CFO Slice

Boards are increasingly favoring experienced former chief executives when choosing new leaders, with 23% of incoming CEOs globally in the first half of 2026 having previously led a public company, the highest first-half share in nine years of tracking by Russell Reynolds Associates. Among S&P 500 companies, the proportion reached 34%, up from 22% a year earlier, reflecting the value boards place on experience, judgment, investor credibility, and leadership under pressure. However, traditional succession planning often overlooks whether executives have the physical and cognitive capacity to sustain performance through years of demanding workloads, travel, disrupted sleep, and high-stakes decision-making. With departing CEOs averaging nine years in the role in the first half of 2026, boards are encouraged to treat long-term physical and cognitive capacity as a core element of CEO readiness, alongside strategic judgment, operating experience, cultural fit, and stakeholder management.