The rate of chief executive officer (CEO) turnover at publicly traded U.S. companies has reached a record high, marking one of the largest waves of new leaders taking over major corporations in years. These new CEOs are younger and have less experience than their predecessors.

A recent analysis revealed that approximately one in nine of the largest 1,500 publicly listed companies in the U.S. replaced their CEO last year. This represents the highest turnover rate since at least 2010, following the financial crisis.

The pace of leadership changes shows no signs of slowing. In January and early February of this year, dozens of companies appointed new CEOs, including Walmart, Procter & Gamble, and Lululemon Athletica. On a single day in early February, Disney, PayPal, and HP all announced new CEO appointments. Last week, Kroger named a former Walmart executive to lead the grocery chain.

The result is a large-scale experiment in leadership as companies today grapple with the rapid rise of artificial intelligence, the breakdown of long-standing trade practices, and an unstable economic and geopolitical landscape.

"We are in a new environment where those who plan to follow the old playbook may not be the right fit," said James Citrin, global head of the CEO practice at executive search firm Spencer Stuart, which produced the report. "If a CEO fails to deliver on both internal operational performance and investor relations, boards have even less patience than before."

Spencer Stuart found that the new generation of CEOs is younger and less experienced than previous cohorts. The average age of newly appointed CEOs is 54, compared to nearly 56 for those appointed last year.

Among the 168 new CEOs appointed last year, more than 80% were first-time CEOs with no prior experience leading a public company or other large independent organization. Two-thirds of them had never previously served on a corporate board.