Korn Ferry UK Retail CEO Report Finds CEO Turnover Nearly Doubled in 2025 as Boards Push for Change

London, February 5, 2026 - A new report by Korn Ferry (NYSE: KFY) finds that CEO turnover in UK retail increased sharply in 2025, with permanent CEO changes nearly doubling year-on-year amid a challenging economic backdrop.

The 2025 Korn Ferry UK Retail CEO Tracker, now in its 14th year, recorded 40 permanent CEO changes, up sharply from 22 in 2024. The report tracks leadership changes across the UK retail sector and analyzes longer-term trends shaping CEO appointments, succession, and board decision-making.

The increase in CEO turnover comes against a backdrop of rising labor costs, cyber security disruption, subdued consumer confidence, and continued pressure on margins, prompting boards to act earlier and more decisively on leadership.

Key findings from the 2025 Korn Ferry UK Retail CEO Tracker include:

• CEO turnover up: 40 permanent CEO changes were announced in 2025, nearly double the number seen the year prior, reflecting heightened board and investor pressure to improve performance.
• Record year for female CEO appointments: 14 women were appointed CEOs in 2025, representing 38% of all appointments and the highest number in the report's 14-year history. Notably, 12 of the 14 were first-time CEOs.
• Ethnic diversity remains limited: Only three ethnically diverse CEOs were appointed during the year, highlighting the lack of progress in building diverse leadership pipelines across UK retail.
• Boards favor fresh leadership, but not sector outsiders: 62% of CEOs appointed were first-time CEOs, and 63% were external hires, yet no CEOs were appointed from outside their relevant retail sub-sector, underscoring a cautious approach to risk.
• Fashion and luxury saw the greatest disruption: Half of all CEO changes occurred in fashion, luxury, and department stores, although this was down from 72% the previous year.
• Executive Chair appointments declined sharply: Only one Executive Chair appointment was made in 2025, marking a notable shift away from dual-role leadership structures.

"2025 marked a clear inflection point for UK retail leadership," said Sarah Lim, Managing Director, Consumer Board & CEO Services, Korn Ferry. "We saw earlier intervention, a greater willingness to appoint first-time CEOs, and a strong signal that transformation-not stability for its own sake-was the priority."

About this Study:

This is the 14th annual Korn Ferry UK Retail CEO Tracker. The report tracks permanent CEO appointments and departures across UK-headquartered retail businesses, analyzing leadership trends by sector, gender, tenure, background, and appointment type. The research is based on Korn Ferry's proprietary database and ongoing work with retail boards and senior leadership teams throughout 2025.

About Korn Ferry

Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business-synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That's why the world's most forward-thinking companies across every major industry turn to us-for a shared commitment to lasting impact and the bold ambition to Be More Than.

As the Official Talent & Organizational Consulting Partner of LA28, Korn Ferry is powering the nearly 5,000 people who power the Olympics Games - bringing in the right talent, building strong leaders, and shaping the structure and culture that will deliver an unforgettable experience for the world.

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