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There hasn’t been such a big crop of new leaders running Corporate America in at least 15 years, and they have their hands full

Record CEO turnover at U.S. public companies has put the biggest class of incoming chief executives in years at the helm of massive enterprises—and the newcomers are younger and less experienced than before.

About one CEO in nine was replaced last year across 1,500 of the biggest publicly traded companies, a new analysis finds. That is the highest rate since at least 2010, when the U.S. was emerging from the financial crisis.

The pace doesn’t appear to be slowing. Dozens more companies brought in new CEOs in January or early February, including Walmart, Procter & Gamble and Lululemon Athletica. On a single day in early February, Disney, PayPal and HP announced new CEOs, and last week Kroger named a former Walmart executive to head the grocer.

The result is a grand experiment in leadership as companies grapple with the swift rise of artificial intelligence, the unraveling of long-established trade practices and an unsettled economy and geopolitical order.

“We’re in a new environment, and someone who’s going to replay the playbooks of the past is not necessarily right,” said James Citrin, head of the global CEO practice at executive-recruiting firm Spencer Stuart, which produced the report. “If the CEO doesn’t get momentum both internally with operating performance and also with investors, then boards are more impatient even than they were.”

Many of the issues they face are a departure from conventional business challenges. Target CEO Michael Fiddelke took over at Target from 11-year veteran Brian Cornell this month. But he found himself posting a video message to employees days before, addressing federal immigration actions in the company’s hometown, Minneapolis. “This isn’t the first message I imagined I’d send,” he said.

In the last quarter of 2025 alone, companies with a combined market capitalization of $1.3 trillion appointed or lost chiefs, including Verizon Communications and Yum Brands, the parent of fast-food chains KFC, Pizza Hut and Taco Bell. Companies adding or losing new leaders in early 2026 have a combined value of $2.2 trillion, with Walmart making up nearly half, according to a Wall Street Journal analysis of data from corporate-disclosure firm MyLogIQ.

Some changes were long in the works. Warren Buffett turned Berkshire Hathaway over to Greg Abel on Jan. 1—a succession plan Buffett raised in 2021.

Other changes were more sudden. CarMax ousted Bill Nash in November amid a slump in sales, ending his nine-year run. HP picked director Bruce Broussard as interim CEO after Enrique Lores stepped down to take the top job at PayPal next month. Biotech firm Codexis abruptly replaced its CEO of three years with its chief technical officer, Alison Moore, and cut 24% of its workforce at the same time.

Especially in retail, the crosscurrents buffeting companies since the pandemic demand different approaches, said Adolfo Villagomez, who took the helm of 1-800-Flowers.com from its founder in May.

“It’s a very different skill profile when you have growth as a tailwind versus when you have a lot of headwinds and you need to reinvent the company,” said Villagomez, who previously ran a residential rental company and held executive positions at Home Depot. “That’s why you see a lot of change.”

There are signs this is more than the normal ebb and flow of executive reshuffling. Recent high-profile departures include long-tenured executives—including Walmart’s Doug McMillon after more than a decade and Buffett after six decades. But incumbent CEOs are generally stepping down sooner than they traditionally have.

Meanwhile, incoming chiefs are younger and less experienced than previous crops of new leaders, Spencer Stuart found. Incoming CEOs averaged 54 years old, compared with nearly 56 for last year’s appointees.

More than 80% of last year’s 168 incoming CEOs were first-timers, with no prior experience running public companies or other major stand-alone enterprises. Two thirds of them have never served on a corporate board before.

Some, like Raymond James’s Paul Shoukry, are younger than their predecessors were when they got the top job. The financial-services firm promoted Shoukry, 42, from CFO to CEO last February. He succeeded Paul Reilly, who was 55 when he became CEO in 2010.

Executives who haven’t run a stand-alone company aren’t necessarily untested. Josh D’Amaro, the 55-year-old Disney executive slated to take over from Bob Iger next month, has been running the company’s theme-park and cruise unit, with $36 billion in annual revenue and 185,000 employees worldwide.

“Younger makes sense to me, given the changes in the world,” said Cindie Jamison, a longtime turnaround executive who sits on boards including Darden Restaurants and International Flavors & Fragrances. “Things are shifting and changing very dramatically and permanently and you want people who’ve been in the trenches facing these decisions.”

