October CEO Turnover Jumps to 108

The abrupt resignation announced by Citigroup’s CEO Vikram Pandit was one of 108 departures tracked by Challenger last month. October saw the most CEO departures since 123 were recorded in January of this year, according to the report released Wednesday by global outplacement firm Challenger, Gray & Christmas, Inc.

October CEO turnover was up 13.7 percent from the 95 CEO changes recorded in September.  Last month’s total was 18.7 percent higher than the corresponding month a year ago, when 91 CEO changes were recorded.

Overall, the pace of CEO departures is down slightly from 2011.  So far this year, 999 CEO departures have been announced, 1.3 percent fewer than the 1,013 CEO changes tracked by this point last year. 

The government/non-profit sector experienced the heaviest CEO turnover activity last month with 19 announced departures, including an announcement by the Africa-America Institute in New York, whose new CEO Ms. Amini Kajunju, a native of the Democratic Republic of Congo, “is the first African ever to serve at the helm of the oldest nonprofit organization of its kind in the United States,” according to the non-profit’s press release.

The financial sector had the second most departures in October with 17, including Pandit’s resignation from Citigroup at the hands of a board newly headed by Michael O’Neill. Through October, financial institutions have seen 100 CEO changes.  The health care sector, usually recording the highest number of departures each month, had 12 changes in October. For the year, health care has seen the most CEO departures with 194.

Get the full report here.

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