Was 2025 unusual in the volume of CEO transitions?
Yes. The year reflects a broad-based wave of leadership change across sectors, indicating a systemic reset rather than isolated events.
Year in review
2025 marks a generational reset in Fortune leadership
The surprise of 2025 isn’t just how many CEOs changed—it’s who replaced them. Across Fortune-class companies, boards moved decisively toward operators, insiders, and succession-ready leaders, signaling less tolerance for experimentation and more urgency around execution, continuity, and credibility at scale.
188
Companies
with CEO transitions
Computed across 80 Creately org-chart pages · last updated May 4, 2026
The evidence
The 80 companies in this pattern
Each card links to the full org-chart page with the structural detail. Sourced from SEC filings.
3M Company
Chemicals · CEO William M. Brown
William M. Brown appointed CEO.
AbbVie Inc.
Pharmaceuticals · CEO Robert A. Michael
Robert A. Michael appointed CEO.
Adobe Inc.
Technology
Recent CEO transition.
Advanced Micro Devices, Inc.
Technology · CEO CEO Value Creation Equity Award
CEO Value Creation Equity Award appointed CEO.
AECOM
Engineering & Construction
Recent CEO transition.
American International Group, Inc.
Insurance · CEO Jonathan Hancock
Jonathan Hancock appointed CEO.
Air Products and Chemicals, Inc.
Chemicals · CEO Eduardo Menezes
Eduardo Menezes took over from Seifi Ghasemi.
Altria Group, Inc.
Food, Beverages & Tobacco · CEO Salvatore Mancuso
Salvatore Mancuso took over from William F. Gifford, Jr..
Amazon.com, Inc.
Retailing · CEO Matthew S. Garman
Matthew S. Garman took over from Adam Selipsky.
American Family Insurance Group
Financials · CEO Bill Westrate
Bill Westrate appointed CEO.
American Tower Corporation
Financials · CEO Steven O. Vondran
Steven O. Vondran appointed CEO.
Amphenol Corporation
Technology · CEO R. Adam Norwitt
R. Adam Norwitt appointed CEO.
Apollo Global Management, Inc.
Financials
Recent CEO transition.
Apple Inc.
Technology · CEO John Ternus
John Ternus appointed CEO.
Arrow Electronics, Inc.
Wholesalers · CEO William F. Austen
William F. Austen took over from Sean J. Kerins.
Asbury Automotive Group, Inc.
Retailing · CEO Daniel E. Clara
Daniel E. Clara appointed CEO.
AT&T Inc.
Telecommunications · CEO Thaddeus Arroyo
Thaddeus Arroyo appointed CEO.
Automatic Data Processing, Inc.
Business Services
Recent CEO transition.
AutoZone, Inc.
Retailing · CEO Philip B. Daniele, III
Philip B. Daniele, III appointed CEO.
Avis Budget Group, Inc.
Retailing · CEO Brian J. Choi
Brian J. Choi took over from Joseph A. Ferraro.
Ball Corporation
Materials · CEO Ronald J. Lewis
Ronald J. Lewis took over from Daniel W. Fisher.
The Bank of New York Mellon Corporation
Financials
Recent CEO transition.
Baxter International Inc.
Health Care · CEO Andrew Hider
Andrew Hider took over from Jos E. Almeida.
Berkshire Hathaway Inc.
Insurance · CEO Gregory E. Abel
Gregory E. Abel appointed CEO.
Berry Global Group, Inc.
Materials · CEO Kevin J. Kwilinski
Kevin J. Kwilinski took over from Thomas E. Salmon.
Best Buy Co., Inc.
Retailing · CEO Jason Bonfig
Jason Bonfig appointed CEO.
The Boeing Company
Industrials
Recent CEO transition.
BorgWarner Inc.
Motor Vehicles & Parts · CEO Joseph F. Fadool
Joseph F. Fadool took over from Frédéric B. Lissalde.
Builders FirstSource, Inc.
Materials · CEO Peter M. Jackson
Peter M. Jackson appointed CEO.
The Campbell's Company
Food, Beverages & Tobacco · CEO Mick J. Beekhuizen
Mick J. Beekhuizen appointed CEO.
