Benefits October 31, 2002

CEO, CFO Turnover Increases

October 31, 2002 (PLANSPONSOR.com) - Chief executives left their positions in higher numbers during October, according to Challenger, Gray & Christmas.
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Chief Executive Officer (CEO) turnover is up 14% from September, while Chief Financial Officer (CFO) turnover is up 100% over the same period, according to the latest CEO/CFO departure survey.

October’s 73 CEO departures, whose tenure averaged 10.1 years, is the highest level since May’s 80.   Sixteen of the departures were in the financial industry. On the other end, health and retail showed six departures each.  

The 50 CFOs that departed in October is up from 25 in September.   This is the highest level seen since June of 2001, when 57 left their jobs.   Twelve of those departures were in the services industry with consumer goods and health recording four each.   The report said higher CFO turnover might be in the future because of increased corporate accounting scrutiny.

So far this year, 635 CEOs and 339 CFOs have vacated their positions.

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