CEO Departures Surged in September

October 26, 2010 – Turnover among the nation’s chief executive officers surged to a four-month high in September, as 111 CEO departures were announced during the month, according to the latest CEO turnover report released by global outplacement consultant Challenger, Gray & Christmas, Inc. The increase came just two months after the number of CEO changes dropped to its lowest level since April 2009. September CEO departures were up 17 percent from August, when 95 exits were announced. This is the second consecutive increase and the highest monthly total since 125 departures were recorded in May. The September total was 5.7 percent higher than the 105 departures announced the same month a year ago. Overall, CEO departures for the year are up only slightly from 2009. For the year to date, 967 changes have been announced, three percent more than the 939 announced by the end of September last year. Among the company’s findings, 37 of the CEOs who left resigned, while another 20 stepped down, which typically results in the individual forfeiting the CEO title but remaining with the company as a board member or in some other capacity. Another 19 retired. “It is difficult to pinpoint an overriding trend when it comes to CEO turnover this year,” John A. Challenger, CEO. “Several factors are converging, including a volatile economy, an aging CEO population, a brighter spotlight on the CEO position and calls for more accountability on the part of corporate leadership.”