value fresh perspectives as organisations navigate transformation and growing market complexity.
As first-time leaders cover the majority of incoming CEOs globally, succession planning has also shifted — from identifying a single “ready-now” candidate to building a robust bench with multiple credible options. For aspiring CEOs, demonstrating learning agility, decision-making under pressure, and the ability to quickly build and mobilise a senior team.
Higher exits and fewer appointments for women CEOs
Despite these shifts, the share of incoming women CEOs declined to around 9% globally in 2025, continuing a steady fall since 2022. At the same time, the percentage of outgoing women CEOs increased to about 7%, up slightly from the prior year.
In the S&P 500, women accounted for just under 9% of outgoing CEOs, up from 5% in 2024, while incoming women CEOs fell from a record 15% to about 8%.
Planned successions on the rise
32% of global CEO departures occurred through planned successions, a 10% increase from 22% in 2024. 2025 was also the first year on record that the number of exits due to succession outpaced retirements.
The number of CEO departures due to retirements in 2025 was 26%, down from 30% in 2024. At the same time, board-led removals represented 9% of exits, down from 14% the prior year, reinforcing that a greater proportion of CEO change in 2025 was anticipated and timed, rather than purely reactive.
The shift toward planned succession was particularly pronounced in the technology sector, where 40% of CEO departures were succession-driven, up from 18% in 2024, and 5% in 2023. Industrial & natural resources and financial services also contributed to the global rise, with 35% and 33% of departures, respectively, categorised as planned successions.
Taken together, these patterns suggest more time and discipline is being invested in succession planning, amidst volatile market conditions. Rather than relying primarily on retirement or reacting to deteriorating performance, directors are increasingly using CEO succession as a strategic tool to manage continuity, renewal, and long-term value creation.
Elevated turnover and declining tenures
A total of 87 CEO departures was recorded across the APAC region, up 26% increase from the preceding year, and most markets recorded their highest number of departures in seven years, with Australia recording 34 departures, 31 in Japan, 10 in Hong Kong, 7 in India and 5 in Singapore.
These indices include ASX 200 (Australia), HANG SENG (Hong Kong), Nikkei 225 (Japan), NSE Nifty 50 (India) and STI (Singapore).
In 2025, CEO turnover reached a eight-year record high, with 234 CEOs exiting their roles globally, up 16% from the previous year.
Shorter tenures and faster exits
In 2025, CEO tenures continued to shorten, with the average global tenure of outgoing CEOs falling to 7.1 years — down from 7.4 years in 2024 and well below the 8.3 years recorded in both 2021 and 2023.
Declines in CEO tenure were driven by the FTSE 100, Hang Seng, Nikkei 225, and STI.
Within this broader trend, very short CEO tenures are also becoming more visible, with the proportion of CEOs departing within 30 to 36 months increasing by 79% year-over-year.
At the same time, appointments lasting under a year accounted for around 5% of all CEO departures, up from about 4% in 2024. In absolute terms, 11 CEOs exited within their first year in 2025, on par with the previous record in 2018.
Across APAC, the average tenure stood at about 5.9 years. Country averages were:
- Australia: 6.3 years
- Japan: 5.9 years
- Hong Kong: 4.7 years, below its historical average
- India: 4.8 years, down sharply from its 18.5-year high in 2019 and below its eight-year average of 7.1 years
- Singapore: 7.3 years, suggesting relative stability despite rising departures, though still below its eight-year average of 10 years
Kenworthy commented: “Across all types of organisations, from multinationals to privately owned enterprises, leaders are navigating heightened expectations, market volatility, and the need for faster transformation.
"Robust and forward-looking succession planning is essential, ensuring boards proactively identify and develop next-generation leaders, address experience gaps, and build governance structures that support continuity, adaptability, and long-term business success."
CEO turnover hits new record as elevated exits persist for second consecutive year
Elevated CEO turnover is now a fixed feature of today’s governance environment. Across the global indices tracked, CEO turnover reached a new record in 2025, with 234 CEOs exiting their roles, up 16% from 2024, and 21% above the eight-year average, marking the second consecutive year that CEO turnover has reached record levels.
In the S&P 500, turnover remained high, with 59 CEO departures, one more than the previous year. Although the year-over-year increase was minimal, the persistently high level of CEO exits reflects sustained activist pressure and boards’ use of CEO change as a lever for strategic reset, particularly where performance or transformation milestones are perceived to be at risk.
Within the UK, FTSE 100 CEO turnover also remained broadly consistent year over year, with 14 CEO departures in 2025, compared to 12 in 2024. The increase in global CEO departures in 2025 was instead driven by sharp year-over-year increases across APAC and parts of continental Europe.
In Germany’s DAX, CEO departures rose to 8 in 2025, up from three in 2024. India’s NIFTY 50 recorded seven CEO departures, up from three the prior year, while Singapore’s STI saw five departures, compared to three in 2024.
READ MORE: Change management set to be the main focus for HR directors in Asia
Lead image / Russell Reynolds Association
share on
