New research suggests that companies in the S&P 500 are once again prioritizing adding sitting and former CEOs as board members to help navigate the uncertainty of today’s global economic environment.
Spencer Stuart’s 2026 New Director Snapshot reveals that more than one in three new directors (37 percent) are CEOs—the highest share since 2012 when 42 percent of new directors had CEO experience. In fact, according to the report, “S&P 500 boards appointed fewer directors this year, but more of these new directors have proven executive leadership experience.”
This focus on adding CEO experience and leadership capabilities comes as S&P 500 boards are appointing fewer new members than they have in a decade. In fact, the research also shows that board departures outpaced appointments by 15 percent in 2026, marking the first time in years that boards shrank faster than they replenished themselves. (In 2026, the S&P 500 added 364 new directors, while 377 directors departed.) Together these trends seem to suggest that corporate boards are becoming more serious about improving the quality of the corporate directors who serve without regard to the number of members who sit on the board.
What could this emerging dynamic mean for corporate directors going forward? Corporate board members might want to consider the following:
Explore opportunities to become the CEO of a small cap company. With CEO experience so coveted, corporate directors who have never been a CEO should consider whether serving as a chief executive is within their abilities. Although CEO positions are limited in number, it can’t hurt extremely talented and ambitious board members to find out exactly what it might take to be considered for the role. Cultivate relationships with other directors who have served as CEOs to determine how they were appointed, and the type of skills and character traits needed to succeed in the role. It may be a great learning experience to leave a board position to serve as CEO of a small cap company for a while.
Strive to form a strong personal bond and working relationship with the current CEO and management team. Working closely with the current CEO on critical issues facing the company will provide a greater understanding of what a CEO deals with on a day-to-day basis. Establishing a good working relationship with the entire management team can provide real experience where board members can showcase leadership skills that can put them in position for possible succession if an emergency situation arises or the current CEO steps down.
Directors with CEO experience might want to limit the number of boards they sit on. Corporate board members with CEO experience may be invited to join additional boards. While this might be a great opportunity, directors should be careful not to over-board themselves. Most companies are seeking directors with CEO experience because the challenges they face are extremely complex. The responsibilities that board members deal with are expanding. Directors with CEO experience are expected to be expert at managing complex business operations, developing corporate strategy, and executing long-term plans. These directors may be leaned on to evaluate and advise management on performance, budgeting and leadership succession. That is a lot of responsibility to hold on multiple boards.
