Weekly Boardroom & Executive Moves: November 21, 2025

by | Nov 21, 2025

About the Weekly
Each week, Boardroom Alpha tracks the most notable executive moves across U.S. public companies—highlighting key leadership changes that may signal strategic shifts, governance challenges, or opportunities for investors. From CEO transitions to CFO appointments and board resignations, our weekly update offers a quick pulse on the evolving leadership landscape in corporate America.

This Week in the Boardroom: CEO Exits, Turnarounds, and Turbulence

This past week delivered a heavy slate of C-suite turnover, board refreshment, and governance-driven reshaping across U.S. public companies. Some of the most consequential moves occurred at companies facing shareholder losses or elevated activist pressure—reinforcing how performance and governance risks continue to drive leadership change.

One of the most notable departures came at Chart Industries (GTLS), where Jillian Evanko is resigning as CEO and Director, effective January 6, 2026. The company has posted a 20.6% 1-year TSR and holds a B- board rating, but the CEO exit paired with severance-enhancing amendments for multiple executives suggests a period of strategic transition ahead. Similarly, Airbnb (ABNB) announced the upcoming departure of longtime technology leader Aristotle Balogh, who will exit as CTO after a year in which shareholders absorbed a -17.5% TSR and the board carried a C- rating with elevated activist risk. Atkore’s appointment of Franklin Edmonds, Jr. as a new director follows a Cooperation Agreement with activist Irenic Capital, signaling continued governance pressure at a company with a -29.9% TSR and high activist risk.

Financial leadership turnover was another defining theme. Citigroup (C) announced that Gonzalo Luchetti will assume the role of CFO in March 2026, replacing Mark Mason, who shifts to Executive Vice Chair. Citi’s 46.9% 1-yr TSR and C+ rating signal recovery momentum. At the other end of the spectrum, Xerox (XRX)—with a -70.2% TSR and a D board rating—appointed Chuck Butler as CFO, a change arriving amid severe shareholder losses and high activist vulnerability. PVH Corp (PVH) also saw key CFO turnover as Zachary Coughlin departs and Melissa Stone steps in as Interim CFO, following a -24.4% TSR and high activist risk.

Board refreshment remained active across sectors. Eli Lilly (LLY) added Nobel laureate Carolyn Bertozzi as Director, reinforcing an already strong A- rated board, backed by a 39.5% TSR. Oracle (ORCL) appointed Stephen Rusckowski as Director, another move at a company with an A- rating and double-digit shareholder gains. In contrast, weaker performers like Weyerhaeuser (WY), with a -28.3% TSR and high activist risk, added Richard Beckwitt to its Board—a refresh that comes at a time of heightened governance pressure.

Leadership changes tied to strategic transactions also stood out. Constellation Energy (CEG) unveiled several senior leadership shifts aligned with its acquisition of Calpine, including naming Shane Smith as CFO. With a strong 47.7% TSR and A board rating, the company enters integration from a position of strength. Several merger-related departures and appointments were also disclosed at Informatica (INFA) and Axalta (AXTA).

Finally, turnover in accounting, controller, and operational roles was widespread—from Sun Country Airlines (SNCY) naming Christopher Mangione as Chief Accounting Officer to Vail Resorts (MTN) appointing Celeste Burgoyne as Chief Revenue Officer. These transitions reflect ongoing organizational reshaping ahead of 2026 planning cycles.

