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There will be record CEO turnover this year, says top PwC boss

Jan 18, 2024 - businessinsider.com
PwC's Tim Ryan predicts a record rate of CEO turnover in the coming year due to challenges such as tech development and geopolitical tensions. He advises CEOs to foster a collaborative environment to innovate using AI and to address four key questions: their desire to do the job, their commitment to a five-year term, the board's support, and their track record to convince investors.

CEO turnover is already high, with a 51% increase in 2023, according to a report by Challenger, Gray and Christmas. CEOs are grappling with stressors such as national debt, potential cyberattacks, and Middle East conflicts. The pressure is unlikely to ease as companies are pushed to adapt in the era of AI.

Key takeaways:

  • CEO turnover is expected to reach a record high this year, according to PwC's Tim Ryan, due to challenges such as tech development and geopolitical tensions.
  • CEOs will need to manage the impact of AI on the workforce and foster a collaborative environment for innovation.
  • A record 1,710 CEOs joined the 'Great Resignation' in 2023, a 51% increase from 2022.
  • CEOs are under increasing pressure to evolve their companies in the era of AI, with top concerns including national debt, potential cyberattacks, and war in the Middle East.
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