Six notable CEOs who left their jobs within months

The abrupt departure of Laxman Narasimhan as chief executive of Starbucks ushered him into a group of high-profile executives who have resigned, or been ousted, after less than two years in the position.

Narasimhan assumed the CEO role at the coffee giant in March 2023 and is stepping down after roughly 16 months. The average tenure of a departing CEO in the S&P 500 is about eight years, according to data from the Conference Board and data-analytics firm Esgauge.

When CEOs have short tenures, it is typically because of pressure from a company founder or activist investors, or a realization that a new strategy is failing to take off, corporate advisers say. In some instances, like at Disney, an old boss is itching to return.

“These are often cases of failed executions of visions to turn around the company in a difficult financial situation," said Matteo Tonello, managing director of ESG research at the Conference Board. “The board realizes it’s a miss, and wants to change course before further damage is caused."

Here’s a look at some notable short-time CEOs—and the circumstances behind their departures.

Ron Johnson, J.C. Penney

CEO tenure: November 2011-April 2013

J.C. Penney hired Johnson, a longtime Apple executive seen as a retail star, with great fanfare. He vowed to rethink the troubled department-store chain, sprucing up stores, introducing new in-store boutiques and eliminating coupons to provide more consistent pricing. It didn’t work. Bargain hunters were turned off, and the strategy led to a steep drop in sales. After about 17 months, Penney’s board and some investors lost patience. The company replaced Johnson with its former CEO, Myron Ullman.

John Flannery, General Electric

CEO tenure: August 2017-October 2018

Flannery spent 30 years at GE before he was named to the top job. He was fired after 14 months. His termination came after GE’s board learned of deepening problems at its then-troubled power unit, which caused GE to warn it would miss its profit and cash-flow goals for 2018. Flannery was replaced by board member Larry Culp, the first outsider to hold the GE role. Culp split GE into three publicly traded companies focused on aviation, healthcare and energy.

Bob Chapek, Disney

CEO tenure: February 2020-November 2022

After years of succession intrigue, Disney picked Chapek, its head of parks and resorts, to replace longtime CEO Bob Iger. Chapek then faced one crisis after another, including the pandemic and pressure from activist investors. Meanwhile, Iger provided an ear for unhappy Disney executives. He returned to the top job at Disney in 2022 after Chapek was ousted, and planned to stay for two years. Months later, the board pushed Iger’s exit date to 2026.

Ed Whitacre, General Motors

CEO tenure: December 2009-September 2010

The Obama administration brought the former AT&T boss out of retirement amid GM’s federally financed bankruptcy reorganization. Whitacre initially took on the role as GM chairman, but eventually became interim CEO and assumed the role on a permanent basis. He quickly shook up GM and repaid a $6.7 billion U.S. Treasury loan ahead of schedule. But he was unwilling to commit to staying at GM much past an initial public offering, which led to the board asking him to step down so GM could present a longer-term leader to Wall Street. Whitacre was replaced by Dan Akerson.

Edward Liddy, American International Group

CEO tenure: September 2008-August 2009

Liddy came out of retirement to take over AIG during the financial crisis at the request of then-Treasury Secretary Henry Paulson. The government had stepped in to rescue the insurer, and Liddy’s tenure proved challenging. He was grilled by lawmakers for agreeing to pay millions of dollars in bonuses to AIG employees, including in the division that had contributed to the company’s near collapse. He defended the decisions, saying AIG had to honor its workers’ employment contracts. In 2009, Liddy said AIG had reached an “inflection point" and needed a CEO who was ready to commit long term. He was succeeded by Robert Benmosche. AIG fully repaid the bailout by late 2012.

Stephanie Linnartz, Under Armour

CEO tenure: February 2023-March 2024

Linnartz, a former Marriott executive, spent roughly a year in the lead job at the Baltimore-based sportswear brand. She put a loyalty program in place and brought on new executives. She was replaced by Kevin Plank, who founded Under Armour in 1996 and ran it until 2019, when he stepped aside amid complaints from employees about its workplace culture. Plank, though, had never fully left the company. He remained executive chairman and brand chief, and controlled Under Armour through supervoting shares.

Write to Chip Cutter at chip.cutter@wsj.com