Executive Moves Summary Table

COMPANY Market Cap 1-Year
TSR		 Board
Rating		 Activist Risk Executive Moves
AIRBNB INC (ABNB) $71.0B -17.5% C- ELEVATED
  • Aristotle Balogh will depart from his role as Chief Technology Officer in December 2025, while agreeing to provide transition services until February 2026.  (view source)
ALLSTATE CORP (ALL) $54.9B 9.4% B LOW
  • Gregg M. Sherrill is retiring from the board of directors, and Richard T. Hume will become the Lead Director of the board.  (view source)
ATI INC (ATI) $13.3B 63.4% C+ LOW
  • On November 18, 2025, Kimberly A. Fields was appointed to become Board Chair effective May 14, 2026, while Robert S. Wetherbee will retire from his role as Executive Chairman and as a member of the Board.  (view source)
ATKORE INC (ATKR) $2.2B -29.9% B HIGH
  • On November 20, 2025, Atkore Inc. announced the appointment of Franklin S. Edmonds, Jr. as a new director on its Board, along with other governance changes as part of a Cooperation Agreement with Irenic Capital Management LP.  (view source)
AXALTA COATING SYSTEMS LTD (AXTA) $6.0B -26.2% C+ ELEVATED
  • Multiple leadership appointments were disclosed in relation to MergeCo, including the appointments of Mr. Poux-Guillaume, Mr. Sachdev, Mr. Villavarayan, Mr. Noteboom, and Carl Anderson to various roles.  (view source)
BANKUNITED INC (BKU) $2.9B 1.3% C+ ELEVATED
  • Leslie Lunak has stepped down as CFO and will transition to Executive Advisor until January 2, 2026, then continuing as a Special Advisor thereafter.  (view source)
BECTON DICKINSON & CO (BDX) $55.1B -13.0% C HIGH
  • On November 17, 2025, Robert L. Huffines and Jacqueline Wright were elected to the Board of Directors of Becton, Dickinson and Company, effective December 1, 2025.  (view source)
BELDEN INC (BDC) $4.2B -10.2% B- LOW
  • Adel Al-Saleh has been appointed to the Board of Directors of Belden Inc. effective November 19, 2025.  (view source)
BLACKBERRY LTD (BB) $2.5B 78.8% C LOW
  • Mattias Eriksson is stepping down from his role as President of QNX effective November 18, 2025, and will remain as an advisor until December 31, 2025.  (view source)
BROOKDALE SENIOR LIVING INC (BKD) $2.5B 100.8% B- LOW
  • On November 17, 2025, Mary Sue Patchett was appointed Executive Vice President and Chief Operating Officer at Brookdale Senior Living, effective December 1, 2025.  (view source)
CADENCE DESIGN SYSTEMS INC (CDNS) $82.5B -.6% B+ LOW
  • On November 17, 2025, Dr. Luc Van den hove was appointed as a director of Cadence Design Systems, effective January 1, 2026.  (view source)
CALIX INC (CALX) $3.7B 75.3% B+ LOW
  • On November 13, 2025, Calix, Inc. appointed John Durocher as Chief Operating Officer, effective November 16, 2025.  (view source)
CHART INDUSTRIES INC (GTLS) $9.2B 20.6% B- LOW
  • Jillian Evanko is resigning as CEO and from the Board, effective January 6, 2026, while entering into a Senior Advisor role thereafter. Three amendments to employment agreements for Herbert Hotchkiss, Gerry Vinci, and Joseph Brinkman were also made to enhance their severance terms.  (view source)
CITIGROUP INC (C) $175.9B 46.9% C+ LOW
  • Citigroup Inc. announces multiple leadership changes effective March 2026; Gonzalo Luchetti will become CFO, replacing Mark A. L. Mason who transitions to Executive Vice Chair and Senior Executive Advisor.  (view source)
COLUMBIA BANKING SYSTEM INC (COLB) $7.7B -7.7% C- HIGH
  • Lisa M. White is exiting her role as Executive Vice President, Principal Accounting Officer and Corporate Controller, while Brock Lakely is entering as Executive Vice President, Chief Accounting Officer and Corporate Controller.  (view source)
CONSTELLATION ENERGY CORP (CEG) $106.0B 47.7% A LOW
  • Constellation Energy Corporation announced several senior leadership changes effective upon the acquisition of Calpine Corporation, including Daniel Eggers transitioning to a new role, Shane Smith entering as CFO, and Kathleen Barrón transitioning to Senior Advisor.  (view source)
COREBRIDGE FINANCIAL INC (CRBG) $14.4B -6.6% B- ELEVATED
  • Christina Banthin resigned from the Board of Directors of Corebridge Financial, Inc. effective November 17, 2025.  (view source)
CORSAIR GAMING INC (CRSR) $611.7M -20.1% C- HIGH
