FTSE 100 CEO turnover is at its lowest in five years and is set to be at its second lowest since 2012, AJ Bell has revealed.

Analysis by the online investment platform found that just nine FTSE 100 companies have changed CEO in 2026, compared to a long-term average of 12.9 per year.

This is only marginally higher than the eight changes seen in 2021, which is the lowest level recorded based on data going back to 2000.

Babcock, Diageo, GSK, Rentokil and Severn Trent have all installed new leaders in 2026, with British Land also announcing a new CEO earlier this year, although they will not start until 2027.

Furthermore, CFO turnover has also dropped sharply from 25 changes last year to 15 so far in 2026. This includes new finance chiefs at BT, Vodafone and Diageo.

AJ Bell stated that traditionally, more CFO changes happen each year than CEOs, with 17.1 appointments on average between 2000 and 2025.

Head of markets at AJ Bell, Dan Coatsworth, said fewer changes in CEO and CFO roles may suggest that many FTSE 100 companies are seeing the benefits of stable leadership teams focused on execution.

He concluded: "While leadership changes are not always a negative, a high turnover of senior executives can sometimes signal that a company is facing challenges.

"An uncertain economic backdrop might have also contributed to a lower-than-average change in CEO and CFO in 2026. Growing cost pressures from a higher oil price and understanding how much to invest in AI services create a cloud of unknowns as companies navigate an ever-changing landscape. For some companies, it might be the wrong time to rock the boat with new leadership, so maintaining leadership continuity could be viewed as the lower-risk option.

"Activist investors often act as a catalyst for leadership change, yet the FTSE 100 currently has relatively few high-profile activist campaigns under way. The ones to watch are Bunzl and Whitbread, as their respective shareholder registers include the type of names to push for change."

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