CarMax, Inc.
Retailing · CEO Keith Barr
Keith Barr took over from William D. Nash.
Casey's General Stores, Inc.
Retailing · CEO Darren M. Rebelez
Darren M. Rebelez appointed CEO.
Caterpillar Inc.
Industrials · CEO Joseph E. Creed
Joseph E. Creed appointed CEO.
CBRE Group, Inc.
Financials · CEO Vikram Kohli
Vikram Kohli appointed CEO.
Cencora, Inc.
Healthcare · CEO Robert P. Mauch
Robert P. Mauch appointed CEO.
CenterPoint Energy, Inc.
Energy · CEO Jason P. Wells
Jason P. Wells appointed CEO.
The Charles Schwab Corporation
Financials · CEO Richard A. Wurster
Richard A. Wurster appointed CEO.
Chipotle Mexican Grill, Inc.
Hotels, Restaurants & Leisure · CEO Scott Boatwright
Scott Boatwright appointed CEO.
The Cigna Group
Healthcare
Eric P. Palmer departed as CEO.
Cincinnati Financial Corporation
Financials · CEO Stephen M. Spray
Stephen M. Spray appointed CEO.
Citigroup Inc.
Financial Services
Recent CEO transition.
The Coca-Cola Company
Food & Beverage · CEO Henrique Braun
Henrique Braun appointed CEO.
Comcast Corporation
Telecommunications · CEO Michael J. Cavanagh
Michael J. Cavanagh appointed CEO.
Commercial Metals Company
Materials
Recent CEO transition.
Community Health Systems, Inc.
Health Care · CEO Kevin J. Hammons
Kevin J. Hammons appointed CEO.
Conagra Brands, Inc.
Food, Beverages & Tobacco · CEO John Brase
John Brase took over from Sean Connolly.
Constellation Brands, Inc.
Food, Beverages & Tobacco · CEO Nicholas I. Fink
Nicholas I. Fink took over from William A. Newlands.
Core & Main, Inc.
Wholesalers · CEO Mark R. Witkowski
Mark R. Witkowski appointed CEO.
Costco Wholesale Corporation
Retailing · CEO Ron M. Vachris
Ron M. Vachris appointed CEO.
CSX Corporation
Transportation · CEO Stephen F. Angel
Stephen F. Angel took over from Joseph R. Hinrichs.
D.R. Horton, Inc.
Engineering & Construction · CEO Paul J. Romanowski
Paul J. Romanowski appointed CEO.
Dana Incorporated
Motor Vehicles & Parts · CEO Byron S. Foster
Byron S. Foster appointed CEO.
Devon Energy Corporation
Energy · CEO Clay M. Gaspar
Clay M. Gaspar appointed CEO.
Diamondback Energy, Inc.
Energy · CEO Kaes Van t Hof
Kaes Van t Hof appointed CEO.
Discover Financial Services
Financials · CEO J. Michael Shepherd
J. Michael Shepherd appointed CEO.
Dollar General Corporation
Retailing · CEO Jerry W. (JJ) Fleeman, Jr.
Jerry W. (JJ) Fleeman, Jr. appointed CEO.
Dow Inc.
Chemicals · CEO Karen S. Carter
Karen S. Carter appointed CEO.
DTE Energy
Energy · CEO Joi Harris
Joi Harris appointed CEO.
Duke Energy Corporation
Utilities · CEO Harry K. Sideris
Harry K. Sideris took over from Lynn J. Good.
DuPont de Nemours, Inc.
Chemicals
Recent CEO transition.
DXC Technology Company
Technology · CEO Raul J. Fernandez
Raul J. Fernandez took over from Mike Salvino.
EchoStar Corporation
Telecommunications · CEO Charles W. Ergen
Charles W. Ergen appointed CEO.
Entergy Corporation
Energy
Recent CEO transition.
Equinix, Inc.
Financials · CEO Adaire Fox-Martin
Adaire Fox-Martin appointed CEO.
The Estée Lauder Companies Inc.
Household Products · CEO Stéphane de La Faverie
Stéphane de La Faverie took over from Fabrizio Freda.
Expeditors International of Washington, Inc.
