Market Overview - Stock markets started December on a negative note, with the Nasdaq Composite down 0.38%, Dow Jones Industrial Average down 0.90%, and S&P 500 down 0.53% after initially larger gains [1] - The Dow experienced a daily percentage change of -0.74%, losing 352 points, while the S&P 500 and Nasdaq saw declines of -0.45% and -0.36%, respectively [2] Top Stock Gainers - Bausch Health (BHC) saw a significant increase of 11.02% after announcing the acquisition of Wuhan Shibo Zhenmei Technology, which is expected to enhance its distribution capabilities in the Chinese market [3][4] - Ashland (ASH) also gained 10.76% following news of Standard Investments acquiring a nearly 6% stake, indicating potential investor activism aimed at boosting shareholder value [4][5] Top Stock Losers - NuScale Power (SMR) was a notable loser, down 9.45%, as investors remain uncertain about the future of nuclear power amidst rising electricity demand from AI data centers [7][8] - Bitmine Immersion Technologies (BMNR) dropped 12.62% due to a significant decline in Ethereum's value, raising concerns about the sustainability of the cryptocurrency market and its impact on crypto treasury companies [9][10]

Core Insights - CEO turnover is increasing and has become a significant characteristic of modern corporate life, exemplified by Walmart CEO Doug McMillon's recent retirement after over a decade [1] Group 1: Reasons for CEO Churn - Aging of the old guard into retirement is contributing to the increase in CEO turnover [2] - Investor activism is leading to more resignations and firings among CEOs [2] - "Disruption fatigue" is affecting corporate operations, exacerbated by the pandemic, geographical dispersion of teams, and a volatile political landscape [2] Group 2: Corporate Board Responses - Corporate boards are focusing on maximizing stability and enhancing succession planning amid uncertainty [3] - There is a growing recognition among boards of the need for proactive CEO succession planning [3] Group 3: Data on CEO Departures - In Q3 2025, 174 global CEOs stepped down, with 50 departures from the S&P 500, an increase from 45 in the previous quarter [4] - The internal succession rate among S&P 500 companies has dropped to 69%, a decrease of 10 percentage points from the previous year [4] Group 4: Trends in CEO Appointments - 88% of incoming CEOs globally are first-timers, while S&P 500 companies tend to appoint more experienced CEOs [5] - Boards are increasingly involved in succession planning due to past failures, leading to a shift from periodic to continuous succession planning practices [5] Group 5: Consequences of Poor Succession Planning - A poor succession plan can lead to significant damage across corporate culture, finances, and strategy, turning a necessary transition into a crisis [6]