Dive Brief:
- Nearly 40 retail CEOs left their posts in the first seven months of this year, with six executives leaving in July alone, according to a recent report from Challenger, Gray & Christmas.
- That marked a 100% increase from the same period a year ago, when 19 CEOs in the industry left.
- Across all industries in the first half of the year, the number of CEO departures jumped 9% to 1,358, marking the biggest year-to-date total since Challenger began keeping track in 2002.
Dive Insight:
While CEO exits across all industries were up this year, the retail industry in particular saw significant departures.
“CEO turnover continues to climb in 2025, reflecting the immense pressures leaders face in navigating economic uncertainty, rapid technological change, and shifting organizational priorities,” Andy Challenger, chief revenue officer at Challenger, Gray & Christmas, said in a statement. “We’re seeing companies recalibrate leadership faster than ever, with boards demanding adaptability and fresh perspective at the very top.”
That has included many notable CEO departures in retail. Target last month announced CEO Brian Cornell would be stepping down from the position in February, with Chief Operating Officer Michael Fiddelke set to take on the role. Ulta Beauty in January said then-CEO Dave Kimbell would retire and named Kecia Steelman CEO effective immediately.
After about a year on the job, Cynthia Williams in July stepped down as CEO of toy company Funko. The company at the time said that the board, “determined that the company needs new leadership to accelerate growth.” That same month, L.L. Bean announced the departure of its long-running CEO, Stephen Smith, who guided the outdoor brand through the pandemic and expansion for a decade. Sales began to slide in recent years and the company laid off 3% of its corporate workforce last December.
Among other CEO exits was Chris Metz stepping down at Solo Brands in February after just 13 months on the job, and Satish Malhotra, who stepped down as The Container Store’s CEO to “pursue other opportunities.”
