Minnesota’s executive exit trend is in line with the national increase, with 222 exits reported in January alone—the highest monthly total since tracking began in 2002.
Top-Level Turnover: Minnesota’s Executive Exit Trend
Minnesota is experiencing a significant wave of executive exits, with C-suite leaders across industries announcing their departures at a rate that mirrors national trends. In January 2025 alone, 222 U.S. CEOs stepped down—the highest monthly total since tracking began in 2002. This surge in executive turnover is reshaping the leadership landscape and prompting organizations to rethink how they prepare for and manage leadership transitions.
Notable Executive Departures in Minnesota
Several high-profile Minnesota executive exits have made headlines in 2025, signaling a broader shift in leadership across the state. Some of these announcements include:
- Second Harvest Heartland: Allison O’Toole, CEO of one of Minnesota’s largest hunger relief organizations, will depart in June 2025 after six years at the helm. COO Sarah Moberg will serve as interim CEO.
- Bremer Bank: Jeanne Crain, President and CEO, will step down in May 2025 following the bank’s acquisition by Old National Bancorp.
- Hormel Foods: Steve Lykken, former president of Jennie-O Turkey Store, resigned after 32 years. CEO Jim Snee is also planning retirement by year-end.
- Sun Country Airlines: President & CFO Dave Davis left to become CEO of Spirit Airlines. COO Gregory Mays also stepped down.
- 3M: CFO Monish Patolawala departed for ADM. CEO Mike Roman transitioned to executive chairman with William M. Brown becoming CEO.
- Hennepin Healthcare: CEO Jennifer DeCubellis resigned effective May 10, 2025.
- Bloomington City Management: City Manager Jamie Verbrugge resigned to become CEO of Catholic Charities Twin Cities.
- Children’s Minnesota: President and CEO Dr. Marc Gorelick will retire in July 2025.
- Clockwork: CEO Nancy Lyons stepped down in May 2025 after over 20 years leading the Minneapolis-based digital agency.
- NAMI Minnesota: Executive Director Sue Abderholden will retire in October 2025 after nearly 25 years.
These exits illustrate a growing trend of C-suite transitions in Minnesota, spanning industries from healthcare and finance to aviation, tech, and nonprofit leadership.
Why Are More Executives Leaving?
While the Wall Street Journal’s Your Money Matters podcast highlights factors like public scrutiny, shareholder pressure, and strategic realignment within public companies, however with most businesses being small to mid-sized and privately held organizations – they face a slightly different set of challenges.
For many of these companies, the biggest driver of turnover is generational. With 8,000 people turning 65 every day, the sheer volume of baby boomer retirements is accelerating executive exits, particularly in industries like healthcare, finance, and manufacturing. These transitions are often accompanied by business succession discussions, ownership transfers, or decisions to sell or sunset the company entirely.
Other factors include:
- Long-standing leaders stepping away without formal succession plans
- Increased desire for flexibility and lifestyle alignment post-pandemic
- Pressure to modernize leadership for future growth and digital transformation
The Baby Boomer Retirement Effect
The retirement of baby boomers is poised to significantly impact executive recruiting over the next two to three years, as a substantial portion of current senior leadership—many born between 1946 and 1964—exits the workforce. With over 30% of C-suite executives in industries like finance, healthcare, and manufacturing expected to retire by 2028, organizations face a shrinking pool of experienced candidates for top roles.
This wave of retirements will intensify competition for seasoned leaders, driving up demand for executive search firms to identify and attract high-caliber talent. Companies will need to prioritize succession planning, diversify candidate pipelines, and consider younger, less traditional candidates or external hires to fill gaps, while also addressing potential knowledge loss from retiring executives. Recruiting strategies will shift toward emphasizing adaptability, digital fluency, and alignment with evolving organizational goals.
What This Means for Organizations
These high-level exits can disrupt strategy, impact culture, and create uncertainty—especially in smaller or midsize organizations where executive leadership plays a more direct role in operations. But they also present an opportunity to:
- Reevaluate organizational goals
- Infuse fresh leadership perspectives
- Prioritize agility and innovation
- Strengthen internal pipelines and succession plans
How to Prepare for Executive Transitions
To navigate executive turnover in Minnesota and beyond, companies should proactively:
- Build succession plans: Identify internal talent ready to step into key roles
- Invest in leadership development: Equip future leaders with strategic, adaptive skills
- Communicate with transparency: Keep teams and stakeholders informed throughout transitions
- Prioritize cultural fit: Ensure new executives align with organizational values and mission
Versique’s Role in Navigating Executive Search
At Versique Executive, Professional & Interim Recruiting, we specialize in helping companies navigate executive exits with confidence. From succession planning to full executive search engagements, we partner with Minnesota businesses to ensure leadership transitions are strategic, smooth, and successful.
Versique Executive Search is a tailored, white glove service available to our clients that understands a long-term partnership will better support your business needs beyond the immediate search. By partnering with Versique Executive, Professional and Interim Recruiting and our white-glove team, Versique Executive, you’re preparing your business to be supported throughout every iteration of its evolution.
From strategic planning, mergers and acquisitions, and leadership development, to long-term strategy and succession planning, our Versique Executive Search team is comprised of a group of individuals who, combined, bring over a century of experience in both leading executive teams and conducting executive searches. We also have strong partnerships with organizations outside of our expertise to ensure your team will always have a confident, reliable, and experienced guiding hand in all of your business needs.
Let’s talk about your executive search strategy.
