Being the boss of a FTSE 100 company looks unusually secure in 2026. Only 10 firms have changed chief executive, compared with a long-term annual average of nearly 13.
Strong stock market returns and an uncertain economic backdrop have reduced the appetite for change. AJ Bell analysis shows only eight CEOs changed in 2021, the lowest figure since 2000.
Lower turnover among chief executives and finance directors suggests many FTSE 100 companies value stable leadership teams focused on delivering results. Leadership changes are not always negative, but frequent departures can signal a company is facing challenges.
Babcock, Diageo, GSK, Rentokil, British Land and Severn Trent are among the companies to appoint new leaders in 2026.
Why CEO and finance director changes have fallen
FTSE 100 chief executives typically stay in the job for just over six years, according to data since 2000. Turnover may be quieter because changes were above average in each of the previous four years. Back in 2023 say, 19 CEOs took charge.
Boards normally give chief executives time to prove themselves unless serious problems arise. A new boss often changes strategy or introduces a growth plan, which can take time to deliver.
Finance directors change more often, spending an average of 3.8 years in the job, according to AJ Bell analysis. Thirty-two new finance directors took charge in 2023, nearly twice the annual average. A further 24 changes followed in 2024 and 25 in 2025. Many of these appointees will still be relatively new to the role.
Economic uncertainty may also have reduced leadership changes in 2026. Companies face rising costs from a higher oil price and difficult decisions about investment in AI. Some boards may see continuity as the lower-risk option while conditions remain uncertain.
Strong FTSE 100 returns reduce pressure for change
Weak share price performance can lead to changes in the CEO or finance director. The FTSE 100 delivered a total return of 25.8% in 2025, its fifth-best year since the index began in 1984.
The UK blue chip index has returned 9.9% so far in 2026, including dividends. This is lower than in 2025 but remains a respectable return by historical standards. Investors therefore have little reason to complain about the index’s overall performance.
19 FTSE 100 stocks have delivered a lower total return than the wider index in 2026. Rentokil, Babcock and Barratt Redrow have changed their CEOs, while Barratt and Fresnillo have appointed new finance directors.
Activist investors push for leadership changes
Activist investors can drive leadership changes, but few high-profile campaigns currently involve FTSE 100 companies.
Bunzl and Whitbread are worth watching because both have activist investors on their shareholder registers.
Bunzl chief executive Frank van Zanten has held the role since April 2016. Bunzl shares have delivered a total return of 61% during his tenure, less than half the FTSE 100’s 146% return.
Whitbread CEO Dominic Paul took charge in January 2023. Shareholders have since lost 6.6%, including dividends. Activist investor Corvex has called for one of its representatives to join the board. Whitbread recommended on 13 October 2026 that shareholders vote against the proposal.
Activist investors often demand new management, investment sales or bigger share buybacks. Bunzl and Whitbread have faced challenges, so dissatisfied shareholders may welcome pressure for change.
Dan Coatsworth: Head of Markets
Dan Coatsworth is AJ Bell's Head of Markets. Dan has been with the company since December 2012 and has more than 18 years' experience in the industry, following the markets and all things investing. He...