When companies did bring in older and more experienced chiefs, it often reflected a scramble in tough circumstances. More companies chose a board member to run things day-to-day last year, usually a stopgap move that suggests succession hadn’t gone as planned, Spencer Stuart said. That includes 15% of incoming technology, media and telecom CEOs.

New female CEOs grew scarcer last year. Just 9% of new appointments went to women, down from 15% a year earlier. Overall, about 9% of CEOs in the S&P 1500 are women, including 46 in the S&P 500, Spencer Stuart said.

Financial terms of a potential deal weren’t disclosed

Hapag-Lloyd HLAG 3.88%increase; green up pointing triangle is in advanced talks over a potential acquisition of Zim Integrated Shipping Services ZIM 4.82%increase; green up pointing triangle, it said Sunday.

The German shipping company said negotiations over a deal for all shares in its Israeli competitor haven’t yet resulted in any binding deals, while the required approvals by the management board, supervisory board and corporate bodies haven’t yet been granted.

In addition, Hapag-Lloyd said any deal will require the consent of the state of Israel, additional regulatory approvals and the consent of the Zim shareholders.

Financial terms of a potential deal weren’t disclosed.

The prospect of the potential acquisition of audiovisual broadcast specialist Globecast by an investment fund is alarming the French Navy. The Navy operates a sensitive satellite transmission centre that has been located for years on the same site as the Orange subsidiary.

Orange's decision to put its subsidiary Globecast up for sale has put French defence on high alert. According to our information, the French Navy is concerned about the prospect of seeing this video stream transmission specialist fall under the control of a private investment fund. The subsidiary, headed by Philippe Bernard, has the distinction of owning a ground-based satellite telecommunications station — known as a "teleport" — located on the Sainte-Assise estate in Seine-et-Marne. This station sits near classified defence sites where the French Navy uses high-intensity antennas similar to those of Globecast, but for military purposes. The military "teleport" at Saint-Assise, called "CTM" (Centre de Transmission de la Marine), is used to establish communications — non-classified — with ballistic missile submarines (SSBNs).

Although the military's satellite equipment is not operated by Globecast, the risks of interception of military information are taken very seriously should the company fall into private hands. As revealed by L'Informé in an article on 2 February, the Orange subsidiary has attracted the interest of two investment funds: the French firm Verdoso and the German fund Dubag Group. The telecommunications company (220 employees in France) has consolidated revenues of €216 million. Its growing deficit, due to the decline of its legacy businesses such as satellite broadcasting, prompted Orange's CEO Christel Heydemann to divest Globecast.

The presence of a foreign player in the preliminary discussions around the sale is fuelling concerns, particularly if Globecast ultimately ends up with the Swiss company Eurovision Services, itself owned by the German firm Dubag.

Moreover, the Ministry of Defence's doctrine regarding "teleports" is quite strict: such equipment is considered sufficiently sensitive that it should not be placed within reach of foreign entities. Bercy has just applied this principle in the Eutelsat case. The French state intervened to prevent the French satellite operator from selling infrastructure to the Swedish fund EQT Infrastructure. Starlink's sole European competitor operates six teleports of its own, only one of which is located in France, near Rambouillet.

La perspective de la reprise éventuelle du spécialiste de la diffusion audiovisuelle Globecast par un fonds d'investissement inquiète la Marine nationale. Celle-ci dispose d'un centre sensible de transmissions par satellite installé depuis des années sur le même site que la filiale d'Orange.

La mise en vente par Orange de sa filiale Globecast met la défense française sur le qui-vive. D'après nos informations, la Marine nationale s'inquiète de la perspective de voir ce spécialiste de la transmission de flux vidéo passer sous le contrôle d'un fonds d'investissement privé. Cette filiale, dirigée par Philippe Bernard, a la particularité de posséder une station terrestre de télécommunications par satellite – appelée "téléport" – installée dans le domaine de Sainte-Assise (Seine-et-Marne). Cette station est située à proximité de terrains classés confidentiel-défense où la Marine nationale utilise des antennes de haute intensité similaires à celles de Globecast, mais à des fins militaires. Le "téléport" militaire de Saint-Assise, appelé "CTM" (centre de transmission de la Marine), sert ainsi à établir des communications – non confidentielles – avec les sous-marins lanceurs d'engins (SNLE).