Transportation · CEO Daniel R. Wall
Daniel R. Wall appointed CEO.
Federal National Mortgage Association (Fannie Mae)
Financial Services · CEO Peter Akwaboah
Peter Akwaboah took over from Priscilla Almodovar.
Farmers Insurance Exchange
Financials · CEO Raul Vargas
Raul Vargas appointed CEO.
Fastenal Company
Wholesalers · CEO Jeffery M. Watts
Jeffery M. Watts took over from Daniel L. Florness.
Fidelity National Financial, Inc.
Financials · CEO Michael J. Nolan
Michael J. Nolan appointed CEO.
Fluor Corporation
Engineering & Construction · CEO James R. Breuer
James R. Breuer appointed CEO.
Foot Locker, Inc.
Retailing
Recent CEO transition.
Fox Corporation
Media · CEO Anjali Sud
Anjali Sud appointed CEO.
Federal Home Loan Mortgage Corporation (Freddie Mac)
Financial Services · CEO Kenny M. Smith
Kenny M. Smith took over from Diana W. Reid.
Freeport-McMoRan Inc.
Energy · CEO Kathleen L. Quirk
Kathleen L. Quirk appointed CEO.
Gap Inc.
Retailing · CEO Maggie Gauger
Maggie Gauger took over from Chris Blakeslee.
GE Aerospace
Industrials · CEO Mohamed Ali
Mohamed Ali took over from Russell Stokes.
GE HealthCare Technologies Inc.
Health Care · CEO Jeannette Bankes
Jeannette Bankes appointed CEO.
GE Vernova Inc.
Energy · CEO Eric Gray
Eric Gray took over from Mav Zingoni.
Genuine Parts Company
Wholesalers · CEO William P. Stengel II
William P. Stengel II appointed CEO.
What it means
Five things to take away
- Boards favored continuity over disruption, elevating insiders with deep operational context.
- Industrials and energy firms used succession to reinforce execution discipline, not strategy pivots.
- Consumer-facing brands treated CEO changes as brand-stability moves rather than reinventions.
- Financial services leaned on proven risk managers amid regulatory and market pressure.
- Several iconic companies treated succession as a capstone to long-planned transitions, not crisis response.
The analysis
Why this pattern shows up
Across 2025, CEO succession reads less like upheaval and more like choreography. At companies such as Apple, Caterpillar, and Berkshire Hathaway, leadership passed to executives long groomed for the role, underscoring a preference for institutional memory and steady hands over outsider turnarounds.
In industrials and energy, firms like GE Aerospace, Duke Energy, and Freeport-McMoRan used CEO changes to lock in execution focus after strategic resets. These transitions suggest boards believe the hard strategic choices are already made; now the mandate is operational follow-through.
Meanwhile, consumer and retail giants including Costco, Chipotle, and Gap signaled stability to employees and markets by elevating leaders aligned with existing brand and culture. Even in financial services—at Citigroup, Charles Schwab, and Discover—succession choices emphasized credibility and governance strength over bold reinvention.
FAQ
Frequently asked questions
Were most new CEOs internal or external hires?
The evidence skews heavily toward internal appointments or closely aligned successors, emphasizing continuity.
Which sectors saw the most visible succession activity?
Industrials, energy, financial services, and retail all show prominent transitions among flagship companies.
Do these changes signal strategic shifts?
In most cases, no. Boards appear to be reinforcing existing strategies rather than redirecting them.
What does this mean for investors?
Succession choices in 2025 generally reduce uncertainty, signaling operational focus and governance stability.
Reference
Cite this page
Use one of the formats below when referencing this analysis.
APA 7th
Creately. (2026). CEO Succession: 2025. Creately. Retrieved , from https://creately.com/org-chart/insights/ceo-succession-2025/MLA 9th
"CEO Succession: 2025." Creately, May 4, 2026, https://creately.com/org-chart/insights/ceo-succession-2025/. Accessed .Chicago 17
Creately. "CEO Succession: 2025." Last modified May 4, 2026. https://creately.com/org-chart/insights/ceo-succession-2025/.Permanent URL: https://creately.com/org-chart/insights/ceo-succession-2025/ · last updated 2026-05-04