CEOs Leaving Jobs at Near Record Rate

Challenger, Gray & Christmas tracks all things business. One of the items the business placement and executive coaching company follows is CEOs, and who’s going where, and sometimes, why.

Through the first nine-months of 2023, a total of 1,425 CEOs have left their jobs. It’s the highest nine-month total since Challenger started tracking this a decade ago, and is 47% more than the 969 leaving companies in the first three-quarters of 2022.

In the third-quarter alone, 518 CEOs left. That’s 166% higher than the 195 leaving last year in the third-quarter and is the most ever in a quarter. Challenger, Gray & Christmas Senior Vice President Andrew Challenger said that’s up 5.9% from this year’s second quarter.

“Companies are revving up for economic changes in the coming months,” Challenger said. “With the rise of labor costs and interest rates, companies are looking to new leaders.”

The good news for insurance is that not very many of the departing CEOs are from the business. It’s 16 in the third quarter of this year. In 2022 the number was 17.

Not much change. However, for other financial companies the 39% is quite high like the overall 47% exit increase.

The industries with the most departures is government and non-profit jobs. Exits in those two groups hit 85%. Hospitals saw CEOs leaving at a 67% jump. Technology companies sat around the yearly average at 45%.

Why are they leaving? Retirement accounts for 22% and 17% moved to another C-Suite or into another C-level role. Another 31% didn’t give a reason at all.

Source link: Carrier Management —

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