Thursday, April 10, 2014

Tweet

[IWS] Challenger: 123 CEO CHANGES IN MARCH, HIGHEST QUARTERLY TOTAL SINCE Q3 2008 [9 April 2014]

Challenger, Gray & Christmas, Inc.

Press Release 9 April 2014

CEO Turnover Soars in First Quarter

123 CEO CHANGES IN MARCH, HIGHEST QUARTERLY TOTAL SINCE Q3 2008

http://www.challengergray.com/press/press-releases/2014-march-ceo-report-366-q1-ceo-changes-most-q3-2008

 

CHICAGO, April 9, 2014 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.

TOP 5 INDUSTRIES FOR CEO DEPARTURES - YTD

Industry

March

Y-T-D

Health Care/Products

31

86

Government/Non-Profit

14

50

Computer

14

40

Financial

10

39

Entertainment/Leisure

6

17


Of the 278 CEO replacements tracked in the first quarter, 43 women took the top spot.  The most notable women to take over the CEO position in recent months was Mary Barra, whose ascension to chief executive officer of General Motors was announced in December and became effective in January. 

“Obviously, there is still a long way to go when it comes to gender equality in the c-suite, but certainly the appointments of Barra and Marissa Mayer at Yahoo in 2012, provide a glimpse into what the future could bring,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.  

“Mayer and Barra not only took over as CEO at two of the largest companies in their respective sectors, but they did so despite the fact that the automotive manufacturing and technology sectors still happen to be largely male-dominated, at all levels of the organizational hierarchy.  And, while it is too optimistic to say the floodgates are opening, we saw several more examples in the first quarter of 2014 -- albeit less notable than GM and Yahoo -- as women took the helm at companies in the technology, financial, construction and energy sectors.”

FEMALE CEO REPLACEMENTS, Q1

By Industry

 

Government/Non-Profit

15

Health Care/Products

12

Financial

5

Computer

3

Construction

2

Consumer Products

1

Energy

1

Entertainment/Leisure

1

Retail

1

Services (advertising)

1

Transportation

1

 

California-based organizations saw the heaviest CEO turnover in the first quarter, with 50 top executives announcing their departure.  Texas firms recorded 30 CEO changes in the first quarter, including 12 in March.  Meanwhile, New York-based firms announced 20 CEO changes over the first three months of 2014.

The most notable announcements in March came from Eastman Kodak who replaced CEO Antonio Perez with Orbitz Worldwide’s Chairman Jeffrey Clarke. Perez will remain as special consultant. Milwaukee-based Bon-Ton Stores announced its CEO Brendan Hoffman will resign after the monster commute from New York proved too much. A search for his replacement is underway.

 

# # #


 

CHIEF EXECUTIVE DEPARTURES

 

 

 

 

 

 

 

 

 

2014

2013

2012

2011

2010

2009

2008

January

131

113

123

96

89

113

134

February

112

110

104

92

132

82

114

March

123

86

94

99

119

114

123

April

 

94

90

103

101

78

112

May

 

104

99

103

125

115

115

June

 

94

99

113

107

105

126

July

 

128

83

104

88

126

124

August

 

113

104

104

95

101

144

September

 

107

95

108

111

105

140

October

 

104

108

91

81

89

125

November

 

94

112

82

79

94

104

December

 

99

103

83

107

105

123

TOTAL

366

1,246

1,214

1,178

1,234

1,227

1,484

 

 

Copyright 2014 Challenger, Gray & Christmas, Inc.


