View From The Top
Rajesh Khanna,
President,
Vantedge Search
This month’s issue reflects a pivotal shift in corporate governance: boards are no longer waiting for crises to dictate leadership change—they are actively engineering it. Whether driven by activist investors, reputational pressures, or the need for faster adaptation, boardrooms are asserting themselves as architects of continuity and credibility. What was once considered succession planning has now become a strategic lever, with leadership transitions signaling direction to markets and stakeholders as clearly as quarterly results.
For executives, this raises the bar considerably. Agility, credibility, and multi-stakeholder awareness are no longer differentiators; they are prerequisites for survival. Tenure at the top is now provisional, contingent on a leader’s ability to continually align with shifting board priorities and external expectations. At Vantedge Search, we see our mandate as helping boards and CEOs navigate this redefined equation—identifying leaders who can not only deliver results, but who can anticipate disruption, steward culture, and project trust in an environment where perception moves as fast as performance.
When the Board Leads: The Power Shift Reshaping the C-Suite
This summer, top consulting firm Accenture set the stage for change with a major overhaul of its top leadership team. In its bid to increase client-centricity, the company repositioned its C-suite around what it calls “Reinvention Services.” Manish Sharma was elevated to lead this new chapter, not out of a crisis, but as a strategic recalibration aligned with long-term market realities. Internally, it was framed as energizing. Externally, it marked a signal: Accenture’s board is not merely supporting transformation—it’s initiating it.
This tone is increasingly common. According to a Reuters article, S&P 500 CEO exits have surged to their highest annual pace since 2005, with 41 departures by mid-year. While nearly half of those exits were from companies in the bottom quartile of shareholder returns, performance was not the only factor. Consider Kenvue, where activist hedge funds — including Starboard Value and Third Point — pushed for the removal of CEO Thibaut Mongon following a 16.5% stock decline since its spinout from Johnson & Johnson. At Procter & Gamble, CEO Jon Moeller will become Executive Chairman in 2026, with Shailesh Jejurikar named as successor.
Meanwhile, Henry Schein announced its CEO will step down at year’s end, and conduct-related concerns have played a role in earlier CEO departures at Kroger and Kohl’s. The trend extends to the private sector as well: Andy Byron, CEO of tech firm Astronomer, resigned after a viral video raised reputational concerns over his conduct at a concert. In each case, boards are acting earlier, more decisively, and often under pressure not only from financial performance, but from shareholders, employees, and public perception.
The shift represents more than a change of the guard. Boards, particularly those with newer, more independent, and diverse members, are demonstrating a new level of assertiveness. Where once the CEO defined the vision and the board reviewed it, today, boardrooms are actively engineering leadership transitions to ensure alignment with rapidly shifting priorities.
In this climate, a leader’s tenure is no longer determined solely by results, but by their ability to evolve in tandem with the enterprise and its stakeholders.
For sitting executives, the implication is stark: the C-suite is a provisional contract, not a fixed destination any longer. CEOs are now expected to read signals beyond the balance sheet: employee sentiment, brand trust, political risk, technological preparedness. A slow pivot, a delayed cultural response, or a misread stakeholder cue can accelerate the board’s decision to move on. This is about pace, agility, and perceived fitness for the future.
Boards, in turn, are facing pressure to act not only from institutional shareholders, but from proxy advisors, employees, and the broader public. Their reputations are increasingly tied to the people they place in power—and how swiftly they intervene when trust is breached. The result: governance today is active stewardship, not passive oversight. Boards are no longer protecting CEOs from external pressures; they are channeling them into internal decisions.
For executive search firms, the message is clear. The profile of the “ideal candidate” has evolved. Technical pedigree and industry experience remain important, but not sufficient. What boards now demand are leaders who can lead through change, build credibility fast, and avoid costly misalignment. Search processes must surface not only proven track records but also future-facing temperament: resilient, accountable, and attuned to the multi-stakeholder dynamics that now define executive leadership. In the new board-led era, finding the right leader is a judicious mix of both fit and foresight.
For more information on Vantedge Search, please contact us. We look forward to hearing from you.
Expert's Corner –
What's Trending?
Insights from Industry Leaders on How Boards Are Reshaping the CEO Role
Leadership transitions are more about signaling strategic direction than just no longer just about succession. To understand how boards and shareholders are reshaping the CEO role, we turn to perspectives from industry leaders and governance experts who have seen these dynamics unfold firsthand.
