The top-job door continues to revolve. CEO turnover is at a two-decade high, with boards of directors showing little tolerance for underperformance or disproportionate risk. Many are reaching for familiar faces, fueling a surge in “boomerang CEOs” or pulling talent from the board itself, a perceived stopgap that raises questions about succession planning. Yet the leadership story isn’t just about who’s leaving; it’s also about who’s staying. More companies are holding onto “seasoned” leaders, with baby boomers delaying retirement and Gen X increasingly bypassed as millennials line up behind them, reshaping the generational balance of power in the C-suite. Boards, meanwhile, face intensifying mandates: the White House’s new AI Action Plan signals that directors, not regulators, will carry frontline responsibility for ensuring AI is deployed responsibly. Remuneration oversight is tightening as well: compensation committees are bracing for a turbulent cycle, balancing shareholder scrutiny of incentive plans with heightened executive security costs. At the same time, skills analyses are being elevated in scope and sophistication, with many boards recognizing the need for fresh perspectives and innovative approaches. Corporate structures and strategies continue to be on the table with prominent examples including Comcast assembling a new board for its Versant spin‑off and Warner Bros. Discovery prepares to split into two companies. Warner Bros. and Discovery Global will each have fresh leadership and high expectations to carry forward iconic brands. And in the category of not letting a crisis go to waste, Astronomer has figured out how to turn its kiss‑cam scandal into a cleverly re‑scripted satire. The majority of board members try to avoid Candid Camera, although there’s no hiding from complexity and accountability.
In the Spotlight
Why the CEO Seat Has Never Been More Unstable
Boards are ousting chief executives at the fastest pace in 20 years, as shareholders demand stronger results and zero tolerance for reputational missteps
"At least 41 CEOs have exited S&P 500 companies so far this year, compared with 49 for all of 2024 – making the fastest pace on an annualized basis since 2005…. In the latest example, consumer goods company Procter & Gamble the maker of Tide laundry detergent and Bounty paper towels, said on Monday CEO Jon Moeller will be replaced next year by longtime executive Shailesh Jejurikar. Moeller, who has been CEO since 2021, will become executive chairman, a powerful role on the board that allows the former chief to retain a strong voice in company affairs. Before that in the last three weeks alone Tylenol-maker Kenvue replaced its CEO and health care products distributor Henry Schein said its CEO will leave at year's end. In interviews, more than a dozen executive recruiters, investors, bankers, lawyers and industry advisers attributed the high turnover this year to a range of reasons, some building up from economic and social changes since the Covid-19 pandemic.” REUTERS
The Boomerang CEO Comeback: Solution or Symptom?
With CEO turnover surging, U.S. boards are bringing back familiar leaders at a 10‑year high, even as history shows second acts rarely deliver lasting success
"The number of ‘boomerang CEOs’ — corporate bosses who have been brought back for a second stint in the top job — is at a 10-year high in the US as boards of directors increasingly reach back to the past to fill a gap in their succession plans. A burst of reappointments in the past nine months, after a record year for boomerang hiring in 2023, means that 22 companies in the S&P 1500 are now run by chief executives who have returned to the role, according to recruitment consultancy Spencer Stuart. They range from household names such as Disney, where Bob Iger stepped back in to replace his successor as chief executive in 2022, and Dell Technologies, where founder Michael Dell is on a second stint in charge, to smaller companies in semiconductors, retail and homebuilding…. The number of boomerang CEOs remains relatively small overall but the increase has raised questions among investors, who assume that management is grooming the next generation of potential leaders and boards of directors are casting the net widely for talent.” FINANCIAL TIMES
Why Boards Are Leaning on Older Leaders
As baby boomers delay retirement and millennials rise, Gen X risks becoming the “forgotten generation” in the race for the C‑suite
"When it comes to the C-suite, Gen X might be doomed to live up to its “forgotten generation” moniker. More baby boomers are working past traditional retirement ages. By the time they are ready to pass the torch, millennials will be reaching for it. This is already happening at more companies. In the Russell 3000, 41.5% of chief executives are at least 60 years old, up from 35.1% in 2017. Over the same period, the share of CEOs in their 30s and 40s has grown to 15.1% from 13.8%.... Facing a pandemic, recession and supply-chain problems in recent years, companies prized boomers’ experience. Now some are turning to millennials to navigate the advent of artificial intelligence. Gen Xers, especially those about to turn 60, might have missed their moment.” WALL STREET JOURNAL
MUST READ: From Boardspan this Week
We don’t just report the numbers each year, we look for what they reveal. This year, Boardspan’s analysis surfaced six notable trends that are shaping the boardroom. These insights, drawn directly from the data, reflect the evolving priorities, pressure points, and performance patterns we’re seeing across our benchmark set. |
Across the Board
White House Unveils Bold AI Action Plan
In response to Executive Order 14179, the Trump administration outlines a pro-innovation roadmap to accelerate AI adoption, balancing rapid technological advancement with targeted safeguards, public‑private collaboration, and modernization of critical systems
