Retail, Consumer Sectors See Surge in 2025 CEO Turnover

The retail and consumer goods sectors recorded a significant increase in CEO turnover during 2025, driven by generational shifts and strategic realignments in response to a complex macroeconomic environment. In the United States, retail CEO exits reached between 41 and 43 by late 2024, a more than 100% increase compared to the previous year. Similarly, in Mexico, at least nine major firms, including Walmart de México, FEMSA, and Grupo Bimbo, replaced their top leadership during the second half of the year.

“This period of CEO turnovers may seem like a coincidence, but each movement follows its own fundamentals. In reality, in Mexico we are accustomed to very long management trajectories, and that amplifies the perception of change. In any case, change is usually healthy,” says independent analyst Marcela Muñoz to El Economista.

Internal Promotion Trends

Boards of directors continue to favor internal candidates to provide cultural alignment and institutional knowledge. About 67% of CEO appointments across the S&P 500 in 2025 came from within the organizations, although this is a decrease from 74% in 2023 and 82% in 2022.

Major US retailers Walmart and Target both selected insiders for their top roles. Walmart appointed John Furner, the company’s number two executive, to succeed Doug McMillon. Furner and McMillon both began their careers at entry levels within individual stores. At Target, Michael Fiddelke was selected to succeed Brian Cornell in 2026. Fiddelke is a company veteran who oversaw logistics and sourcing.

In Mexico, several firms followed a similar path. At FEMSA, José Antonio Fernández Garza-Lagüera was appointed as part of a long-anticipated succession plan, as previously reported by MBN. At La Comer, Héctor de la Barreda took over as CEO, while his predecessor, Santiago García, moved to the Board of Directors. Roberto Solano, Manager of Analysis, Monex, says that these internal moves strengthen the "core business" as new leaders bring visions based on experience within the same company.

The leadership changes in Mexico coincide with a period of low economic dynamism. Data from the National Association of Self-Service and Department Stores (ANTAD) shows that accumulated sales grew 3.3% between January and September 2025, down from 4.6% in the same period of 2024.

Several high-profile appointments were confirmed in the final quarter of 2025:

• El Palacio de Hierro: Éléonore de Boysson was named general director, becoming the first woman to lead the department store chain.

• Grupo Bimbo: Rafael Pamias resigned for health and personal reasons.

• Mondelez México: Carlos Veraza was appointed general director in July 2025, replacing Oriol Bonaclocha, who transitioned to CEO of Heineken Mexico.

• Alsea: The restaurant operator replaced its general director as part of a long-term succession strategy and to manage a more demanding consumer environment.

Macroeconomic and Regulatory Pressures

The new leadership teams face immediate regulatory and economic challenges. In Mexico, companies are preparing for labor reforms, including the gradual reduction of the work week from 48 to 40 hours by 2030 and significant minimum wage increases. In 2025, the minimum wage rose by 12% to MX$419.88 (US$23.48) daily in the Northern Border Zone and MX$278.80 in the rest of the country.

Retailers also face fiscal and trade pressures. Bottlers like Coca-Cola FEMSA are managing a MX$3.08 increase in the Special Tax on Production and Services (IEPS) for sugary drinks. Furthermore, department stores and supermarkets face proposed import tariffs of between 10% and 50% on products such as textiles, footwear, and electronics from countries without trade agreements with Mexico.

“With the CEO turnovers, companies will maintain a principal strategy of achieving greater savings and efficiencies to face market conditions that appear complex for the future,” says Jacobo Rodríguez, Specialist, Roga Capital.