Press Release: DAX Executive Board Report 2025

Frankfurt am Main, September 24, 2025 

Consistency instead of fresh air: DAX-40 executive boards are getting older and increasingly (West) German again

• Odgers publishes twelfth DAX Executive Board Report analyzing the 256 DAX-40 executive profiles
• Continuity remains a key factor in appointments: industry experience, general management background, and seniority continue to be in demand
• Share of women rises from 24 percent in 2024 to 26 percent – parity still a long way off
• More diversity in top management needed in terms of gender, nationality, and education to successfully lead companies through a disruptive environment
• Transformation requires teamwork: collaboration in DAX boards is central when it comes to “Readiness for Transformation”

Does the disruptive economic environment also reflect in the appointments of DAX-40 executive boards? This is one of the questions addressed by the twelfth edition of the Odgers DAX Executive Board Report. The integrated consulting firm for Executive Search and Leadership Advisory analyzed the 256 executive board members of Germany’s 40 largest publicly listed companies.

The Odgers DAX Executive Board Report 2025 shows that continuity and experience remain decisive factors in board appointments: the average age of board members has risen to 54.6 years, compared with 53.4 years in 2022. The average CEO tenure remains around five years. An in-industry career is still the dominant path: 77 percent of all DAX board members come from the same industry in which they now serve. For the CEO role, a background in general management offers the strongest starting point, with a share of 43 percent.

“These parameters indicate that DAX companies are responding to an increasingly fast-changing world with consistency and experience, rather than experimenting,” explains Dr. Franziska Dietz, Partner in Odgers’ Leadership Advisory Practice.

At the same time, career paths are accelerating: board members are being appointed earlier in their careers. In 2025, the average time to appointment to the board within one’s own company is 10.6 years, compared to around 12.5 years ten years ago.

When it comes to diversity, the share of women on DAX boards increases from 24 percent in 2024 to 26 percent. However, parity is still a long way off. Still, there has been progress: for a long time, Belén Garijo at Merck was the only female DAX CEO. Today, she is joined by Bettina Orlopp at Commerzbank, Karin Rådström at Daimler Truck, and Helen Giza at Fresenius Medical Care – a total of four women now serve as CEOs in DAX companies.

Internationality within DAX boards, however, shows a reverse trend. After several years of growth, the share of non-German executives has fallen slightly to 34 percent. And when it comes to East-West balance, the picture remains bleak: executives with East German backgrounds are virtually absent.

Collaboration mode determines readiness for transformation

Alongside other factors, much greater diversity on boards – in terms of gender, nationality, or education – is needed to successfully drive corporate transformation. An insights article within the DAX Executive Board Report explores “Readiness for Transformation.” In it, executives such as Claudia Nemat from Deutsche Telekom, Stefan Oelrich from Bayer, and Dr. Nicola Kimm, formerly with Heidelberg Materials, share their perspectives on the decisive team factors behind successful transformation processes.

“There is no need for radical renewal in appointments,” explains Ansgar Sassen, Partner in the Leadership Advisory team. “What matters more is the mode of collaboration within DAX boards. For a successful transformation, you don’t need a boardroom full of strong individuals, but a well-aligned team that brings together its diverse strengths, that challenges and supports one another.”

Conclusion of the insights analysis: Ultimately, it is less about the individual CEO or executive’s background and more about how he or she contributes their perspective to the leadership team – not only accepting, but actively demanding other perspectives alongside their own, in the spirit of joint transformation.

Download the new Odgers DAX Executive Board Report 2025 here: DAX Executive Board Report 2025

About Odgers

Founded in 1965, Odgers today operates 59 offices worldwide, providing Executive Search and Leadership Advisory services in 33 countries. Over the course of our 60-year history, we have developed deep functional and industry-specific expertise and built a trusted global network of relationships. We combine strong local roots with a global perspective and reach, enabling us to serve clients across six continents with both comprehensive and market-specific solutions.

Odgers is partner-led in Germany and currently employs around 120 people in Frankfurt and Munich. Since opening its first German office in 1971, Odgers has offered tailor-made solutions for companies across all industries – from multinational corporations to family-owned businesses and hidden champions.

More information at odgers.com/de-de


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