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Administration June 8, 2004
CEOs, CFOs Flock To Exits in August
August 30, 2002 (PLANSPONSOR.com) - More and more
often the door to the "C" suite was a revolving one in
August.
Reported by Fred Schneyer
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.