FTSE 100 boards hold on to chief executives as the Middle East conflict unsettles markets
FTSE 100 boards made nine chief executive changes so far in 2026, against a typical 13 a year since 2000, AJ Bell data show. City AM reported that few firms have faced pressure to make changes at the top.
The Board Room · Leadership desk
FTSE 100 boards have made 9 chief executive changes since January 2026, against a typical 13 a year since 2000. Finance director changes number 15 so far in 2026, down from 25 last year.
| Figure | Value | Note | Claim |
|---|---|---|---|
| FTSE 100 chief executive changes, since January 2026 | 9 changes | 1 | |
| Typical a year, since 2000 | 13 CEO changes | 2 | |
| FTSE 100 finance director changes, so far in 2026 | 15 changes | Fell from 25 changes last year | 4 |
What happened
- Babcock, Diageo, GSK and Rentokil have replaced their chief executives, and British Land has announced a new one who starts in 2027.
- AJ Bell data show executive churn on track to finish the year at the second lowest level seen since 2012.
- The report credits the decline to a desire "not to rock the boat" amid market volatility caused by the conflict in the Middle East.
- Earlier this year Browning West called on Domino's to return more capital, and Lauro pressed Greggs to cut costs to avoid a takeover bid.
Why it matters
- cost Keeping a chief executive avoids a strategy reset that City AM says covers portfolio restructuring, supply chain overhauls and a headcount review. City AM says many firms cannot afford that work after the energy-market shocks.
- exposure Chief executives whose shareholder returns trail the index are the ones this pause protects least, because that record is an activist's opening argument.
- decision In our view, deferring a succession sets the date of the reset for later, and an activist with a board seat can move that date forward.
The nine-against-13 comparison sets a count that runs from January beside a full-year average [1][2]. The gap is four changes [12]. Counts this small move easily, and four more changes would put 2026 on the long-run average [12]. The finance director series has the same shape: 15 changes so far against 25 last year is ten fewer, a fall of 40 per cent [13].
The explanation for the pause comes from commentary. AJ Bell's figures count changes, and the report does not quote a board saying it put off a succession because of the conflict [3]. Dan Coatsworth, head of markets at AJ Bell, was careful about scope. For some companies, he said, "continuity may be viewed as the lower-risk option" [16].
Lower-risk is a judgement about this year's reset cost. The record of the retained chief executive keeps accruing in the meantime. At Bunzl, Frank van Zanten has been chief executive since April 2016 [8]. Under him, shareholders have had a 61 per cent total return, against 146 per cent from the FTSE 100, a gap of 85 percentage points [9][14]. At Whitbread, shareholders have lost 6.6 per cent of their investment since Dominic Paul took over in 2023, dividends included [10].
Corvex, an activist shareholder, recently called for one of its representatives to join the board, City AM reported in its passage on Whitbread [11]. Coatsworth said Bunzl and Whitbread "have encountered their fair share of challenges of late, meaning disgruntled investors might welcome an activist shake-up" [18].
What to watch
- Whether Corvex wins a board representative at Whitbread.
- Whether the year-end count finishes as AJ Bell projects, at the second lowest since 2012.
- Whether Bunzl, which Coatsworth places among the groups most pressed by activists, draws a public campaign.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+15
- Incentives
- Insufficient
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Nine FTSE 100 chief executive changes have occurred since January 2026.
- [2]
The typical average is 13 FTSE 100 chief executive changes a year since 2000.
- [3]
According to AJ Bell data, executive churn this year is on track to fall to the second lowest level seen since 2012.
- [4]
FTSE 100 finance director turnover fell from 25 changes last year to 15 so far in 2026.
- [5]
Babcock, Diageo, GSK and Rentokil are among the firms that replaced their chief executive, and British Land has announced a new chief executive who will start in 2027.
- [6]
Earlier this year Domino's faced calls from activist investor Browning West to return more capital to shareholders, and Greggs faced pressure from Singapore-based Lauro asset management to cut costs to avoid a takeover bid.
- [7]
Despite activist pushes to change company dealings, few FTSE 100 firms have faced pressure to make changes at the top.
- [8]
Bunzl chief executive Frank van Zanten has been in the role since April 2016.
- [9]
Under van Zanten, Bunzl has brought in a 61 per cent total return for shareholders, less than half the 146 per cent from the FTSE 100.
- [10]
Shareholders in Whitbread have lost 6.6 per cent of their investment, even after accounting for dividends, since Dominic Paul took over in 2023.
- [11]
City AM reported, in its passage on Whitbread, that activist shareholder Corvex recently called for one of its representatives to join the board.
- [12]
Nine changes so far is four fewer than the typical 13 a year.
- [13]
Finance director changes are ten fewer than last year, a fall of 40 per cent.
- [14]
Bunzl's 61 per cent total return trails the FTSE 100's 146 per cent by 85 percentage points.
- [15]
City AM reported that the fall in turnover has been credited to a desire "not to rock the boat" amid widespread market volatility caused by the conflict in the Middle East.
- [16]
Dan Coatsworth, head of markets at AJ Bell, said: "For some companies, it might be the wrong time to rock the boat with new leadership, maintaining...continuity may be viewed as the lower-risk option."
- [17]
City AM reported that cost pressures from energy market shocks have left firms unable to justify leadership overhauls, because replacing executives triggers lengthy strategy resets, including portfolio restructuring, supply chain overhauls and assessing headcount, which many firms cannot afford.
- [18]
Coatsworth said: "Activists typically push for new management... Bunzl and Whitbread have encountered their fair share of challenges of late, meaning disgruntled investors might welcome an activist shake-up."
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Sources
1 independent publisher whose own reporting we read for this story.
- cityam.comFTSE 100 chief executive turnover sinks to five year low
1 article · October 13, 2026
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