Walmsley takes HP’s top job as the CEO revolving door turns
Nearly 30% of incoming S&P 500 CEOs over the past year had already been a chief executive, double the historical average, according to data from Russell Reynolds.
Emma Walmsley assumes the role of HP's chief executive, joining a long line of CEOs who have held the position before. Nearly a third of S&P 500 CEOs who took on the job in the past year had previously served as chief executive, double the typical rate, according to Russell Reynolds data. Industries are increasingly shifting towards experience over expertise, with Walmsley previously leading drugmaker GSK for nearly nine years prior to being appointed by HP to steer the company through a memory-chip shortage.
Walmsley will succeed Enrique Lores, who moved on to lead PayPal, with Dan Schulman now at the helm of Verizon. Similarly, Lucid brought in Silvio Napoli from elevator manufacturer Schindler. This trend, dubbed "retired-CEO-itis," is attributed to the changing nature of the role, with sector expertise no longer as crucial as skills in managing external factors such as trade tariffs, export controls, and the unpredictable U.S. political landscape.
Russell Reynolds CEO search firm executive Constantine Alexandrakis explains, "A 'been-there-done-that' executive provides boards with a sense of security, regardless of the industry."
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