Julie Sweet, Chair & CEO, Accenture
In her remarks during Accenture’s July 2025 earnings call, Julie Sweet painted a clear picture of the current business landscape: “In every boardroom, in every industry, our clients are not facing a single challenge. They’re facing everything at once.” From economic volatility to geopolitical instability and rapidly shifting customer behavior, the leadership environment has become profoundly multidimensional. For boards, this means performance alone is no longer the benchmark — adaptability across multiple axes has become the new standard. Accenture’s leadership reshuffle, then, wasn’t about failure. It was a proactive adjustment to complexity, a signal that boards must match leadership to the pace of disruption.
Peter da Silva Vint, Managing Partner, Jasper Street Consulting
Peter da Silva Vint offered perhaps the clearest distillation of the new CEO calculus: “Trying to fire the CEO has become a referendum on what’s perceived to be a failed company strategy.” As boards grow more empowered and shareholders more vocal, the threshold for change has shifted. CEOs are being evaluated not only on what they deliver, but on whether their leadership still aligns with the company’s evolving direction. Boards are increasingly intervening earlier — sometimes before financial performance deteriorates — when strategic misalignment is suspected. It is about signaling strategic credibility to the market, not just fixing results.
Jason Schloetzer, Professor, Georgetown University
According to Professor Jason Schloetzer, the pressure from activist investors is reshaping how boards view leadership execution. “If the guy at the top can’t [execute the plan], they’ll find the next one.” Shareholders aren’t simply investing in a five-year roadmap; they’re demanding accountability in the present. In companies like Kenvue, where activist hedge funds forced leadership change after post-IPO underperformance, boards are responding by elevating leaders who can convert strategic ambition into operational momentum. Execution, not just intention, is becoming a board-level mandate, particularly when activist investors are in the mix.
Sources:
Accenture’s Big Leadership Shakeup Ahead of AI Reorganization
The most precarious job in America’s boardrooms: CEO | Reuters
Executive Movements:
Leadership Transitions & Strategic Pivots
CEO Movements
Intel announced the departure of Michelle Johnston Holthaus, CEO of Intel Products, after more than 30 years with the company. She will remain as a strategic adviser during the transition. As part of the reshuffle, Kevork Kechichian has been appointed Executive Vice President and General Manager of the Data Center Group, Jim Johnson confirmed as Senior Vice President and General Manager of the Client Computing Group, and Srinivasan Iyengar named to lead the newly created Central Engineering Group.
Clean energy company CF Industries announced that CEO Anthony Will will retire effective January 4, 2026. EVP and COO Christopher Bohn has been named as his successor.
Equinor and Shell have named Neil McCulloch as Chief Executive Officer and Nicoletta Giadrossi as Chair of Adura, their UK offshore joint venture. The appointments position Adura as the North Sea’s largest independent producer, with a focus on operational excellence, governance, and supporting the UK’s energy transition.
Santam has named Rob Vetch as Chief Executive Officer and Chief Financial Officer of Santam Syndicate 1918, following Lloyd’s in-principle approval in July. With three decades of global re/insurance experience across the London and Lloyd’s markets, Vetch previously held senior finance roles at Hamilton Global Specialty, W/R/B Underwriting, Brit Insurance, QBE, and PwC.
Yum! Brands announced key leadership changes as Chris Turner prepares to assume the CEO role on October 1. Sean Tresvant has been named Chief Consumer Officer while continuing as Taco Bell CEO, Jim Dausch becomes Chief Digital & Technology Officer and President of Byte by Yum!, and Ranjith Roy has been appointed Chief Financial Officer.
Scott Fredericks has been promoted to President of CARFAX, while Joe Lafeir takes on the new role of President, Mobility Business Solutions. Both will report to Bill Eager as S&P Global prepares its Mobility division for a standalone future.
Volkswagen’s works council has demanded that CEO Oliver Blume relinquish his parallel role as head of Porsche, arguing he “cannot be a half-day boss.” Blume, who has led Porsche since 2015 and VW since 2022, recently admitted the dual role “is not designed for eternity” as speculation grows over Porsche succession planning.
Greenbacker Renewable Energy appointed Daniel de Boer as CEO, reinforcing its clean energy growth strategy.
Rackspace Technology appointed Gajen Kandiah as Chief Executive Officer, effective September 3, 2025. The board highlighted his leadership as key to advancing the company’s hybrid cloud and AI strategy.
Confluence Technologies has appointed Spiros Giannaros as Chief Executive Officer, effective immediately. Founder Mark Evans will transition to Executive Chairman, focusing on strategy and growth.