CEO DEPARTURES

By Industry

 

 

13-Mar

14-Feb

14-Mar

Jan-Mar 2014

Jan-Mar 2013

Aerospace/Defense

 

2

4

8

3

Apparel

 

1

 

2

2

Automotive

2

1

1

2

3

Chemical

 

 

1

1

0

Commodities

 

 

 

0

0

Computer

15

16

14

40

36

Construction

 

2

4

8

3

Consumer Products

3

1

3

7

5

Electronics

3

2

2

7

6

Energy

4

3

3

9

14

Entertainment/Leisure

5

9

6

17

13

Financial

7

5

10

39

37

Food

4

2

1

8

13

Government/Non-Profit

13

14

14

50

36

Health Care/Products

16

31

31

86

59

Industrial Goods

 

4

6

14

6

Insurance

1

1

3

4

7

Legal

 

 

 

 

1

Media

2

3

 

5

6

Pharmaceutical

 

1

4

13

9

Real Estate

5

1

1

5

11

Retail

1

3

5

12

16

Services

1

2

5

11

9

Telecommunications

1

1

 

1

6

Transportation

1

4

3

8

6

Utility

2

3

2

9

2

TOTAL

86

112

123

366

309

 

 

 

 

Copyright 2014 Challenger, Gray & Christmas, Inc.

 

 

 

 

 

 

 

CEO DEPARTURES

By State

 

EAST

MARCH

Y-T-D

New York

6

20

Pennsylvania

7

16

Massachusetts

3

10

Maryland

2

9

Maine

3

7

New Jersey

2

5

Dist. of Columbia

1

4

Connecticut

1

4

Rhode Island

1

2

Delaware

 

1

Vermont

1

1

New Hampshire

 

 

TOTAL

27

79

MIDWEST

MARCH

Y-T-D

Missouri

5

17

Illinois

4

13

Ohio

6

11

Minnesota

1

9

Kansas

 

9

Wisconsin

3

8

Indiana

1

5

Iowa

2

5

Michigan

1

2

Nebraska

1

1

TOTAL

24

80

 

Copyright 2014 Challenger, Gray & Christmas, Inc.


 

CEO DEPARTURES

By State

 

WEST

MARCH

Y-T-D

California

21

51

Texas

12

30

Colorado

3

11

Washington

3

8

Oregon

1

8

Alaska

 

3

Utah

 

3

Nevada

 

2

Arizona

1

2

New Mexico

 

2

Oklahoma

 

1

Idaho

 

1

Wyoming

 

1

South Dakota

 

1

North Dakota

 

1

Montana

 

0

Hawaii

 

0

TOTAL

41

125

SOUTH

MARCH

Y-T-D

Florida

11

19

Tennessee

3

13

Virginia

6

12

N. Carolina

3

10

Louisiana

1

5

Mississippi

2

5

Kentucky

1

5

Georgia

1

4

Arkansas

3

4

Alabama

 

3

S. Carolina

 

2

West Virginia

 

0

TOTAL

31

82

 

Copyright 2014 Challenger, Gray & Christmas, Inc.

 

 

 

 

 

 

CEO DEPARTURES

By Reason

 

 

14-Mar

Y-T-D

Retired

33

104

Resigned

33

95

Step Down

26

71

New position in another company

15

40

Interim Period Ended

5

24

Acquisition/Merger

3

10

Ousted

2

6

Another position within company

3

6

Health

 

2

Died

1

3

Differences with Board

 

1

Federal Regulation

 

1

Restructuring

1

2

Contract Dispute/Expiration

1

1

 

CEO DEPARTURES

Average Age, Tenure

 

 

Age

Tenure

 

2014

2013

2014

2013

January

64.0

52

14.8

7.9

February

63.9

56.6 

10.0

 8.3

March

61.7

54.2

11.4

 6.9

April

 

57.4

 

 10.3

May

 

62.2

 

 10.1

June

 

65.1

 

 13.9

July

 

57.8 

 

 10.1

August

 

59.1

 

 8.9

September

 

57.8 

 

 7.9

October

 

65

 

 12.4

November

 

71.7

 

 11.2

December

 

60.7

 

 10.0

 

Copyright 2014 Challenger, Gray & Christmas, Inc.

 

 




Links to this post:

Create a Link



<< Home

This page is powered by Blogger. Isn't yours?