Bien que les équipements satellitaires de l'armée ne soient pas opérés par Globecast, les risques d'interception d'informations à caractère militaire sont pris très au sérieux, si l'entreprise doit basculer dans les mains d'acteurs privés. Comme l'a révélé L'Informé dans un article du 2 février, la filiale d'Orange suscite l'intérêt de deux fonds d'investissement, le français Verdoso et le fonds allemand Dubag Group. La société de télécommunications (220 salariés en France) réalise un chiffre d'affaires consolidé de 216 millions d'euros. Le creusement de son déficit, en raison d'une baisse de ses business historiques, comme la diffusion par satellite, a poussé la directrice générale de l'opérateur télécoms, Christel Heydemann, à se séparer de Globecast.

La présence d'un acteur étranger dans les discussions préalables à la cession alimente les craintes, en particulier si Globecast revient in fine à l'industriel suisse Eurovision Services, lui-même propriété de l'allemand Dubag.

En outre, la doctrine du ministère de la défense en matière de "téléport" est assez stricte : cet équipement est suffisamment sensible pour ne pas être mis à portée de mains étrangères. Bercy vient d'ailleurs de l'appliquer dans le dossier Eutelsat. L'État français est monté au créneau pour empêcher l'opérateur français de satellites de vendre des infrastructures au fonds suédois EQT Infrastructure. L'unique concurrent européen de Starlink dispose de six téléports en propre, un seul étant installé en France, près de Rambouillet.

Just over a year ahead of the presidential election, the decline of French ports in the face of European competition is attracting the attention of the Rassemblement National (National Rally). Its foray into this very discreet world, on the occasion of an evaluation mission from the Palais Bourbon initiated by MP Matthias Renault, is being watched with suspicion.

While the Cour des comptes (Court of Auditors) is conducting a series of reviews of port establishments and the Élysée is putting the finishing touches on the merger of the port of Marseille with the Rhône-Saône river ports, the Rassemblement National (RN) has been taking an interest in the maritime and river transport sector for the past two months. A subject it still knows little about, but which must feed into its presidential programme with measures aimed at improving the performance of the port logistics chain.

The party chaired by Jordan Bardella is laying the groundwork through MP Matthias Renault. This former financial magistrate pushed for the creation of an evaluation mission on the competitiveness of French ports, within the restricted format of the work of the Committee for Evaluation and Control of Public Policies (CEC) of the National Assembly. The RN MP for the Somme is leading this task alongside Horizons MP for Le Havre, Agnès Firmin-Le Bodo, who was chosen to counter him politically and to defend the record of the outgoing mayor and presidential candidate Édouard Philippe. The work is centralised, carried out by the two co-rapporteurs who alone conduct all the hearings.

Neither of them are specialists in the sector — they are both discovering the issues as they go. One certainty: this "CEC" provides a good way to get a foot in the door and become known among the companies in the port chain, from major shipping lines (MSC, CMA CGM) to stevedores, through logistics firms Geodis, Ceva Logistics (a CMA CGM subsidiary), shippers and their respective professional organisations.

Launched at the end of 2025, the evaluation mission will result in the publication of a report with a series of proposals at the beginning of summer. After a visit to Le Havre on 12 January, the two MPs plan to travel to Marseille and Dunkirk, while second-tier ports such as La Rochelle, Bordeaux and Saint-Nazaire will only be the subject of a written questionnaire. A final visit is scheduled to Rotterdam, the European Union's top port with approximately 14 million containers handled annually. The status of the Port of Rotterdam Authority, a public limited company owned by the city (70%) and the Dutch state (30%), provides food for thought regarding the possibility of transferring ownership of certain second-tier French ports to local authorities.

