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Key Findings:
30 announced CEO departures through Q2 2023 versus 63 in all of 2022
Four appointed CEOs in 2023 so far are women versus eleven in all of 2022
22.2% of appointed CEOs in 2023 so far are external hires versus 26.2% in all of 2022
Equilar 500 companies have announced 30 CEO departures through the second quarter of 2023. This compares to a total of 63 announced CEO departures in all of 2022. Among the 30 CEOs, 16 departed by the end of the second quarter with 12 others expected to exit later this year.
The average CEO lifetime pay for all 30 departing CEOs is $190.3 million, with a median of $76.2 million. Reed Hastings (Netflix, Inc.), whose tenure surpassed 24 years, earned the highest total CEO lifetime pay at $2.3 billion. John Forrester (Cushman & Wakefield plc), with a tenure of one-and-a-half years, had the lowest CEO pay at $6.3 million.
Through the first half of 2023, four female CEOs announced their departures: Anna Manning (Reinsurance Group of America, Incorporated), Heyward R. Donigan (Rite Aid Corporation), Nazzic S. Keene (Science Applications International Corp) and Barbara R. Smith (Commercial Metals Company). Four women were appointed CEO in the first half of 2023, Elizabeth Burr (Rite Aid Corporation), on an interim basis, Kimberly Allen Dang (Kinder Morgan, Inc), Michelle MacKay (Cushman & Wakefield plc) and Toni Townes-Whitley (Science Applications International Corp). The prevalence of women appointed as CEOs in the Equilar 500 increased from 6.4% in 2021 to 18% in 2022.
Overall, external appointments increased from 17% in 2021 to 26.2% in 2022. For all announced appointments through Q1 2023, 22.2% of CEOs appointed have been external hires.
Departures
| Company Name | Ticker | Name | Effective Date | Gender | CEO Tenure1 | CEO Lifetime Pay2 |
1 Calculated as the earlier of the effective date or June 30, 2023.
2 Compensation data collected since 2006.
3 Co-CEO
4 Mr. Templeton served as CEO from May 2004 to May 31, 2018 and again beginning on July 17, 2018.
5 Mr. Greco will depart from the role of CEO by the end of the year.
6 Mr. Rhodes will depart from the role of CEO in January 2024.
Successors
| Company Name | Ticker | Successor | Successor Gender | Internal | Successor Previous Role |
1 Acting/Interim
Senior Research Analyst at Equilar, co-authored this post.
Research Analyst at Equilar, co-authored this post.
Please contact Amit Batish, Director, Content & Communications, at abatish@equilar.com for more information on Equilar research and data analysis.
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