  • On November 20, 2025, Gordon Mattingly was appointed as CFO, transitioning from Michael G. Potter, who will exit the company at the end of December 2025.  (view source)
COURSERA INC (COUR) $1.4B 13.5% C- LOW
  • On November 13, 2025, Michael Foley was appointed as the interim Chief Financial Officer and Treasurer of Coursera, Inc., effective November 17, 2025.  (view source)
CVS HEALTH CORP (CVS) $98.9B 39.5% B HIGH
  • J. David Joyner has been appointed as Chair of the Board of Directors of CVS Health Corporation while continuing as President and CEO.  (view source)
EATON CORP PLC (ETN) $131.4B -8.0% B+ LOW
  • Olivier Leonetti, the Chief Financial Officer of Eaton Corporation, is planning to leave the company on April 1, 2026.  (view source)
EDGEWISE THERAPEUTICS INC (EWTX) $2.3B -30.4% C+ ELEVATED
  • On November 19, 2025, Christopher Martin was appointed as a Class I director at Edgewise Therapeutics, Inc., with a term expiring at the 2028 annual meeting of stockholders.  (view source)
ELI LILLY & CO (LLY) $973.8B 39.5% A- LOW
  • On November 18, 2025, Carolyn R. Bertozzi, Ph.D was elected as a new Director of the Board, effective December 8, 2025.  (view source)
ENTERPRISE PRODUCTS PARTNERS LP (EPD) $68.6B 7.5% B LOW
  • Michael C. ‘Tug’ Hanley has been elected as Executive Vice President and Chief Commercial Officer, effective December 1, 2025.  (view source)
ENVIRI CORP (NVRI) $1.1B 88.0% B LOW
  • Russell Hochman has been appointed as the President and Chief Operating Officer of the Corporation while continuing as General Counsel and Chief Compliance Officer.  (view source)
EVEREST GROUP LTD (EG) $13.4B -17.7% C HIGH
  • Elias Habayeb is joining Everest Group, Ltd. as Executive Vice President and Group Chief Financial Officer on or about May 1, 2026, while Mark Kociancic is retiring from the same position but will continue as a special advisor during a transition period.  (view source)
FIRST INTERSTATE BANCSYSTEM INC (FIBK) $3.1B -2.5% C- HIGH
  • On November 14, 2025, Lorrie F. Asker transitioned to an executive advisor role, and Chris L. Shepler was appointed as the sole Chief Banking Officer at First Interstate BancSystem, Inc.  (view source)
GILEAD SCIENCES INC (GILD) $157.8B 45.3% B LOW
  • Deborah H. Telman will exit from her role as Executive Vice President, Corporate Affairs and General Counsel at Gilead Sciences, Inc. on December 5, 2025.  (view source)
HELIOS TECHNOLOGIES INC (HLIO) $1.7B 1.4% C- ELEVATED
  • On November 16, 2025, Michael Connaway exited as Executive Vice President and CFO, while Jeremy Evans entered as the new Executive Vice President and CFO.  (view source)
HEXCEL CORP (HXL) $5.7B 21.8% C- ELEVATED
  • Patrick Winterlich will exit as CFO effective November 30, 2025, and Michael C. Lenz will enter as Interim CFO effective upon Winterlich’s resignation.  (view source)
INFORMATICA INC (INFA) $7.6B -2.8% B- LOW
  • A total of 10 directors and 5 officers ceased their roles at the closing of the Merger.  (view source)
INTUIT INC (INTU) $181.1B -1.4% B ELEVATED
  • On November 18, 2025, Adena Friedman and Bill McDermott were appointed as directors of Intuit Inc., effective August 1, 2026.  (view source)
ITC HOLDINGS CORP (ITC) $7.0B 38.6% LOW
  • Linda H. Apsey is retiring as CEO and Director, Krista K. Tanner is appointed as CEO and Director, and Diane C. Bridgewater and Rowena Crosbie are appointed as Directors.  (view source)
JACOBS SOLUTIONS INC (J) $18.0B -1.8% C ELEVATED
  • On November 18, 2025, Diane Bryant was elected as a new independent director of Jacobs Solutions Inc., increasing the Board size to 11 members.  (view source)
KAISER ALUMINUM CORP (KALU) $1.5B 16.3% C+ LOW
  • On November 14, 2025, Jason D. Walsh is taking leave for health reasons, and Thomas H. Robb is appointed as Senior Vice President – Manufacturing effective November 17, 2025.  (view source)
KEYSIGHT TECHNOLOGIES INC (KEYS) $30.0B 2.5% C+ ELEVATED
  • On November 19, 2025, Keysight Technologies appointed Keith Jensen as a director and announced that Paul A. Lacouture will not stand for re-election at the 2026 annual meeting.  (view source)
MACROGENICS INC (MGNX) $97.4M -58.2% C- ELEVATED
  • Stephen Eck, M.D., Ph.D. is exiting as Chief Medical Officer effective December 31, 2025, and Frank Perabo, M.D., Ph.D. will assume interim oversight of clinical development.  (view source)
