My hunch: Lots of fashionably woke CEOs run their company into the ground (or nearly so) and are forced to “move on”.
Certainly, but I think these boards are hiring incompetent CEOs because they're not getting other takers for the position.
I worked for one multi-billion dollar international company that spent more than a year in their CEO search only to settle for someone from two or three tiers below their previous CEO. It was a combination of industry and specific company that kept talent away. It didn't go well and the company eventually closed its doors.
I've also witnessed where an interim CEO was in place for about 18 months and retired out when the board finally made them an offer for the regular position.
Their current CEO of Starbucks coffee is commuting by corporate jet from Newport Beach California to Seattle. Such a remote trend is increasing as talented individuals have more options.