- In today’s CEO Daily: Diane Brady digs into the data behind recent chief executive churn.
- The big leadership story: GM’s hefty tariff refund is only part of the story.
- The markets: Mixed globally as Wall Street awaits Magnificent 7 earnings
- Plus: All the news and watercooler chat from Fortune.
Good morning. You’re not imagining it: CEO turnover is up, and 41% of the 22 incoming CEOs in the S&P 500 this quarter had prior experience running public companies, up from 25% in Q1 last year. And the trend of hiring experienced insiders, which we recently noted in this column, is validated in Russell Reynolds’ latest Global CEO Turnover Index. The CEOs who left were also in those roles longer—11.8 years, on average, vs. 8.3 years last year—and it’s taking longer to fill those roles. Similar patterns are playing out globally. For more insight, I spoke with Russell Reynolds’ CEO Constantine Alexandrakis about the type of leader that is in demand right now:
Leaders who can hit the ground running. “One quarter does not tell a story, but there is more urgency in the air, more speed, more change, more transformation. And an experienced pair of hands at a moment like this could be more attractive,” he told me. Boards want leaders who don’t need a steep learning curve or lengthy onboarding, making insiders and experienced CEOs attractive, especially if they previously sat on the company board.
They can create the right team. “It’s not about one person. It’s about a system of people and a leadership team that comes together and drives the change. There’s a risk that boards, and the world in general, are over-indexing on the CEO as the one who is going to make all this happen. It’s the system of the leadership team and the collective within the company.”
They focus on people, not technology. “AI is not about technology. It’s about changing behavior and driving change management, which is really difficult to make happen … Sometimes, just a change is needed. Understand what needs to change in order for the transformation to succeed.”
Alexandrakis is trying to follow his own advice. In September, his term as CEO was renewed through March 2030, and he is approaching the job with a fresh perspective. As he put it: “I am being much more of an enabler of a team and a network and a collective—being the center of that group versus being the top of the pyramid. That’s my aspiration.”
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
Top leadership news
GM’s tariff refund bump
GM expects $500 million in tariff refunds from the Trump Administration, executives said on the automaker’s earnings call on Tuesday. The money GM is seeking to recoup is only a fraction of the $3.1 billion in tariff-related costs it claimed in 2025. It projects import duties will run between $2.5 billion and $3.5 billion this year.
A CEO’s AI clone
Customers Bank CEO Sam Sidhu revealed 30 minutes into a recent earnings call that an AI clone had been delivering his prepared remarks, per CNBC. The bank has gone all-in on AI, signing a multi-year contract with OpenAI to deploy AI agents across its commercial banking operations.
A contrarian jobs forecast
Apollo Chief Economist Torsten Slok published a note on Tuesday suggesting that the AI age will produce more workers in fields like consulting and financial services, not fewer, as efficiency drives demand. “When steam engines made coal more efficient, Britain didn’t burn less coal, it burned more,” Slok wrote.
The markets
S&P 500 futures are up 0.23% this morning. The last session closed down 0.49%. The STOXX Europe 600 was down 0.23% in early trading. The U.K.’s FTSE 100 was down 0.59% in early trading. Japan’s markets are closed today. China’s CSI 300 was up 1.10%. Hong Kong’s Hang Seng was up 1.68%. South Korea’s KOSPI was up 0.75%. India’s NIFTY 50 is up 1.14%. Bitcoin was steady at $77K.
Around the watercooler
Janet Yellen on her legacy as the first woman to lead the Fed, Trump’s central bank clash, and Kevin Warsh’s tightrope by Emma Hinchliffe
Tech is in turmoil—but the rest of corporate America isn’t. One Silicon Valley CEO knows why by Nick Lichtenberg
Ray Dalio says the U.S. is ‘certainly in a stagflationary period,’ and what the Fed does next could make or break the economy by Tristan Bove
OpenAI’s bad week misses the point, says tech analyst Gene Munster: ‘I think this is a true story—it is an example of over-analyzing’ by Eva Roytburg
Your job can actually kill you: More than 840,000 people die annually from health conditions linked to work stress, ILO report says by Catherina Gioino
CEO Daily is curated and edited by Joey Abrams, Claire Zillman, and Lee Clifford.