MADISON SQUARE GARDEN ENTERTAINMENT CORP (MSGE) $2.2B 32.3% B ELEVATED
  • Alexander Shvartsman was appointed as Senior Vice President, Controller & Principal Accounting Officer, effective November 24, 2025.  (view source)
MADISON SQUARE GARDEN SPORTS CORP (MSGS) $5.2B -4.7% C+ ELEVATED
  • On November 19, 2025, Alexander Shvartsman resigned as Senior Vice President, Controller & Principal Accounting Officer, with Christopher Ripp appointed to the same role effective November 24, 2025.  (view source)
MATTHEWS INTERNATIONAL CORP (MATW) $755.9M 6.6% C- ELEVATED
  • J. Michael Nauman has been elected as Chairman of the Board of Directors, succeeding Alvaro Garcia-Tunon after his term ends in 2026.  (view source)
MICROVISION INC (MVIS) $288.0M -1.0% C- HIGH
  • Anubhav Verma resigned as CFO of MicroVision, effective no later than December 31, 2025, and Stephen Hrynewich was appointed as Interim CFO effective on the same date.  (view source)
MOLSON COORS BEVERAGE CO (TAP) $8.7B -22.2% C- HIGH
  • Michelle St. Jacques, the Chief Commercial Officer, is exiting the company effective November 14, 2025.  (view source)
MOTOROLA SOLUTIONS INC (MSI) $62.0B -24.8% B+ LOW
  • Dr. Mark E. Lashier was appointed to the Board of Directors of Motorola Solutions, effective November 18, 2025.  (view source)
MSCI INC (MSCI) $41.8B -2.5% C+ ELEVATED
  • C.D. Baer Pettit is retiring and will transition out of his roles as Chief Operating Officer, President, and Board member, while Henry A. Fernandez will become the President effective March 1, 2026.  (view source)
NEKTAR THERAPEUTICS (NKTR) $1.2B 267.4% C- LOW
  • Mark A. Wilson will step down as Chief Legal Officer effective December 31, 2025, while Elizabeth Zhang will take over his responsibilities.  (view source)
NOV INC (NOV) $5.6B -8.1% C- HIGH
  • Clay C. Williams is resigning as a director and retiring as CEO, while Jose A. Bayardo is succeeding him as Chairman, President, and CEO.  (view source)
ONE GAS INC (OGS) $4.9B 11.5% B+ ELEVATED
  • John W. Gibson is retiring from the Board of Directors and his role as Chair effective May 21, 2026, and Deborah A. P. Hersman has been elected to succeed him as Chair, also effective May 21, 2026.  (view source)
ORACLE CORP (ORCL) $626.6B 11.6% A- LOW
  • On November 18, 2025, Stephen Rusckowski was elected as a director of Oracle Corporation effective immediately.  (view source)
PALO ALTO NETWORKS INC (PANW) $134.4B -5.8% B+ LOW
  • Mary Pat McCarthy is retiring from the Board of Directors effective January 23, 2026, and Mark Goodburn is appointed to the Board as a Class I director and chair of the Audit Committee on November 18, 2025.  (view source)
PAPA JOHNS INTERNATIONAL INC (PZZA) $1.3B -14.8% C- LOW
  • On November 18, 2025, Ravi Thanawala was promoted to Chief Financial Officer and President, North America, while Joe Sieve departed as Chief Restaurant and Global Development Officer.  (view source)
PEABODY ENERGY CORP (BTU) $3.5B -.6% C LOW
  • On November 19, 2025, Peabody Energy Corporation appointed Georganne Hodges and Clayton Walker as directors of the company.  (view source)
POST HOLDINGS INC (POST) $5.8B -3.0% B+ ELEVATED
  • William P. Stiritz is retiring from the Board effective December 16, 2025, and Robert V. Vitale has been appointed Chairman of the Board effective the same day.  (view source)
POWER INTEGRATIONS INC (POWI) $1.8B -48.6% C- HIGH
  • Nancy Erba is appointed as the Chief Financial Officer effective January 5, 2026, while Robert Eric Verity resigns from the Interim CFO position to return as Senior Director of Finance.  (view source)
PVH CORP (PVH) $3.5B -24.4% C HIGH
  • Zachary Coughlin, CFO, is exiting the company while Melissa Stone, Executive Vice President, is entering as the Interim CFO.  (view source)
QUANTERIX CORP (QTRX) $262.5M -46.4% C- LOW
  • On November 20, 2025, Quanterix Corporation announced the retirement of Paul Meister and David Walt, Ph.D. from the Board of Directors and appointed Garret Hampton, Ph.D. and Alan Sachs, M.D., Ph.D. as new directors.  (view source)
REXFORD INDUSTRIAL REALTY INC (REXR) $9.5B -1.4% C+ HIGH
  • Laura Clark will become CEO of Rexford Industrial Realty, effective April 1, 2026, while Michael S. Frankel and Howard Schwimmer will exit their roles as co-CEOs on March 31, 2025.  (view source)
