Half of top Dutch listed companies now led by foreign CEOs

AEX-listed companies are increasingly being led by foreign chief executives, with the proportion of non-Dutch CEOs rising for a second year in a row, according to research by Heidrick & Struggles. The study also found that the Netherlands' largest publicly traded firms have become more inclined to promote leaders from within their own ranks, drawing new CEOs from inside the organisation rather than hiring externally.

Foreign executives now occupy half of all CEO positions at companies listed on the AEX index, marking a continued rise after the proportion increased from 39 percent to 42 percent last year. Among the countries included in the study, only Switzerland has a higher share of foreign chief executives than the Netherlands.

"Large companies operate in an international environment where developments are unfolding at an ever-faster pace. As a result, demand is growing for leaders with a broad perspective and experience across different markets and cultures. The sharp increase in foreign CEOs fits with that trend," said Imke Lampe of Heidrick & Struggles.

Despite the rising share of foreign CEOs, large Dutch-listed companies remain European frontrunners in promoting internal candidates to top leadership roles. Over the past year, 20 percent of newly appointed AEX chief executives came from outside the company, down from 25 percent in 2024.

Because AEX companies increasingly promote internal candidates, future CEOs tend to spend much longer within the organisation before reaching the top job than their counterparts elsewhere in Europe. The average time to an appointment has climbed from 9.5 years in 2023 to almost 15 years in 2025, well above the European average of 9.2 years.

Focusing on internal candidates seems to be reducing opportunities for younger leadership talent. Just 15 percent of current AEX CEOs were appointed before the age of 45, down from 25 percent less than two years ago. This places the Netherlands among the European countries with the lowest share of relatively young chief executives, alongside Denmark, Finland, Italy, and the United Kingdom.

Female representation in top executive roles remains limited. The share of female CEOs at AEX-listed companies has remained stable at just 8 percent compared with a year earlier. Only two of the Netherlands’ largest listed companies are currently led by women: Stacey Caywood at Wolters Kluwer and Marguerite Bérard at ABN AMRO.