Dun & Bradstreet has named Stephen Tulenko as Chief Executive Officer, effective immediately. He succeeds Anthony Jabbour, who will remain as an advisor during the transition.
After its $10B takeover by Sycamore Partners, Walgreens named Mike Motz—former Staples and Shoppers Drug Mart executive—as CEO, with John Lederer stepping in as Executive Chairman. Outgoing CEO Tim Wentworth will remain on the board as the company sharpens its focus on core retail and pharmacy operations.
As part of its planned $18B acquisition of JDE Peet’s, Keurig Dr Pepper will split into two U.S.-listed companies in 2026. CFO Sudhanshu Priyadarshi will become CEO of the new global coffee business, while current CEO Tim Cofer leads beverages, marking a career-defining move from finance to the top job.
CEO Mike Matacunas will retire in October after nearly five years leading SPAR Group’s transformation, which doubled its U.S. and Canadian business and advanced digital innovation. Chief Strategy and Growth Officer William Linnane has been named President, while COO Kori Belzer will also retire and CCO Ron Lutz will shift to an advisory role.
Starmark announced a new era of leadership with Jacqui Hartnett elevated to CEO, Katy Gewartowski named President and Partner, and founder Peggy Nordeen becoming Chairman of the Board. The transition comes as the agency secures major wins, including serving as Agency of Record for Visit Florida Keys and leading FAU’s digital experience transformation.
Target has appointed COO Michael Fiddelke to succeed Brian Cornell as CEO effective Feb. 1, 2026. A 20-year company veteran who has held roles across merchandising, finance, operations, and HR, Fiddelke is credited with driving $2B in efficiencies and scaling digital and supply chain capabilities. Cornell will transition to Executive Chair of the Board.
Gainsight has promoted President and COO Chuck Ganapathi to Chief Executive Officer. He succeeds Nick Mehta, who will serve as Board Member and Special Advisor after 13 years as CEO. Ganapathi previously held leadership roles at Salesforce, Siebel, and Tact.ai.
Nubank announced that Armando Herrera has assumed the role of CEO of Nu Mexico effective Sept. 2, succeeding Iván Canales, who is on parental leave and will remain involved with the company. Herrera brings more than 15 years of financial services experience, including leadership roles at Konfío and American Express.
Associated Credit Union’s board has appointed Timothy G. Bridges as President, with plans for him to succeed C. Lin Hodges as CEO upon Hodges’ retirement in July 2026. Hodges, who has led ACU since 2008, oversaw growth to $2.2B in assets and expansion to more than 156,000 members.
CFO Movements
- Yum! Brands appointed Ranjith Roy as CFO, succeeding Chris Turner ahead of his transition to CEO.
- Dell had announced that CFO Yvonne McGill was set to resign effective September 9, 2025, with David Kennedy appointed as interim CFO.
- Greenbacker Renewable Energy appointed Carl Weatherley-White as CFO.
- Sachem Capital appointed Jeffery C. Walraven as Executive Vice President and CFO, effective September 1, 2025.
- Flexpoint Ford announced the appointment of Steve Baranowski as Chief Financial Officer, based in its Chicago office.
- Dentons US appointed Gina Santoro as Chief Financial Officer.
- Generix, the global SaaS solutions provider, announced the appointment of Laurent De Kimpe as Chief Financial Officer.
- Evolus appointed Tatjana Mitchell as Chief Financial Officer, effective September 8, 2025.
- Minesto, the ocean energy developer, appointed Alexander Jancke as Chief Financial Officer, effective October 2025.
- Sprinklr announced the appointment of Scott Millard as Chief Revenue Officer, effective September 22, 2025.
- GitLab appointed Manav Khurana as Chief Product and Marketing Officer and Manu Narayan as Chief Information Officer.
CIO/CTO Movements
- Citadel Credit Union has appointed veteran technologist Eric Skinner as its new Chief Information Officer.
- Goodwin has named Eric Tan as its Chief Digital & Technology Officer.
- Confluent has appointed Stephen Deasy as its new Chief Technology Officer.
- Thryv has welcomed SaaS leader Sean Wechter as its Chief Technology Officer.
- US ICE has named Dustin Goetz as Acting Chief Information Officer
- Southern Glazer’s Wine & Spirits has appointed Steve Bronson as Chief Information Officer
- Smolin has welcomed Don Logan as its new Chief Information Officer.
Insights: Inferring the why
Leadership changes across industries are rarely isolated events. Taken together, recent transitions point to deeper dynamics shaping how boards and organizations are navigating continuity, disruption, and succession.