SIRIUS XM HOLDINGS INC (SIRI) $7.0B -17.1% C- HIGH
  • Zachary J. Coughlin will join Sirius XM Holdings as Executive Vice President and CFO on January 1, 2026, while Thomas Barry will step down from his role as CFO on December 31, 2025 but will assist during a transition period.  (view source)
SPHERE ENTERTAINMENT CO (SPHR) $2.7B 77.9% B LOW
  • Christopher Winters is appointed as Senior Vice President, Controller and Principal Accounting Officer, effective November 24, 2025.  (view source)
STARBUCKS CORP (SBUX) $94.8B -13.7% C- HIGH
  • Brad Lerman will exit from his role as evp, chief legal officer effective November 14, 2025, but will remain in an advisory capacity during the transition period.  (view source)
STORE CAPITAL CORP (STOR) $9.1B 5.6% LOW
  • On November 13, 2025, Daniel Santiago resigned from the Board of Directors of STORE Capital LLC, while Thomas Shin and Luiz Paiva were appointed as new Directors effective the same day.  (view source)
SUN COUNTRY AIRLINES HOLDINGS INC (SNCY) $630.5M -19.0% C- ELEVATED
  • Christopher Mangione has been appointed as Vice President and Chief Accounting Officer of Sun Country Airlines Holdings, Inc., effective November 16, 2025, while D. Torque Zubeck transitions out of the interim role of Chief Accounting Officer on the same date.  (view source)
SUNSTONE HOTEL INVESTORS INC (SHO) $1.7B -6.7% C- ELEVATED
  • Michael Barnello was elected as a director of the Board of Sunstone Hotel Investors, Inc., effective November 15, 2025.  (view source)
SYSCO CORP (SYY) $36.3B 5.4% B- LOW
  • During Sysco Corporation’s Annual Meeting on November 14, 2025, stockholders re-elected several directors to serve until the 2026 Annual Meeting.  (view source)
THEREALREAL INC (REAL) $1.6B 195.0% C- LOW
  • Gilbert L. (Chip) Baird III resigned from the Board of Directors of The RealReal, Inc. on November 17, 2025.  (view source)
THREDUP INC (TDUP) $923.5M 452.4% C LOW
  • Kelly Bodnar Battles has been appointed to the Board as a Class II director and elected as chair of the Audit Committee, both effective December 1, 2025.  (view source)
VAIL RESORTS INC (MTN) $5.1B -18.0% C ELEVATED
  • Celeste Burgoyne has been appointed as Executive Vice President, Chief Revenue Officer (CRO) of Vail Resorts, effective January 26, 2026.  (view source)
VALVOLINE INC (VVV) $4.0B -21.5% C+ LOW
  • Mary J. Twinem and Vada O. Manager are retiring from the Board of Directors of Valvoline Inc. effective at the 2026 Annual Meeting, while Janet Wong and Chris Carr have been nominated for election to the Board.  (view source)
VEEVA SYSTEMS INC (VEEV) $44.9B 28.4% B- LOW
  • Kristine Diamond will resign as Chief Accounting Officer effective December 11, 2025, after which Brian Van Wagener will serve as principal accounting officer until a replacement is named.  (view source)
VENTAS INC (VTR) $37.5B 28.1% B LOW
  • Peter J. Bulgarelli, Executive Vice President, is retiring effective May 1, 2026, while remaining in his role until then.  (view source)
VIASAT INC (VSAT) $4.8B 339.5% C LOW
  • On November 17, 2025, Barbara Frenkel was appointed as a Class I Director of Viasat, Inc.  (view source)
WATTS WATER TECHNOLOGIES INC (WTS) $8.9B 30.0% B+ LOW
  • On November 14 and 15, 2025, Ryan Lada resigned as CFO and was replaced by Diane McClintock who was appointed as the new CFO.  (view source)
WEYERHAEUSER CO (WY) $15.5B -28.3% C HIGH
  • Richard Beckwitt has been appointed as a new director of Weyerhaeuser Company, effective November 14, 2025.  (view source)
WYNDHAM HOTELS & RESORTS INC (WH) $5.4B -25.5% B- LOW
  • On November 13, 2025, Wyndham Hotels & Resorts, Inc. appointed Alexandra A. Jung as a director on the Board of Directors, contributing to a total of nine members.  (view source)
XEROX HOLDINGS CORP (XRX) $325.2M -70.2% D HIGH
  • On November 13, 2025, Chuck Butler was appointed as CFO of Xerox Holdings Corporation, succeeding Mirlanda Gecaj, who is stepping down.  (view source)
ZYMEWORKS INC (ZYME) $1.7B 63.7% B+ LOW
  • Mr. Scott Platshon resigned from the board of directors effective November 16, 2025, and was appointed as Acting Chief Investment Officer on November 18, 2025.  (view source)

 

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