Churn rate for FTSE 100 bosses at a five-year low

By the Editorial Team · Thursday, October 15, 2026

The turnover rate for CEOs at Britain’s largest publicly traded firms has fallen to its lowest point in five years, with only nine new appointments in 2026 compared to an annual average of 13 since 2000. This trend indicates that companies are opting for leadership continuity as a strategy to manage economic pressures and uncertainties surrounding inflation, energy prices, and artificial intelligence investments.

The turnover rate for chief executives at Britain’s largest publicly listed companies has dropped to its lowest level in five years, reflecting a preference for leadership stability amid ongoing economic and geopolitical uncertainties. According to data analyzed by AJ Bell, only nine firms within the FTSE 100 have appointed new CEOs so far in 2026, compared with an average of 13 annual changes since 2000. This is a marked decline from the 19 leadership changes recorded in 2023.

Among the notable appointments this year are Sir Dave Lewis, who took the helm at Diageo, the Guinness maker, in January; Luke Miels, who succeeded Dame Emma Walmsley as chief executive of GSK in the same month; and Meg O’Neill, who assumed leadership at BP in April. This trend toward limited CEO turnover corresponds with a broader reduction in finance chief appointments, with only 15 new CFOs named across FTSE firms compared to 25 in 2025. One such appointment included a finance chief at BT.

Dan Coatsworth, head of markets at AJ Bell, attributed the cautious approach by company boards to the complex and rapidly evolving business environment. He noted that higher oil prices are increasing cost pressures, while the strategic investment in artificial intelligence adds further uncertainty. In this context, many firms appear to favor continuity over change, viewing it as a lower-risk strategy amid the shifting landscape.

The year has also seen the departure of several long-standing executives, including Liv Garfield, who stepped down as chief executive of Severn Trent after an 11-year tenure. Garfield was the longest-serving female CEO among FTSE 100 companies at the time of her departure. James Jesic was appointed to lead the water utility in January.

While Garfield’s tenure was significant, other executives have maintained their positions for considerably longer periods. Lord Wolfson of Aspley Guise has served as chief executive of Next for 25 years, far exceeding the average tenure of FTSE 100 CEOs. George Weston has led Associated British Foods, owner of the Primark retail chain, since 2005. Additionally, Mike Norris, chief executive of Computacenter—a technology reseller that joined the FTSE 100 in June—is currently the longest-serving CEO within the index.

Overall, the data suggest that amid ongoing market and geopolitical volatility, FTSE 100 companies are prioritizing leadership stability to better navigate future challenges.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.