Women remain heavily underrepresented among the chief executives of the UK’s largest listed companies, with the number of female CEOs in the FTSE 100 unchanged from four years ago despite record leadership turnover globally.
New data shows the FTSE 100 ended 2025 with just eight women CEOs, the same figure recorded in 2021. The lack of movement comes in a year marked by unusually high CEO departures and appointments, a pattern that might have been expected to accelerate progress on gender representation at the top.
The figures come from Russell Reynolds Associates, a global leadership advisory firm that advises boards and senior executives on leadership and succession. Its latest Global CEO Turnover Report tracks CEO departures and appointments across major stock indices worldwide.
Progress on gender balance remains slow
The report found that in 2025 the FTSE 100 saw 14 CEOs leave their roles, with departure rates above the eight-year average. Yet the churn produced no net gain for women at the top. Three women were appointed to CEO roles during the year, and three left, leaving overall representation unchanged.
Looking over a longer period, the data points to limited progress. In both 2010 and 2020, only five women were leading FTSE 100 companies. Although that number has since risen, the pace of change has been gradual and uneven.
Globally, the picture is similarly constrained. Women accounted for just 9 percent of incoming CEOs worldwide in 2025, according to the report, suggesting that gender imbalance at the very top remains a persistent feature of corporate leadership.
This stands in contrast to broader efforts over the past decade to improve gender diversity on boards and in senior management. While non-executive board representation has increased in many markets, executive leadership roles have proved harder to shift.
CEO churn reaches new highs
The gender picture sits alongside a year of intense executive turnover. The report recorded 234 CEO departures globally in 2025, a 16 percent increase on the previous year and 21 percent above the eight-year average.
This elevated churn has been linked to a combination of factors, including public scrutiny of corporate performance, geopolitical uncertainty and rising expectations from investors and stakeholders.
Shorter tenures are another sign of pressure at the top. Globally, average CEO tenure fell to 7.1 years in 2025, the lowest level in eight years. Within the FTSE 100, average tenure was shorter still at 6.4 years, nearly a year and a half below its 2018 peak.
Laura Sanderson, EMEAI co-lead at Russell Reynolds Associates, said the traditional settling-in period for new leaders had narrowed.
“That grace period has been severely compressed,” she said. “Today, CEOs are expected to demonstrate momentum almost immediately, even while they are still building their teams and navigating increasingly complex external demands.”
Internal succession gains ground
One notable change in 2025 was the growing reliance on internal candidates. The FTSE 100 recorded a high share of internal CEO appointments, with nine in ten new CEOs promoted from within and all of them first-time chief executives.
A similar trend was visible in the United States, where 70 percent of new S&P 500 CEOs were internal hires and most were also first-timers. It suggests boards are placing greater emphasis on leadership pipelines and continuity.
Emma Combe, UK board and CEO practice leader at Russell Reynolds Associates, said boards were favouring well-prepared internal candidates over external hires.
“Boards are now increasingly selecting internal candidates over proven CEOs because they know they are being well prepared, developed, and set up for success,” she said.
Pipeline challenges affect diversity
The move towards internal succession has implications for gender diversity. If internal pipelines lack sufficient female representation, experts say, CEO appointments are likely to reflect that imbalance.
The report noted that women are often underrepresented in roles that traditionally feed into the chief executive position, particularly those with profit and loss responsibility. Perceptions about appetite for the top job can also play a role.
Russell Reynolds Associates argued that earlier and more structured succession planning could help widen the pool. Providing potential leaders with broader operational experience and starting succession planning several years in advance were identified as ways to build a stronger and more diverse pipeline.
Combe said development and support were critical before and after appointment. She said targeted development and a strong surrounding leadership team could improve a new CEO’s chances of success.
Broader pressure on leadership roles
The figures come as leadership roles face growing scrutiny from investors, regulators and the public. Expectations around sustainability, workforce issues, technology and geopolitical risk have all expanded the CEO brief.
This wider pressure may contribute to shorter tenures and higher turnover, but it also creates more moments of transition where boards can influence the future shape of leadership.
Even so, the data suggests that higher turnover alone does not guarantee faster progress on gender balance. Without deliberate focus on succession and development, representation at the top may continue to move slowly.
Russell Reynolds Associates’ analysis covered CEO turnover across major global indices and was based on publicly available information around departures and appointments.
