From CNBC:

Retail industry experienced a surge in CEO turnovers last year, with 55% more changes than in 2022. COVID-19 impacted leadership shakeups due to consumer preference shifts, leading to a search for new strategies and leaders. In 2023, 52 CEO departures in retail industry, second-highest since data tracking began in 2002.

As the retail industry saw a significant shakeup in leadership last year, 57% of new retail CEOs were already working for the companies they now lead. Only 11% of incoming retail CEOs were women, compared to 28% in all industries. Retail and consumer-facing companies face more scrutiny for gender disparity at the highest levels. The average tenure for male retail CEOs was 7.7 years, while for women it was just 3.7 years, suggesting a significant disparity.

The “glass cliff” phenomenon may explain why women have shorter tenures as retail CEOs. Women and minorities are often elevated to higher positions when circumstances are difficult, setting them up for a higher likelihood of faster failure. Unconscious biases may also contribute to the lower patience for women CEOs, limiting opportunities for growth and advancement. There are systemic barriers that women face, and organizations are hesitant to groom women for CEO roles in their succession planning.



Read more: Retail CEO turnover soars, fewer women hold CEO jobs