CEO turnover was high in 2012, with 15% of the world's largest public companies changing leadership. This was the highest rate since 2005 and the second highest since 2000. However, most of this turnover was planned succession rather than reactive changes, with nearly three-quarters of companies planning for the leadership transition. Companies appear to be making leadership changes more deliberately to gain competitive advantages rather than in response to crises. There were also regional differences, with emerging markets like Brazil, India and Russia seeing higher turnover than countries like China and mature economies. Performance also played a role, with lower performing companies more likely to force out CEOs and hire outsiders.