Wednesday, December 10, 2014

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[IWS] Challenger: 103 CEOs LEAVE THEIR POSTS; YTD TOTAL SURPASSES 2013 [10 December 2014]

IWS Documented News Service

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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor--------------------Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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Challenger, Gray & Christmas, Inc.

 

CEO Changes Drop Sharply In November

103 CEOs LEAVE THEIR POSTS; YTD TOTAL SURPASSES 2013
http://www.challengergray.com/press/press-releases/2014-november-ceo-report-103-exits-highest-monthly-computer-changes-7-years

 

CHICAGO, December 10, 2014 Turnover among the nation’s chief executive officers fell sharply in November as 103 planned CEO departures were reported, 15.6 percent fewer than the 122 recorded in October, according to a report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The November total was up 9.6 percent from the same month a year ago when 94 CEO departures were announced.  This marks the eighth month in which CEO changes outpaced the same month last year. 

Challenger has now tracked 1,234 CEO changes so far this year, 7.6 percent more than the 1,147 departures announced in the first eleven months of 2013.

The health care industry continues to lead all sectors with 275 CEO departures through November.  Government/Non-Profit entities have announced 182 CEO changes this year, with 13 last month. Financial firms, which recorded 4 CEO changes in November, have an 11-month total of 131. 


Top 5 Industries in November


Industry

NOVEMBER

Y-T-D

Computer

17

119

Health Care/Products

17

275

Government/Non-Profit

13

182

Services

8

48

Energy

6

35

 

The computer sector tied with the health care sector for most CEO changes last month with 17. This marks the most computer sector CEO changes in one month since November 2007 when companies announced 24 CEO departures. The computer industry has the fourth highest number of CEO changes this year with 119.

The most notable departure in tech came from Sunnyvale, CA-based Juniper Networks, whose board ousted CEO Shaygan Kheradpir citing questionable conduct during negotiations with a customer.  Crowdsourcing news and entertainment site Reddit also replaced its CEO Yishan Wong after disagreements on office plans caused him to resign. Ellen Pao, Reddit’s business and partnership strategist, will lead in the interim.   

The heaviest CEO turnover in November occurred in California with 18 exits, 160 so far this year. Texas ranks second with 99, and New York surpasses Pennsylvania with 75 total CEO exits to date; Pennsylvania has 71.

 

Resignation was the most oft-cited reason for departure in November, with 30 CEOs, bringing that reason to a total of 352.  Another 25 CEOs stepped down into other executive management or board positions, while 13 retired. Thirteen CEOs found new positions in other companies, and five were ousted.

 

# # #


 

 

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

94

90

103

101

78

112

May

98

104

99

103

125

115

115

June

103

94

99

113

107

105

126

July

105

128

83

104

88

126

124

August

119

113

104

104

95

101

144

September

124

107

95

108

111

105

140

October

122

104

108

91

81

89

125

November

103

94

112

82

79

94

104

December

 

99

103

83

107

105

123

TOTAL

1,234

1,246

1,214

1,178

1,234

1,227

1,484

 

 

Copyright 2014 Challenger, Gray & Christmas, Inc.


 

CEO DEPARTURES

By Industry

 

 

13-Nov

14-Oct

14-Nov

Jan-Nov 2014

Jan-Nov 2013

Aerospace/Defense

 

1

1

18

9

Apparel

 

 

 

8

6

Automotive

2

1

4

13

11

Chemical

 

1

1

6

5

Commodities

 

1

 

2

6

Computer

5

7

17

119

111

Construction

2

1

1

14

12

Consumer Products

6

2

1

28

25

Electronics

4

1

3

21

26

Energy

4

6

6

35

41

Entertainment/Leisure

6

5

2

56

45

Financial

6

20

4

131

135

Food

1

2

 

20

32

Government/Non-Profit

14

15

13

182

165

Health Care/Products

23

26

17

275

247

Industrial Goods

6

3

3

41

38

Insurance

3

2

1

18

17

Legal

 

 

 

3

4

Media

3

8

1

35

32

Pharmaceutical

2

5

5

44

37

Real Estate

1

1

4

15

25

Retail

3

3

5

46

33

Services

1

4

8

48

30

Telecommunications

1

5

4

22

24

Transportation

1

1

1

18

21

Utility

 

1

1

16

10

TOTAL

94

122

103

1,234

1,147

 

 

 

 

Copyright 2014 Challenger, Gray & Christmas, Inc.


 

CEO DEPARTURES

By State

EAST

NOVEMBER

Y-T-D

New York

11

75

Pennsylvania

6

71

Massachusetts

5

40

New Jersey

2

21

Maryland

 

20

Dist. of Columbia

2

19

Connecticut

1

17

Maine

 

11

Rhode Island

 

5

Delaware

 

4

Vermont

1

4

New Hampshire

2

2

TOTAL

30

289

MIDWEST

NOVEMBER

Y-T-D

Illinois

6

44

Minnesota

4

39

Missouri

1

35

Ohio

4

33

Wisconsin

 

21

Kansas

 

19

Michigan

 

16

Indiana

 

15

Iowa

 

15

Nebraska

 

9

TOTAL

15

246

 


 

CEO DEPARTURES

By State

 

NOVEMBER

Y-T-D

California

18

160

Texas

7

99

Washington

3

34

Colorado

4

34

Oregon

1

20

Nevada

1

14

Utah

2

11

Oklahoma

2

9

Arizona

1

7

New Mexico

 

7

South Dakota

2

7

Alaska

 

5

Hawaii

1

5

Montana

 

4

Wyoming

 

3

Idaho

 

2

North Dakota

 

1

TOTAL

42

422

SOUTH

NOVEMBER

Y-T-D

Florida

2

59

Tennessee

2

52

Virginia

2

39

N. Carolina

2

36

Georgia

5

21

Kentucky

1

18

S. Carolina

2

14

Arkansas

 

10

Alabama

 

9

Louisiana

 

8

Mississippi

 

8

West Virginia

 

3

TOTAL

16

277

 

 

Copyright 2014 Challenger, Gray & Christmas, Inc.


 

CEO DEPARTURES

By Reason

 

14-Nov

Y-T-D

Resigned

30

359

Retired

14

296

Step Down

25

232

New position in another company

13

144

Interim Period Ended

10

75

Ousted

5

35

Acquisition/Merger

2

25

Another position within company

1

16

Health

2

10

Scandal

 

8

Financial Losses

 

7

Bankruptcy

1

7

Died

 

5

Legal Trouble

 

5

Restructuring

 

3

Contract Dispute/Expiration

 

3

Cost-Cutting

 

2

Differences with Board

 

1

Federal Regulation

 

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

 57.5

57.4

 9.1

 10.3

May

 61.1

62.2

 8.2

 10.1

June

  62.4 

65.1

 8.6

 13.9

July

 63.8

57.8 

 8.3

 10.1

August

  61.7 

59.1

 9.7

 8.9

September

  61.2 

57.8 

 8.4

 7.9

October

 62.5

65

 10.1

 12.4

November

 62.6

71.7

  7.5

 11.2

December

 

60.7

 

 10.0

Copyright 2014 Challenger, Gray & Christmas, Inc.

 

 

 

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

 

 

 

 

 

 

 

 

 




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