The arrival of the far-right party in this discreet world is causing significant apprehension, both among the senior civil servants heading port establishments — represented by the Union des ports de France (UPF) — and among certain political figures. Close to Édouard Philippe, Agnès Firmin-Le Bodo is working to highlight the record of the former prime minister, who was behind the creation of Haropa Port, the Epic born from the merger of the three Seine ports: Paris, Rouen and Le Havre. A sign of the close ties between politics and the port sector: an assistant to Mayor Édouard Philippe, Antoine Loisel, leads economic, fiscal and European affairs at the Union nationale des industries de la manutention (Unim) in French ports.

Drawing on the presentation given at the hearing on 12 January by Haropa's CEO Benoît Rochet and by the deputy director in charge of the port of Le Havre, Florent Weyer, the Horizons MP considers the effects of the Haropa reform positive for the dynamism and performance of France's leading port. In her view, the management of the port of Rouen — which is nevertheless the subject of strong criticism from grain traders — is satisfactory. Enough to spare the state's oversight, exercised jointly by Bercy and the Direction générale des infrastructures de transports et de mobilités (DGITM) at the transport ministry.

However, the Court of Auditors' audit of Haropa, which will come after the damning reports on Nantes-Saint-Nazaire and Dunkirk, may contradict the assessment of the Horizons co-rapporteur. At Le Havre, traffic has stagnated at around 3.1 million containers per year and the new governance structure has created a fourth layer of management, with rising structural costs. Moreover, the promised one billion euros in investment from shipping line MSC has yet to materialise, against a backdrop of declining global container traffic.

Another sensitive point: social conditions and the granting of benefits to employees under pressure from the CGT port union are eroding the economic model and internal climate. But contrary to the camp — from Agnès Firmin-Le Bodo to senior civil servants, logistics firms and warehouse managers — that sees an opportunistic mission on the part of the RN, others see it as an opportunity to look under the hood, given that criticism of port governance remains muted, either for fear of union retaliation or fear of crossing the state.

It remains to be seen what impact the mission of Matthias Renault and Agnès Firmin-Le Bodo will have on port governance during the presidential campaign. It is unfolding as the governance of the port of Marseille is at stake, where the CGT is already promising a frosty reception for the RN. In the Méditerranée-Rhône-Saône (MeRS) river axis project, the idea is to pool the lands of the port of Marseille with those of the main river ports of the Rhône and the Saône. Following the report by Augustin de Romanet, tasked with working on the issue, Emmanuel Macron is expected to announce the chosen solution in the coming weeks, which in principle will be implemented without requiring legislation.

À un peu plus d'un an de la présidentielle, le déclin des ports français face à la concurrence européenne suscite l'intérêt du Rassemblement national. Son incursion dans ce microcosme très feutré, à l'occasion d'une mission d'évaluation du Palais Bourbon initiée par le député Matthias Renault, est observée avec méfiance.

Alors que la Cour des comptes effectue une série de contrôles sur les établissements portuaires et que l'Élysée met la dernière main au rapprochement du port de Marseille et des ports fluviaux du bassin Rhône-Saône, le Rassemblement national (RN) s'intéresse depuis deux mois au secteur du transport maritime et fluvial. Un sujet qu'il ne maîtrise encore peu, mais qui doit alimenter son programme présidentiel avec des mesures destinées à améliorer la performance de la chaîne logistique portuaire.

Le parti présidé par Jordan Bardella laboure le terrain grâce au député Matthias Renault. Cet ancien magistrat financier a poussé la création d'une mission d'évaluation de la compétitivité des ports français, dans le format restreint des travaux du Comité d'évaluation et de contrôle des politiques publiques (CEC) de l'Assemblée nationale. L'élu RN de la Somme mène cette tâche avec la députée Horizons du Havre, Agnès Firmin-Le Bodo, qui a été choisie en vue de le contrer politiquement et pour défendre le bilan du maire sortant et candidat à la présidentielle Édouard Philippe. Le travail est centralisé, effectué par les deux corapporteurs qui mènent seuls l'ensemble des auditions.

Ni l'un ni l'autre ne sont des spécialistes du secteur, ils en découvrent tous deux les enjeux. Une certitude, ce "CEC" constitue une bonne manière de mettre le pied à l'étrier et de se faire connaître auprès des entreprises de la chaîne portuaire, des grands armateurs (MSC, CMA CGM) aux manutentionnaires, en passant par les logisticiens Geodis, Ceva Logistics (filiale de CMA CGM), les chargeurs et leurs organisations professionnelles respectives.