“On July 23, 2025, the White House released America’s AI Action Plan, a comprehensive national strategy designed to strengthen the United States’ position in artificial intelligence through integration across industries…. This second pillar recognizes that AI requires new infrastructure—digital, physical, and institutional—to thrive safely and at scale. The plan outlines federal efforts to modernize government systems, support critical infrastructure security, and establish testing environments for AI tools…. The third pillar focuses on global leadership, international coordination, and national security. It underscores the need to shape global AI norms and standards in line with democratic values, while protecting U.S. interests against adversarial use of AI…. The plan reflects a shift away from regulation and toward enabling frameworks—creating opportunities for private-sector leadership in shaping standards, tools, and data ecosystems.” NATIONAL LAW REVIEW
AI Governance Lands Squarely in the Boardroom
With the White House opting for a light regulatory touch, corporate directors now hold the frontline responsibility for ensuring AI is used responsibly and strategically
“The White House’s AI Action Plan was released last week. Ambitious and freewheeling, the goal of the WH AI Action Plan is to create a dynamic ‘try-first’ AI culture across American industry by removing regulatory friction while accelerating the development, use and adoption of AI. With the White House taking a light regulatory approach to AI that is focused on a desire to sail faster into the turbulent AI future, the burden of responsibly capitalizing on the opportunities of AI technologies while controlling their risks is in the hands of the private sector. This makes the corporate boardroom the defacto regulator of artificial intelligence systems and their use throughout the American economy.” FORBES
Boards Can No Longer Ignore Nature Risk
With ecosystems in decline and trillions in assets already aligned to disclosure frameworks, boards are under pressure to treat nature risk as a core fiduciary duty
“At a time when climate risk is becoming embedded in regulatory frameworks, nature risk is rapidly following suit. And with close to 20 trillion in AUM already aligned with the Taskforce on Nature-related Financial Disclosures (TNFD), the question is no longer whether nature matters, but whether boards know how to ask the right questions about it…. This risk is especially in industries deeply reliant on clean water, pollination, and healthy soils. As these ecosystem services degrade, the consequences flow directly into economic activity, investment returns, and credit quality.” FORBES
Compensation Committees Brace for a Turbulent 2025–2026 Cycle
From tariff uncertainty to heightened executive security needs, boards face tough choices in designing incentive plans that retain talent while managing risk
“Following the fatal shooting of UnitedHealthcare CEO Brian Thompson in December 2024, executive security has become a heightened priority for many organizations. Discussions around executive security benefits are now more frequent in compensation committee and board meetings. These benefits typically include home security systems, personal protection security, secure transportation arrangements (i.e., drivers and personal use of company aircraft), and enhanced protection at company meetings involving leadership…. Many boards that finalized their budgets in early Q1 have adopted a range of strategies to account for the potential impact of tariffs…. In sectors experiencing prolonged downturns—such as biotech and renewable energy—compensation committees are challenged with how to reward and retain critical talent (including executives) amid multi-year stock declines that have significantly reduced realizable pay.” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE
Governance Reforms Advance, Even Against Strong Headwinds
While shareholder resolutions faced challenges this year, many governance reforms continue to gain momentum in boardrooms nationwide
“At annual meetings for U.S. public corporations, reform proposals targeting governance issues like voting rights or political contributions - the ‘G’ part of the ESG acronym - won 33.9% support on average for the 12 months ended June 30. That was close to their support rate from a year earlier and higher than in 2023… In contrast, average support for resolutions on environmental and social themes fell to 15.7%, about half the rate of three years ago. Out of 231 governance resolutions voted on at U.S. companies this year, 46 won the support of a majority of voted shares…. Proponents and analysts said the figures indicate many investors agree on principles like equal shareholder voting rights or annual director elections, concepts that are more studied and developed than matters like how companies should account for their carbon emissions.” REUTERS
The Skills Boards Need Most in a Complex Business Era
A new analysis of Fortune 100 companies shows CEO‑chairs bring deeper industry expertise than their peers, spotlighting critical gaps in board skill sets
“Boards are navigating a business climate defined by rapid change and growing complexity. A recent analysis of Fortune 100 companies reveals distinct patterns in director skills and backgrounds. Understanding these trends could help inform board refreshment strategies at companies of any size. (1) Globalized leadership: Almost all directors have leadership experience (90%), and the majority (63%) have skills in international business. (2) Potential skill gaps: The least common skills are related to mergers and acquisitions (31%) and information security (20%). (3) Risk skill premiums: Directors who are new to the board are more likely to have risk management skills (70%) compared to incumbents (60%).” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE
What Public Boards Can Learn from Private Equity
By adopting proven private equity strategies, public-company boards can sharpen oversight, drive stronger value creation, and position for long-term success
