CEOs, CFOs Flock To Exits in August

August 30, 2002 ( - More and more often the door to the "C" suite was a revolving one in August.

The latest survey by outplacement firm Challenger, Gray & Christmas found that 70 CEOs bolted during August – up a whopping 40% from July’s 50 departures and 23% higher than August 2001.

Nearly 40% of the August departures were among CEOs in the technology and service sectors, which experienced 16 and 11 CEO changes respectively. 

Of August¹s 70 departing CEOs, for whom the average tenure was 7.7 years, 48 or 69% resigned or left for unspecified reasons.

Challenger also counted 26 August departures among chief financial officers, 18 or 69% of whom resigned or left for unspecified reasons.

Despite the recent pickup, the 498 CEO departures announced in 2002 are 25% lower than the 661 announced through August 2001, according to Challenger

A Challenger spokeswoman said the CEO and CFO statistics are derived from public announcements in sources such as the news media.