Across corporate global markets, from Fortune 500 giants to media and broadcast companies. A noteworthy shift is underway within some of the large organizations many of us know well. This wave represents a sizeable number of retirements among top executives. CEOs, COOs, and other senior leaders are stepping down in record numbers. Rather than slowing, the trend seems to have gained momentum as we head into 2026.
As a former researcher, I was interested in examining the data which points to higher-than-normal turnover in 2025 and outpacing prior years. It is also worth noting that average tenure for these positions is shrinking.
Russell Reynolds Associates is a highly respected global management firm specializing in executive searches and succession planning. They reported that globally, 234 CEOs left their roles last year. That figure is up 16% from 2024 and well above the eight-year average.
Meanwhile, average CEO tenure has dropped from 7.7 years in 2024 to around 6.8 years just one year later. The uptick in exits is not limited to CEOs. COOs, CFOs, and other executives are departing at faster rates, with data showing CFO turnover at a six-year high.
Notable larger global company executive departures include Doug McMillon. He served as Walmart CEO will be stepping down before the end of February after leading Walmart for over a decade. Brian C. Cornell was the Target Corporation’s CEO who exited effective February 1, 2026, transitioning to the board’s executive chairman.
Billy Gifford is Altria Group’s (parent company of Philip Morris) CFO. He is also retiring this year, along with John Murray who serves as Sonesta International Hotels Corporation’s CEO. His plan is to retire at the end of March 2026.
We have also seen this trend at both top-level and mid-management positions within our own industry.
President & CEO of RCS Worldwide Philippe Generali recently announced his retirement, slated for February after nearly 30 years. Also Mark Contreras, CEO of Connecticut Public, is set to retire later this year after seven years leading NPR and PBS affiliate networks.
David McGowan, President & CEO of WJCT Public Media, also retires this year along with President & CEO of RTDNA (Radio Television Digital News Association) Dan Shelley who retired on New Years Day.
Hartley Adkins, a long-time, beloved fixture at iHeartMedia, departs this year following David Field – who, of course, left as CEO of Audacy last year. The company his dad, Joe Field, created under the Entercom banner.
Many of these moves reflect broader industry pressures that continue to evolve in the digital age, while leaders also navigate audience fragmentation and ongoing revenue challenges.
So why the exodus?
The most obvious factor is demographic. Many executives have simply aged into retirement. After a long era of relatively stable leadership following the financial crisis and through the pandemic, that generation of leaders has now approached or surpassed traditional retirement age.
A large number of these CEOs are in their mid- to late-60s. For those leaders, these exits are more about planned retirement than sudden or forced departures.
As a result, boards of directors are increasingly focused on succession planning. Many companies now appear ready to make leadership transitions rather than push for extended tenures.
At the same time, the pressure of modern leadership has intensified. Leading even a small organization today is no easy task. The demands of board members and investors, workforce challenges, inflation, and lingering supply-chain issues have created severe market disruption. Add in rapid technological change, along with economic and political uncertainty, and the role becomes even more complex.
The CEO position is now intensely scrutinized, even by average consumers. Executives face relentless pressure to deliver both immediate and long-term success.
Frankly, with the golden parachutes many of these leaders have in place, it is fair to ask why they would choose to fight a perpetual battle against constant performance scrutiny rather than step away.
Of course, it is not all about retirement. As we have seen over the past few years, strategic realignment and long-term planning have become increasingly common. Boards are rethinking leadership to help navigate “digital transformation,” the mass injection of AI, and shifting business priorities.
Even in companies performing well, leadership changes are being made to better position organizations for future growth. In many cases, transitions are being used as an opportunity to refresh leadership.
Ultimately, much of this activity ties back to broader industry pressure to evolve in a digital age while managing audience fragmentation and revenue shifts.
Looking ahead, projections indicate executive turnover will remain high through 2026. Organizations are placing greater emphasis on succession readiness and leadership development. This wave of retirements is reshaping the executive landscape and pushing directors, investors, and HR teams to think more creatively about talent, policy, and the future of the workforce.
Business today is defined by rapid change and the departure of seasoned leadership. While this presents challenges, it also creates opportunity. It offers a chance to reimagine what executive leadership looks like in a world transformed by technology, markets, and significant generational change.
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Bob Lawrence writes weekly columns on radio leadership and business. He most recently served as market manager for MacDonald Broadcasting in Saginaw, Michigan. Throughout his career, Bob has held virtually every position in the business over his 40+ year career, from being on-air in Philadelphia, San Diego, and San Francisco to programming legendary stations including KHTR St. Louis, KITS Hot Hits and KIOI (K101) San Francisco to serving as the head of all programming for Saga Communications and working for the Radio Advertising Bureau. Before landing his current role, Bob helped lead Seven Mountains Media’s cluster in Parkersburg, WV/Marietta, OH. He can be reached by email at BGLawrence@me.com.
Bob also honed his research skills over ten years as Senior VP of Operations at Broadcast Architecture, eventually launching his own research company and serving as President/CEO of Pinnacle Media Worldwide for 15 years. Bob spent five years as VP of Programming for Saga Communications before joining New South Radio in Jackson, Mississippi as GM/Market Manager. Prior to joining Seven Mountains Media, Bob served as General Manager for the Radio Advertising Bureau, overseeing its “National Radio Talent System”.
Great article Bob, awesome read and very true! I’m looking forward to retirement as well.