In a year marked by market volatility, inflation, activist pressure, and economic uncertainty, boards leaned heavily toward first-time chief executives. That is the central finding of Spencer Stuart’s 2025 CEO Transitions Report, which tracks leadership changes across the S&P 1500. Some 168 new CEOs were appointed in 2025, the highest total since 2010. The defining shift was who got the job. Among incoming CEOs, 84% were serving in their first enterprise CEO role, reversing a multi-year tilt toward leader ...