2013 Sees Slight Uptick in CEO Turnover

January 16th, 2014
in econ_news, syndication

99 CEOS LEAVE POSTS; 2013 SQUEAKS PAST 2012 LEVELS

from Challenger, Gray & Christmas, Inc.

Departures among the nation’s chief executive officers ticked up in December as 99 CEOs left their posts during the month. That is 5.3 percent more than the 94 CEO departures recorded in November.

Follow up:

The December total was down 4.0 percent from the same month a year ago when 103 CEO exits were announced. Over the final three months of 2013, 297 CEO changes were announced 14.6 percent fewer than the 348 changes in the third quarter. The fourth-quarter total was down 8.0 percent from the comparable period in 2012, when 323 CEOs left their posts.

Overall, Challenger tracked 1,246 CEO changes in 2013, 2.6 percent more than the 1,214 departures announced through all of 2012.

Health Care led all industries in CEO turnover this year with 265, 70 of which occurred in the last quarter of the year. Of those, 52 were from hospitals and health clinics. The government and non-profit sector followed with 178 CEO departures for the year, including 45 last quarter. The annual total for this sector was virtually unchanged from last year’s total of 179.

Third-ranked financial services saw 143 CEOs leave their posts last year, 16 percent more than the 123 CEO changes recorded in 2012. Computer firms announced 121 CEO changes in 2013, a 4.7 percent decrease from 2012. Meanwhile, CEOs in the Entertainment/Leisure sector, those in hospitality, dining, and entertainment, came in fifth with 48 recorded CEO changes, down slightly from 50 recorded in 2012.

The most notable announcement in December came from General Motors which announced that retiring CEO Dan Akerson will be replaced by Mary Barra, the company’s first female CEO, and in fact, the first female CEO of a global auto maker.

According to Challenger’s data, 159 female CEOs left their posts in 2013. Of those, 44 were replaced by other women. Of the 1,087 men who left their posts last year, 116 were replaced by women, while 746 were replaced by other men. This is a slight improvement over last year, when 148 women left the CEO role, and 136 rose to the top spot.

Per John Challenger, chief executive officer of Challenger, Gray & Christmas:

“We’ve seen several major corporations choose powerful women as their CEOs in recent years, including announcements from Yahoo, Hewlett-Packard, CH2M Hill, and now General Motors. Our numbers still show that the CEO office is still predominantly male, but we may see those numbers change in coming years, as these high-profile female CEOs prove their capabilities and traditional gender roles fall away.

 


CHIEF EXECUTIVE DEPARTURES

 

 

 

 

 

 

 

 

 

 

2013

2012

2011

2010

2009

2008

2007

January

113

123

96

89

113

134

114

February

110

104

92

132

82

114

127

March

86

94

99

119

114

123

103

April

94

90

103

101

78

112

126

May

104

99

103

125

115

115

144

June

94

99

113

107

105

126

105

July

128

83

104

88

126

124

88

August

113

104

104

95

101

144

124

September

107

95

108

111

105

140

112

October

104

108

91

81

89

125

96

November

94

112

82

79

94

104

132

December

99

103

83

107

105

123

85

TOTAL

1,246

1,214

1,178

1,234

1,227

1,484

1,356

Challenger, Gray & Christmas, Inc.©

 

 

 

CHIEF EXECUTIVE DEPARTURES

Public vs. Private

 

13-December

2013 YTD

2012 YTD

Private

75

997

865

Public

24

249

246

 

CEO DEPARTURES

By Industry

 

12-Dec

13-Nov

13-Dec

12-YTD

13-YTD

Aerospace/Defense

 

 

 

12

9

Apparel

1

 

 

2

6

Automotive

1

2

5

18

16

Chemical

1

 

1

9

6

Commodities

1

 

1

5

7

Computer

12

5

10

127

121

Construction

1

2

3

16

15

Consumer Products

1

6

2

24

27

Electronics

5

4

5

36

31

Energy

3

4

4

51

45

Entertainment/Leisure

4

6

3

50

48

Financial

13

6

8

123

143

Food

1

1

2

25

34

Government/Non-Profit

17

14

13

179

178

Health Care/Products

18

23

18

230

265

Industrial Goods

6

6

3

38

41

Insurance

 

3

1

24

18

Legal

 

 

1

1

5

Media

2

3

3

31

35

Pharmaceutical

3

2

4

44

41

Real Estate

1

1

 

16

25

Retail

1

3

 

40

33

Services

6

1

4

57

34

Telecommunications

3

1

6

15

30

Transportation

2

1

2

29

23

Utility

 

 

 

12

10

TOTAL

103

94

99

1,214

1,246

 

 

CEO DEPARTURES

By Reason

 

13-Dec

Y-T-D

Resigned

34

361

Retired

17

267

Step Down

23

223

New position in another company

12

175

Interim Period Ended

6

85

Acquisition/Merger

1

28

Ousted

 

27

Another position within company

 

20

Contract Dispute/Expiration

1

10

Scandal

 

9

Health

 

9

Died

2

9

Financial Losses

 

8

Bankruptcy

 

5

Differences with Board

2

4

Legal Trouble

1

3

Family

 

1

Leave of Absence

 

1

Liquidation

 

1

 

CEO DEPARTURES

Average Age, Tenure

 

Age

Tenure

 

2013

2012

2013

2012

January

52

61.3

7.9

6.9

February

56.6

57.9

8.3

9.8

March

54.2

62.1

6.9

8.3

April

57.4

58

10.3

8

May

62.2

62.2

10.1

7.9

June

65.1

57.8

13.9

8.4

July

57.8

52.3

10.1

6.8

August

59.1

65.7

8.9

8.9

September

57.8

60.1

7.9

8.2

October

65.0

68.5

12.4

8.5

November

71.7

62.4

11.2

7.3

December

60.7

66.5

10.0

11.9

 

Copyright 2014 Challenger, Gray & Christmas, Inc.










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