US CEO Exits Drop 40% in September; Women Take 27.9% of New Posts

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US companies announced 111 CEO changes in September, down 40% from 186 in August, according to a report from outplacement firm Challenger, Gray & Christmas released Tuesday. The count is 24% below the 146 exits of September 2025.

It is the lowest monthly total of 2026 and the lowest for a September since 2022, when 74 exits were recorded.

Women gain ground in the top job

Women accounted for 27.9% of new CEOs named through September. A year earlier the figure was 25.1%, and the full-year 2025 rate was 25.4%. The peak is 28.7%, set across 2023. In September alone, 31.4% of new CEOs were women.

Among departing CEOs, 24.0% are women so far this year, against 23.0% in the same period of 2025.

"Nearly three in ten new CEOs named this year are women, and in September it was closer to one in three. Companies that invested in their leadership pipelines are seeing it pay off," said Andy Challenger, the firm's chief revenue officer.

Fewer exits, more insiders

Through nine months, 1,337 CEO exits have been announced. That is 19% fewer than the 1,650 of last year's first nine months and the lowest year-to-date count since 2022.

Of 102 replacement CEOs named in September, 55 came from inside the company and 47 from outside. For the year, 642 of 1,214 replacements, or 53%, were internal hires, up from 49% in 2025.

Stepping down led the reasons for leaving in September with 40 CEOs, followed by 20 retirements. Together they made up 54% of the month's departures. Challenger said most departures are planned.

Since January, 380 CEOs have stepped down and 347 have retired.

Government and non-profit organizations led all industries with 32 exits, down from 62 in August. Hospitals had 13, technology 9, and consumer products, entertainment and leisure, health care products and services 7 each. Financial firms announced 6.

Year to date, government and non-profit organizations have recorded 376 exits, the most of any industry and up 10% from 341. Hospitals are at 116, up 22% from 95. Technology stands at 135 against 175 a year earlier. Health care products has seen 72 exits so far, down 54% from 158, the steepest fall among the larger sectors.

Publicly held companies saw 24 CEOs leave in September, down from 26 a year earlier. For the year, 267 public-company CEOs have left, 22% fewer than the 343 in the same period of 2025.

Eleven of the September departures were founders, which brings the year-to-date total of founder exits to 137. Interim CEOs whose terms ended accounted for 14 exits in the month, and 102 so far this year, up 70% from 60.

Source: Challenger, Gray & Christmas