FTSE 100 firms saw the highest rate of chief executive departures and appointments in the first quarter of this year among major stock market indices around the world.

The spike comes as companies grapple with the fall-out from geopolitical uncertainty, a backdrop that is making it harder for CEOs to last longer than two years in post.

Research figures also suggest female CEos find it harder to last in position against the current economic backdrop.

Research from international headhunter Russell Reynolds in its Global CEO Turnover Index shows that the FTSE 100 had six departures and eight appointments in Q1 of 2024, the “highest single quarter move” since the start of the index.

That reflected a global spike in CEO appointments in Q1—68 across 12 top indices—the highest figure again in the five-year span of the research.

Of those 68, only five were women. Russell Reynolds says that means gender parity in CEO positions could be as long as 88 years away.

According to Ty Wiggins, CEO and executive transition practice lead at Russell Reynolds, a tough market means some CEOs might struggle putting together their senior teams.

“Even the most efficient new CEOs this quarter will find themselves still trying to put together high-performing senior leadership teams well into 2025, a factor that will have an enormous impact on their ability to deliver.

“A tight senior talent market will only put further strain on this timeline, leaving businesses that haven’t developed a strong bench of internal talent in a tough spot,” he said.

“This reality will force boards to reframe their expectations of incoming CEOs’ ability to perform in the short term.”

The number of CEOs moving on in less than two years has also risen from 9.6% of the total in 2019 to 15.1% in Q1.

“This suggests that in challenging macroeconomic environments, boards are prepared to move quickly to remove underperforming CEOs,” says the Russell Reynolds report.

Sexes and severance

There seems less patience for female CEOs. They are twice as likely to fall short of the two-year mark and four times more likely to depart in less than 12 months.

Russell Reynolds says: “Boards cannot ignore their accountability for a new CEO’s success, and many are clearly not doing enough to set women candidates up to succeed.”

Ty Wiggins adds: “A failed CEO appointment can be devastating to a business. The loss of direction and momentum it creates can set business back years and cause permanent cultural and reputational damage. Boards must do better to ensure that the CEO roles offered to women are not a poisoned chalice.”

Other researchers have found similar issues for female business leaders. A survey by MSCI showed that while women might hold a quarter of boardroom positions, the number appointed to top roles of chair and CEO are only 9.1% and 6.5%.

Elsewhere, research looking at the FTSE 100 found that companies fail to promote women to the roles that most often lead to the CEO’s office.

Other research shows that CEOs are currently more anxious for their jobs. Results from an AlixPartners survey revealed that 60% worry their jobs are unsafe in the current economic environment. Chief among the potential risks to business performance are the US presidential election, US-China relations, advances in generative AI and general technological evolution.

Russell Reynolds also found that a hefty 88% of CEO appointments around the world in Q1 were first-time CEOs and had never led a listed company before. Not as high as in previous quarters—when it has been 100%—but high nevertheless.