• Average age of Fortune 500 CEO (2023): 57.7 years¹
• Youngest Fortune 500 CEO (2024): Susan Li (39)²
• Average tenure of a CEO (2023): 4.8 years³
• Annual base salary of a CEO (2024): $882,888 on average⁴
• CEOs appointed in 2024: 156⁵
• Percentage of CEOs who are internal hires: 67% in Q3 2024⁶

2024 has been a year of major CEO shake-ups at some of the world’s biggest companies, with new faces at the helm of iconic brands like Nike, Starbucks, Estée Lauder, and The Walt Disney Company. These are companies that may be considered so ingrained in our culture that they can shape how we live, work, and play.

When a new CEO is hired, the trickle-down effect can have an impact on everything from stock prices and company culture to strategic direction and workplace trends. It can also offer a glimpse of what’s to come, as companies move into the modern work era.

Who went where? 

September and October were big months for C-suite changes. In September, Nike filled its CEO position by bringing back Elliott Hill, who began at the company as an intern in 1988 and had retired in 2020.⁷ Starbucks’ new CEO, Brian Niccol, took over in September after turning around Chipotle Mexican Grill.⁸ Estée Lauder announced in October that it was promoting Stéphane de La Faverie to CEO.⁹ In late October, Peloton said it was hiring Peter Stern from Ford as its new CEO.¹⁰

At Disney, the search is on for CEO Bob Iger’s successor, which the board is expected to announce in early 2026. In the meantime, Disney said in October that James Gorman will be the company’s next chairman.¹¹

In other notable appointments, also in October, CVS Health appointed David Joyner¹² as CEO. In August, Boeing brought on Kelly Ortberg as its new CEO,¹³ and Red Lobster brought in Damola Adamolekun to buoy the seafood restaurant chain. Adamolekun, 35, is the youngest CEO in Red Lobster’s history. At age 30, he was CEO of P.F. Chang’s.¹⁴

Surprisingly, only 3 in 10 Americans say they want a job in the C-suite, with Millennials showing the highest interest (39%), according to Empower research. Money matters more than being a boss to 67% of people, because they believe that a higher salary leads to financial happiness. This comes at a time when unemployment rates are stable at 4.1%, as of October 2024, and when employment is trending up in health care and government, according to the U.S. Bureau of Labor Statistics. The average hourly earnings for private, nonfarm employees rose 0.4% in October, to $35.46, and have increased 4% in the past year.¹⁵

Read more: Billionaire bosses are wealthier than ever

How the stock market responds 

Whenever a company announces a new CEO, the stock market usually reacts. Stock prices can briefly spike or take a dip. It depends on whether investors think the new CEO will be a rockstar or a dud.

At Starbucks, the stock surged 24% the day its new CEO was announced.¹⁶ Similarly, at Nike, the stock price went up 8% when Hill’s return made the news.¹⁷ Peloton saw an increase of 28% when it named a new CEO.¹⁸

The long-term impact on stock price can depends on several factors, including the CEO’s track record, the company’s current financial performance, and the broader economic climate. When CEO appointments are tied to restructuring, as with Boeing, stock prices can remain volatile due to potential disruptions in operations.

The larger workplace narrative 

These CEO shakeups aren't isolated events. They're a reflection of the massive shifts happening in the workplace. The world is changing faster than ever, and many companies are scrambling to keep up. They may need leaders who can navigate uncertainty, make bold decisions, and inspire their teams to conquer new challenges.

For some, there is a focus on modernizing workplace culture, particularly during a time of hybrid work and AI initiatives. Any new CEO may be evaluated not only for their financial strategies, but also their approach to employee engagement and transformation.

Niccol focused on creating a positive corporate culture at Chipotle, and he indicated he will support the same at Starbucks.¹⁹ Nike’s new CEO is expected to reinforce a flexible, yet performance-driven workplace. This pivot may help in a competitive market.²⁰

These appointments reflect a trend of how some CEOs are being held accountable for nurturing a culture that appeals to the modern workforce, where flexibility is no longer a perk but an expectation. It’s important to note that Empower data shows 24% of Americans stress about working for an incompetent manager, and 26% worry about incompetent colleagues, increasing the need for anew leader to be at the top of their game. 

Read more: Can money buy happiness?

Trends to watch for 2025 

These CEO moves will have an impact in the coming year, showing how certain trends could impact companies around the world.

Consumer-centric strategies: New CEOs, particularly those in retail, look to be steering their companies toward consumer-focused strategies. Estée Lauder, Nike, and Disney are using targeted branding and digital platforms to better understand and engage their customers, such as with Estée Lauder’s opening of a U.S. Amazon premium beauty store.²¹

Increased focus on operational efficiency: Starbucks²², Disney²³, and Nike²⁴ are all hinting at plans to streamline operations. The motivation seems clear – cost efficiency can help companies manage inflation and rising operational costs.

Balancing innovation and tradition: Estée Lauder and Disney are both companies that look to honor brand heritage while also adopting new technologies to stay relevant. Analysts predict that Disney’s challenge will be to maintain its iconic status while competing in the fast-evolving streaming market.²⁵

Read more: There's less gig work than before

The bottom line 

The new CEOs appointed in 2024 show a new era in leadership, created from digital transformation and evolving consumer demands. CEOs are expected to deliver results quickly, not just for shareholders but employees and customers, too. Every time a new CEO is hired, it may not be just a job change at the top, but a statement about where the company is headed.