- Spin-Offs and Separations Are Driving Leadership Realignment
When business units are carved out or positioned for independence, boards often reconfigure the leadership slate in parallel. Executives with deep institutional knowledge or proven financial expertise are elevated to signal stability and preparedness for market scrutiny. Spin-offs are no longer only structural transactions; they have become inflection points for leadership reset.
- Governance Pressure Is Limiting Dual Roles and Stretch Assignments
Oversight bodies are increasingly questioning concentrated leadership. Demands for clarity of focus reflect a broader shift: organizations are less willing to accept the risks of executives splitting attention across multiple mandates, no matter how experienced. The message is that governance now prizes accountability over consolidation.
- Private Capital Brings Aggressive Leadership Reorientation
Following major ownership changes, leadership reshuffles often occur swiftly. Boards backed by private investors tend to move quickly to reset direction, sharpen priorities, and install leaders with track records in execution and turnaround. Under this model, transitions are less gradual and more transactional, with leadership change serving as the first lever of transformation.
- Continuity Through Internal Promotion Is Becoming the Preferred Path
Across multiple sectors, boards are leaning on long-serving insiders or deputies to ensure seamless succession. This approach rewards enterprise knowledge, reassures employees, and reduces transition risk. In volatile environments, continuity via internal elevation is increasingly viewed as the safest route to stability.
- Broader Leadership Benches Are Emerging as Strategic Assets
Some organizations are treating succession not as a single appointment but as a wider reshaping of the executive team. Elevating multiple leaders at once distributes authority, builds resilience, and positions the company for growth anchored in collective rather than individual leadership. The distributed approach signals strength to both markets and employees.
Leadership succession has always mattered, but what is changing is the way boards are deploying it: faster, more deliberately, and more visibly. No longer treated as a backroom process, it is now used as an overt lever to reset direction, reassure stakeholders, and project readiness for the future. Succession, therefore, is an immediate force shaping strategy, not a distant event to plan for.
Executive Continuity: Decoding The Signals
CEO tenures are shortening, activist scrutiny is intensifying, and boards are exercising greater authority. In this climate, continuity is not about simply holding the corner office, but it is about continually earning the right to stay there. For leaders, the skillset for survival is operational excellence coupled with strategic adaptability.
A few imperatives stand out:
- Secure Alignment Inside and Out
Continuity depends as much on perception as on performance, and those perceptions have three fronts:
- Inside the boardroom: Boards have become activist in their own right. Every interaction is a form of “market communication,” shaping how directors interpret shareholder pressure, activist campaigns, and public criticism. Lose alignment here, and tenure becomes untenable.
- The intangible balance sheet: Boards weigh reputational equity as heavily as financial equity. Conduct, culture, and credibility are fragile assets; even a healthy business cannot protect a CEO if trust erodes. Continuity requires active stewardship of these intangibles, anticipating how actions will play in a digital age and ensuring governance guardrails are more than paper.
- External market perception: Today, perception often outpaces results. CEOs are replaced not only for poor performance but for appearing misaligned with future realities. Leaders who define their narrative clearly — setting priorities, acknowledging trade-offs, and projecting credibility — build reputational capital that boards can bank on in turbulent times.
- Build Strategic Cover Through Talent and Culture
No CEO survives alone. In an era where employee sentiment and brand trust feed into boardroom decisions, investing in cultural credibility is career insurance. Leaders who build resilient cultures – transparent communication, succession pipelines, visible investment in talent – expand their margin for error. When things misfire, boards are far less likely to pull the plug if the broader organization is visibly aligned behind the CEO. - Develop Anticipatory Intelligence
Boards are acting faster because disruption is acting faster. CEOs who rely on backward-looking metrics will always appear behind the curve. Continuity now depends on anticipatory intelligence: monitoring geopolitical risk, technological inflection points, and activist signals before they crystallize into crises. The strongest CEOs are those who can tell their boards not just what happened, but what’s likely to happen next. - Demonstrate Succession Stewardship
Counterintuitively, CEOs who build succession depth often strengthen their own position. A leader who prepares credible internal successors sends the board two messages: the company is not fragile, and the CEO is confident enough to institutionalize leadership rather than hoard it. That assurance can extend tenures, not shorten them, because boards see the CEO as a steward of continuity rather than a single point of failure.
Boards today are less tolerant of stagnation. They are replacing not only those who fail, but those who appear misaligned, reactive, or outpaced. For CEOs, continuity now rests on an evolving bargain: signal foresight, secure alignment, and show resilience across multiple fronts. The leaders who thrive will not be those who defend their position, but those who continually re-earn it.