Lancée fin 2025, la mission d'évaluation débouchera au début de l'été sur la publication d'un rapport assorti d'une série de propositions. Après un déplacement au Havre le 12 janvier, les deux députés ont prévu de se rendre à Marseille et à Dunkerque, tandis que les ports de second rang, comme La Rochelle, Bordeaux et Saint-Nazaire, feront seulement l'objet d'un questionnaire écrit. Un déplacement final est programmé à Rotterdam, premier port de l'Union européenne avec environ 14 millions de conteneurs traités annuellement. Le statut de l'Autorité portuaire de Rotterdam, société anonyme détenue par la ville (70 %) et par l'État néerlandais (30 %), constitue une source de réflexion quant à la possibilité de transférer aux collectivités la propriété de certains ports français de second rang.

L'arrivée du parti d'extrême droite dans ce milieu feutré suscite de vives appréhensions, tant chez les hauts fonctionnaires à la tête des établissements portuaires, représentés par l'Union des ports de France (UPF), que parmi certains responsables politiques. Proche d'Édouard Philippe, Agnès Firmin-Le Bodo s'emploie à valoriser le bilan de l'ancien premier ministre à l'origine de la création d'Haropa Port, l'Epic né de la fusion des trois ports de la Seine, Paris, Rouen et Le Havre. Signe des liens étroits entre la politique et le secteur portuaire, c'est d'ailleurs un adjoint du maire Édouard Philippe, Antoine Loisel, qui pilote les affaires économiques, fiscales et européennes de l'Union nationale des industries de la manutention (Unim) dans les ports français.

S'appuyant sur la présentation faite en audition le 12 janvier par le DG d'Haropa, Benoît Rochet, et par le directeur délégué chargé du port du Havre, Florent Weyer, la députée Horizons juge les effets de la réforme d'Haropa positifs sur le dynamisme et les performances du premier port français. Et à ses yeux, la gestion du port de Rouen, qui fait pourtant l'objet de vives critiques de la part des céréaliers, est satisfaisante. De quoi épargner la tutelle de l'État, exercée conjointement par Bercy et la Direction générale des infrastructures de transports et de mobilités (DGITM) au ministère des transports.

Cependant, l'audit de la Cour des comptes sur Haropa, qui tombera après les rapports accablants sur Nantes-Saint-Nazaire et Dunkerque, risque de contredire l'appréciation de la corapporteure Horizons. Au Havre, le trafic stagne autour de 3,1 millions de conteneurs par an et la nouvelle gouvernance a créé une quatrième couche de management dans le fonctionnement, avec des frais de structure à la hausse. En outre, la concrétisation du milliard d'euros d'investissement promis par l'armateur MSC se fait toujours attendre, sur fond de baisse mondiale du trafic de conteneurs.

Autre point sensible, les conditions sociales et l'attribution d'avantages aux salariés sous la pression de la CGT portuaire contribuent à dégrader le modèle économique et le climat interne. Mais contrairement au camp qui pointe une mission opportuniste de la part du RN, allant d'Agnès Firmin-Le Bodo aux hauts fonctionnaires, logisticiens et gestionnaires d'entrepôts, eux, y voient l'occasion de soulever le capot tant les critiques sur la conduite des ports restent voilées, soit par peur de rétorsions syndicales, soit par crainte de se mettre l'État à dos.

Reste à entrevoir quel sera l'impact de la mission de Matthias Renault et Agnès Firmin-Le Bodo sur la gouvernance des ports pendant la campagne présidentielle. Elle se déroule alors que la gouvernance du port de Marseille, où la CGT promet déjà d'accueillir fraîchement le RN. Dans le projet d'axe fluvial Méditerranée-Rhône-Saône (MeRS), il est question de mettre en commun les terrains du port de Marseille et ceux des principaux ports fluviaux du Rhône et de la Saône. Après le rapport d'Augustin de Romanet, chargé de plancher sur le sujet, Emmanuel Macron doit annoncer dans les semaines à venir la solution retenue, qui, en principe, sera mise en œuvre sans passer par une loi.