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Key Findings:
42 announced CEO departures through Q3 2023 versus 63 in all of 2022
Four appointed CEOs in 2023 so far are women versus eleven in all of 2022
28.6% of appointed CEOs in 2023 so far are external hires versus 26.2% in all of 2022
Equilar 500 companies have announced 42 CEO departures through the third quarter of 2023. This compares to a total of 63 announced CEO departures in all of 2022. Among the 42 CEOs, 28 departed by the end of the third quarter with eight others expected to leave later this year.
The average CEO lifetime pay for all 42 departing CEOs is $162.6 million, with a median of $62.0 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 three quarters of 2023, five female CEOs announced their departures: Anna Manning (Reinsurance Group of America, Incorporated), Heyward R. Donigan (Rite Aid Corporation), Nazzic S. Keene (Science Applications International Corporation), Barbara R. Smith (Commercial Metals Company) and Rosalind G. Brewer (Walgreens Boots Alliance, Inc.). Four women have been appointed CEO in 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 Q3 2023, 28.6% 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 September 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. 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 Manager at Equilar, co-authored this post.
Research Analyst at Equilar, co-authored this post.
Senior Research Analyst at Equilar, co-authored this post.
Please contact Amit Batish, Senior Director, Content & Communications, at abatish@equilar.com for more information on Equilar research and data analysis.
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