125 CEO Changes, Most Since Last July
CHICAGO, June 9, 2010 – Turnover among the nation’s top executives jumped 23.7 percent in May, as 125 CEO s announced their departures, up from 101 in April. It was the highest number of monthly departures since July 2009, when 126 CEO s left their posts.
The May total was 8.6 percent higher than the 115 CEO s who announced their departures in the same month last year. This marks the fourth consecutive month in which CEO departures increased from a year ago, according to the latest report on chief executive officer turnover released Wednesday by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
Overall, the pace of CEO turnover is 12.7 percent ahead of last year, with 566 departures announce to date. Through May 2009, a total of 506 CEO changes had been recorded. At the current average of approximately 113 CEO exits per month, 2010 is on track to exceed 1,300 annual departures.
Of the 125 CEO s who announced their departures last month, 42 resigned, while 31 cited retirement as the reason for their exit. Nine found new positions in other companies. Boards removed four chief executives and economic turmoil was blamed for 3 chief executive changes.
“Companies appear to have throttled back significantly on job-cut activity, but this does not mean that the situation is stabilizing at the top of organizations. We may continue to see heavy CEO turnover throughout the summer, as companies continue to shift into growth mode,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
The government/non-profit sector led all industries last month with 19 CEO departures. It has now
