On the heels of Target’s May 5th announcement that chief executive officer Gregg Steinhafel will resign following a major data breach that left thousands of credit card numbers vulnerable, global outplacement consultancy Challenger, Gray & Christmas, Inc. reported 94 CEOs left their posts in April.
The April total was down 24 percent from the 123 CEO departures recorded in March and matched the number of CEO exits during the same month a year ago.
Turnover among the nation’s chief executive officers rose 9.8 percent in March, as 123 CEOs left their posts during the month. Last month’s departures brings the first-quarter total to 366, the most in a single quarter since 408 left their posts in the third quarter of 2008, according to a report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The quarterly total was 18.4 percent higher than the same period a year ago when 309 CEO exits were announced, and 23.4 percent higher than the previous quarter, when 297 CEO changes took place.
Healthcare was the leading sector in CEO changes last quarter with 86, 31 of which occurred in March. Government/Non-Profit entities announced 50 CEO departures last quarter, and computer firms followed with 40.
Turnover among the nation’s chief executive officers declined 14.5 percent in February, as 112 CEOs left their posts during the month. While last month’s total was down from 131 CEO departures in January, it was the heaviest February turnover since 2010 when 132 changes were recorded, according to a report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The February total was 1.8 percent higher than the same month a year ago when 110 CEO exits were announced. To date, 243 CEO changes have been announced in 2014, which is nine percent more than the 223 tracked in the first two months of 2013.
Turnover among the nation’s chief executive officers surged 32.3 percent in January to its highest level in nearly four years. A total of 131 CEOs left their posts during the month, up from 99 in December, according to a report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The most notable announcement in December came from General Motors which announced that retiring CEO Dan Akerson will be replaced by Mary Barra, the company’s first female CEO, and in fact, the first female CEO of a global auto maker.
According to Challenger’s data, 159 female CEOs left their posts in 2013. Of those, 44 were replaced by other women. Of the 1,087 men who left their posts last year, 116 were replaced by women, while 746 were replaced by other men. This is a slight improvement over last year, when 148 women left the CEO role, and 136 rose to the top spot.
After four consecutive months in which departures among the nation’s chief executive officers totaled more than 100, the pace of turnover declined somewhat in November, with 94 CEOs announcing their exits during that month. That is 9.6 percent fewer than the 104 who left their post in October, according to a report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
Turnover among the nation’s chief executive officers declined slightly in October as 104 planned CEO departures were reported, down 2.8 percent from the 107 in September, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The October total was down 3.7 percent from the same month a year ago when 108 were recorded. Challenger has now tracked 1,053 CEO changes so far this year, 5.3 percent more than the 999 departures announced in the first ten months of 2012.
Due to continued changes in the health care landscape, this sector led all industries in October with 29 CEO departures, 25 of which came from hospitals and hospital systems. Of those CEOs, nine went on to serve as high-level executives of other hospitals, usually as CEO. To date, the health care sector has now seen 224 CEO departures in 2013, which is the highest turnover among all sectors tracked by Challenger. Continue reading
CEO Departures by Industry
Turnover among the nation’s chief executive officers remained elevated in August as 113 planned CEO departures were reported, including notable retirement announcements from Steve Ballmer at Microsoft and John Surma at U.S. Steel Corp.
While the 113 departures recorded in August is above the year-to-date average (105), the monthly total was 11.7 percent lower than July, when CEO changes reached a three-year high of 128, according to the latest report on CEO turnover released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The August total was up 8.7 percent from the 104 CEO exits recorded in August of last year. This marks the fifth month this year that CEO changes were higher than the corresponding period from a year ago.
Challenger has now tracked 842 CEO changes so far this year, 5.8 percent more than the 796 recorded in the first eight months of 2012.
Last month saw a major announcements from tech-giant Microsoft, whose CEO Steve Ballmer announced he would leave amid falling sales and charges that the company is slow to adapt to mobile markets and tablet PCs. Investors reacted positively to the news, as it increased share prices. Meanwhile, Chicago start-up-turned-public-offering Groupon announced that Eric Leftkofsky would continue at the helm after taking over as interim CEO for Andrew Mason in February. Co-CEO Ted Leonsis will remain Chairman.
“Neither Microsoft nor Groupon had a firm succession plan for replacing Ballmer and Mason. This is not uncommon, but it could prove costly in the long run, as companies must first struggle to fill the void in leadership and then traverse a volatile period of adjustment that typically occurs following such a significant change,” said John Challenger, chief executive officer of Challenger, Gray & Christmas.
The number of chief executive officer departures totaled 94 in June, down 9.6 percent from 104 in May and 5.0 percent lower than the 99 departures recorded in the same month last year, according to the latest report on CEO turnover released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
June marked the end of a slightly less active quarter for CEO turnover. For the three-month period ending June 30, a total of 292 CEO departures were announced, a 10 percent decline from the 309 departures announced in the first quarter. The second quarter total was virtually unchanged from the same period a year ago when 288 CEO changes were announced, a 1.3 percent reduction.
Challenger has now tracked 601 CEO changes so far this year, which is virtually equal to the 609 departures recorded in the first six months of 2012.
For the year, health care continues to see the heaviest turnover. It leads all other sectors with 117 in 2013, including an industry-leading 24 in June. Of those 117 health care and medical device companies, 74 CEO changes came from hospitals and hospital systems.
“Changes resulting from health care reform law, coupled with sequestration, which are resulting in funding cuts and lower Medicare reimbursements, could be the catalyst for leadership changes,” said John Challenger, chief executive officer of global outplacement and executive consulting firm Challenger, Gray & Christmas.
Turnover among the nation’s chief executive officers surged in May as 104 announced their departures during the month. That is 10.6 percent higher than the 94 CEO exits in April, according to the latest report on chief executive officer turnover released Wednesday by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
May departures were 5.1 percent higher than the same month a year ago, when 99 CEO changes were recorded. This marks the third time this year CEO departures were higher than the corresponding month a year earlier.
Through the first five months of 2013, 507 CEO departures have been announced, which is virtually unchanged at .07 percent from the 511 tracked over the same period in 2012.
@Work 