The survey found that overall, CEO departures fell by 7%
after the government’s announcement of a formal
investigation into Enron in late October last year. During
that time, there was a significant increase in departures
for which no reason was disclosed.
Of the 442 CEO departures announced between November 2001 and May 2002, 41% gave no reason for their exits.
Between April 2001 and October 2001, before the Enron
scandal imploded, 32% of the total 476 CEO departures were
identified as resignations. The number of announced
resignations fell in the seven months after the Enron
debacle, to 28% of the 442 departures.
However, for both the seven months before the Enron scandal became public, and the seven months afterwards, retirement was the third most cited reason for departure, accounting for 19% and 21% of CEO departures announced.