Over twenty retail CEOs departed in the year 2022. Here's the list of the departed executives.

The retail industry has been hit hard by a wave of CEO departures this year, with more than 20 major brands and retailers losing their top executives. According to Catherine Lepard, a partner in Heidrick & Struggles' Chicago office, this trend is a significant uptick compared to previous years.

Gap Inc., one of the most prominent retailers, has been particularly affected. The company lost two chief executives this year: Old Navy CEO Nancy Green and Sonia Syngal, who led the entire company. Under Armour also replaced CEO Patrik Frisk, who left in 2022, with interim CEO Colin Browne the same year. However, it's worth noting that there was no CEO change at Under Armour starting in 2021.

Similarly, Schleich appointed Manfred Ziegler as CEO in 2025, after Stefan De Loecker departed. De Loecker had left Beiersdorf in 2021 but didn't become Schleich CEO until January 2024, so the CEO change was outside 2022 and not immediately after the 2021 predecessor leaving.

Other companies have also seen CEO departures. The Home Depot, The RealReal, and Thinx are among the brands that have lost their CEOs this year. In retail, 14 CEO departures were tracked through July, just one fewer than the year prior.

Some of the departures occurred in the spring and summer, with seven companies announcing their CEOs were stepping down in May alone. Notable departures include Mark Tritton from Bed Bath & Beyond and Nir Patel from Belk. Tritton led the sale of multiple banners and created a slew of private labels at Bed Bath & Beyond, but the retailer slashed jobs and furloughed employees and temporarily closed stores once the pandemic hit.

The future doesn't look much brighter for retail's CEOs, as conversations at the board level have shifted to emphasize financial results instead of societal issues. This trend is evident in the case of Gap Inc., where Old Navy and Athleta, once the bright spots in the company's portfolio, aren't producing like they used to.

Companies are seeking CEOs who are modern, contemporary thinkers and can look around the corners to what's next. Lands' End has tapped American Eagle executive Andrew McLean to take over as CEO in January 2023. Adidas is conducting a search to replace current CEO Kasper Rorsted, who will step down sometime next year.

In addition to CEO departures, some companies have combined their COO and CFO roles or did not replace their exiting COO. For example, Dollar Tree axed four executives in June, including its chief strategy officer, chief operating officer, chief legal officer, and chief information officer. Lowe's has reorganized its marketing department to fit under the merchandising arm of its business, with its chief marketer exiting as a result.

It's worth noting that the pandemic has exacerbated issues in the retail industry and increased expectations in the C-suite. By the end of the third quarter, Heidrick & Struggles had already seen more CEO departures at Fortune 1000 retailers than in 2021. As of the end of July 2022, 832 CEOs have left their positions, the highest total in that timeframe since 2019.

Some of the departures are veterans at the companies they're leaving, such as Micky Onvural from Bonobos and Dollar General's Todd Vasos. Others had barely begun their tenure when they exited, such as Wish CEO Vijay Talwar.

In conclusion, the retail sector has seen a significant increase in CEO turnover this year. Companies are seeking new leadership to navigate the challenges of the industry and adapt to changing consumer demands. The pandemic has exacerbated these issues, and the C-suite is under increased pressure to deliver financial results.

Over twenty retail CEOs departed in the year 2022. Here's the list of the departed executives.