“Public-company boards are at a crossroads. For decades, many of them have operated in administrative mode, focusing on checking boxes rather than confronting the sticky issues that determine a company’s fate. Discussions of capital allocation, CEO performance, and strategic direction are often squeezed between risk updates and reports from the environmental, social, and governance committee. But expectations for board performance are shifting—and fast. Public companies feel an urgency to evolve. They know they must adapt to compete with a growing pool of competitors backed by private equity (PE). In the United States over the past 25 years, the number of public companies fell by one-third, while private businesses surged.1 And research shows that these PE-backed companies have consistently outperformed their public counterparts.” MCKINSEY
Value Add? Where Some Say Boards Fall Short
More than two in five U.S. directors and C-suite leaders doubt their board actually contributes to shareholder value
“The study, from Board Intelligence, also revealed that fewer than one in four respondents think their board is operating at its full potential. In all, more than 200 independent directors and executives in the U.S. and U.K. participated in the study. Many respondents cited their board's tendency to look to the past rather than the future, and an inability to be decisive when needed…. Security is another growing concern among boards… Perhaps the clearest signal is that companies are shelling out more to keep executives safe, data from Equilar shows. In fact, the median value of executives' security perks spiked 119.5% between 2020 and 2024.” AGENDA
Comcast Unveils Versant Board Ahead of High-Stakes Spin-Off
Tasked with steering NBCUniversal’s cable networks and digital brands, Versant’s inaugural board will guide the new media company toward its 2025 debut
“Comcast unveiled eight new members of the first board of directors of Versant Media Group, which will house the bulk of NBCUniversal’s cable networks and certain digital businesses, including Versant CEO Mark Lazarus. Versant will become a publicly traded media company, separated from Comcast, in a spin-off expected to be completed by the end of 2025…. As previously announced, Versant’s chairman of the board is David Novak, a longstanding Comcast board member of and former CEO of Yum! Brands, the holding company of fast-food chains KFC, Pizza Hut and Taco Bell. Novak will resign from his current position on Comcast’s board at the time of the Versant spin-off.” VARIETY
Warner Bros. Discovery Breaks Apart: Two Giants, Two Futures
The post-split companies will see Warner Bros. house the iconic film and TV studios, while Discovery takes the reins of its legacy networks, including Turner channels
“The media company has officially announced the names and senior leadership teams for after it splits itself in two, with David Zaslav’s streaming and studios business to be called Warner Bros., and Gunnar Weidenfels’ global networks business to be called Discovery Global…. ‘We will proudly continue the more than century-long legacy of Warner Bros. through our commitment to bringing culture-defining stories, characters and entertainment to audiences around the world,” said Zaslav in a statement. “Over the past several years, we have made important strides across the business, launching and investing in a profitable, global streaming service and reinvigorating our studios to return them again to an industry leading position.’” HOLLYWOOD REPORTER
TD Bank Names New Chair to Steer Oversight Push
Amid regulatory scrutiny and a $3 billion fine, the Canadian lender appoints new leader to strengthen oversight and restore investor confidence
“The lender is undergoing a broader makeover as it complies with a U.S. government-ordered anti-money laundering remediation program, following a historic $3 billion fine for lapses in its systems. TD had already expedited the exit of CEO Bharat Masrani in January and slashed his annual pay, with current chief Raymond Chun stepping into the role on February 1, two months ahead of schedule…. By September, about 60% of the board will be new arrivals since 2023… The bank said its new chair's ‘deep financial expertise and governance experience will support the board as it continues to prioritize strong oversight and long-term value creation’” REUTERS
From Scandal to Spotlight: Astronomer Taps Hollywood to Rewrite Its Story
Tech company Astronomer is trying to move on from its Coldplay concert kiss-cam scandal with the help of a powerhouse talent
“Actor Ryan Reynolds’s marketing firm, Maximum Effort, created a lighthearted advertisement to help repair Astronomer’s brand and shift the public’s focus to its actual business, rather than its leaders’ extracurricular activities. The minute-long video features actress Gwyneth Paltrow, the former wife of Coldplay frontman Chris Martin, as Astronomer’s new ‘very temporary spokesperson.’…. Earlier this month, Astronomer entered the cultural zeitgeist when its then-Chief Executive Andy Byron was seen on a video screen at Gillette Stadium near Boston canoodling with Chief People Officer Kristin Cabot. The company investigated, and both executives resigned…. ‘Deadpool’ star Reynolds co-founded Maximum Effort in 2018, and has used it for marketing some of his own brands including Aviation Gin and Mint Mobile. Other notable spots include an advertisement for dating app Match, showing Satan falling in love with a woman named 2020 as the world crumbles around them.” WALL STREET JOURNAL
A Perspective: The Future of Women on Boards and the Paradox in the Conversation
Despite rising representation, new regulations meet growing backlash, yet the momentum for women in board leadership continues to build
“The number of women on boards is rising. So too is the backlash. We are at the precipice of a dramatic shift in the way that society and business see women in leadership. On one hand, we see a string of regulations being passed, dictating how many women need to sit at the boardroom table, yet on the other, a significant backlash to diversity, equity, and inclusion efforts around the world. In the last two years alone, the collapse of a Silicon Valley bank, the dismantling of a plane mid-air, and the inability to fight the LA wildfires have all been blamed on the prioritization of DE&I.” IMD
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