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UK retail CEO appointments dropped by 20% in 2024 to just 22, continuing a decade-long decline in leadership appointments within the sector, according to a new report by Korn Ferry.
The country also saw a halving of the number of female CEOs, with only six being appointed in retail in the last 12 months.
Additionally, only six CEO seats are presently occupied by turnaround / interim executive chairs or interim CEOs.
Sarah Lim, Korn Ferry managing director, board and CEO Services, EMEA, said: “Barring the COVID year; 2024 saw the lowest number of retail CEO appointments in a decade. This reflects the longitudinal contraction of the retail market in the UK, as more businesses have gone into distress over the last few years, with brands being acquired out of administration by larger players, or disappearing entirely.
“In addition, the drop in number of female retail CEO appointments over the last year is an unwelcome development, particularly given increasing efforts in the last few years to promote greater boardroom diversity.”
Lim added: “A fifth of all retail CEO seats are currently occupied by interim chairs or interim CEOs. These are typically businesses which have seen a material drop in performance and require seasoned and proven industry heavyweights to take action quickly to arrest the decline, and put in place fast recovery plans before taking action to recruit a long term CEO.”
