From Boeing to Intel: CEO exits at major global companies in 2024

Several global companies, including aircraft manufacturer Boeing and struggling chipmaker Intel, have witnessed the departure of their CEO’s this year, with a handful of firms opting for seasoned executives to fill these leadership voids.

The following is a list of top-management shake-ups announced at major companies this year:

INTEL (INTC.O), PAT GELSINGER

Intel CEO Pat Gelsinger stepped down from his role on Dec. 1, less than four years after taking the helm and before completing a turnaround plan to restore Intel’s lead in making the fastest and smallest computer chips.

The company appointed CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs.

CVS HEALTH (CVS.N), KAREN LYNCH

CVS Health replaced CEO Karen Lynch with company veteran David Joyner after investors, including activist Glenview Capital, pressured the company to improve its stagnant share price. Lynch, a former exec at health insurance unit Aetna, had taken over the top role in 2021.

NIKE (NKE.N), JOHN DONAHOE

Nike appointed former senior executive Elliott Hill as CEO, to replace John Donahoe, amid efforts to revive sales and battle tough competition. Donahoe had taken the top job in 2020 and had been tasked with bolstering Nike’s online presence and driving sales through direct-to-consumer channels.

NESTLE (NESN.S), MARK SCHNEIDER

Nestle in August replaced CEO Mark Schneider, who led the company for eight years, with veteran Laurent Freixe, at a time when it is struggling to grow sales. Freixe first joined in France in 1986, going on to lead Nestle’s European business during the 2008 financial crisis.

STARBUCKS (SBUX.O), LAXMAN NARASIMHAN

The coffee giant replaced Laxman Narasimhan with Chipotle Mexican Grill (CMG.N), opens new tab head Brian Niccol as its CEO in August. Under Narasimhan’s tenure, Starbucks’ stock faltered and lost nearly one-quarter of its value.

Niccol is known for reviving the burrito chain, with sales at Chipotle doubling to about $10 billion in fiscal 2023.

BOEING (BA.N), DAVE CALHOUN

Aerospace industry veteran Kelly Ortberg was named Boeing’s new CEO in July, succeeding Dave Calhoun to turn the struggling plane-maker around. Calhoun, 66, was brought in as CEO following a pair of crashes in 2018 and 2019 that killed nearly 350 people.

Ortberg has more than 30 years of experience in the aerospace industry and had steered Rockwell Collins’ merger with United Technologies and RTX until his retirement in 2021.

HERTZ (HTZ.O), STEPHEN SCHERR

Gil West was appointed by Hertz as its CEO in April, succeeding Stephen Scherr as the rental car firm battles higher repair costs and weak demand. Scherr served in the top role for two years.

West has previously served as chief operating officer of Delta Airlines (DAL.N), opens new tab and GM’s (GM.N), opens new tab Cruise unit.