Bloodthirsty activist investors are on track to topple more CEOs in 2025 than ever before, according to Barclays’ latest quarterly review of shareholder activism. In a sign of the heightened pressures that CEOs face, the record was only set last year, the bank notes. It adds to the emerging picture of what executive placement firm Challenger, Gray & Christmas, an authority on both layoffs and CEO hiring trends, called “the rise of the CEO gig economy” earlier this year.
Barclays data show that in 2024, a record 27 CEOs of major global companies resigned or were forced out in the wake of activist campaigns—nearly tripling the numbers from just a few years ago. That figure, already the highest on record, is expected to be eclipsed in 2025 as the focus on CEO accountability intensifies, with 25 CEOs resigning year to date after coming under activist pressure, with 20% of the departures occurring at S&P 500 companies.
‘Almost a shareholder revolt’
Jim Rossman, global head of shareholder advisory at Barclays, told Reuters that it shows a remarkable shift. “There was almost a shareholder revolt last year,” he said, noting that investors aren’t as patient as in the past for performance to improve. He likened it to an attitude of “We want the companies where we are invested to change right now.” The 191 campaigns launched year to date in 2025 are the most ever, up 19% versus the long-term average.
