CEO Departures Trend Upward

July 9th, 2014
in econ_news, syndication

103 CEO CHANGES IN JUNE; Q2 UP 10 PERCENT OVER 2013

by Challenger Gray and Christmas

The pace of turnover among the nation’s chief executive officers rose in June, as 103 CEOs announced their departures during the month. The June total was up 5 percent from the 98 CEO departures recorded in May. It was 9.6 percent higher than the 94 CEO changes announced the same month a year ago.

Follow up:

Through the second quarter, US-based companies have announced 661 CEO changes, 9.9 percent more than the 601 CEO exits tracked in the second quarter of 2013. Health organizations lead this year with 154 announced changes, 29 of which occurred in June. That is nearly 32 percent more than the 117 departures health care organizations announced through the second quarter of last year.

Industry

JUNE

Y-T-D

Health Care/Products

29

154

Government/Non-Profit

19

102

Computer

1

68

Financial

11

68

Entertainment/Leisure

5

31

Government/non-profit entities, which include universities, foundations, and chambers of commerce, announced 19 CEO changes in June and 102 through the first six months of the year. Men are consistently coming and going in the top spot. Of the 507 replacements Challenger has tracked this year, 424 or 84 percent, were men. This is comparable to last year, when 83 percent of replacements were men.

CEO REPLACEMENTS BY GENDER – YTD

Industry

2013 (interim)

2014 (interim)

Women Replacing Men

61 (12)

59 (5)

Women Replacing Women

21 (1)

24 (0)

Men Replacing Women

45 (3)

40 (6)

Men Replacing Men

356 (30)

384 (24)

*2014: In 2 cases, one man was replaced by both a man and a woman. They were counted in both rows.

So far this year, 155 CEOs have left the top spot without a replacement named, 25 of whom were women. The majority of CEOs (185) resigned this year, while another 163 retired. Nineteen executives were ousted and five left amid scandal. Last month, Dov Charney left American Apparel amid accusations of alleged sexual harassment and other inappropriate behavior.  In Massachusetts, the head of the Market Basket supermarket chain was ousted after his cousin wrested control of the board.

 

CHIEF EXECUTIVE DEPARTURES

 

 

 

 

 

 

 

 

 

2014

2013

2012

2011

2010

2009

2008

January

131

113

123

96

89

113

134

February

112

110

104

92

132

82

114

March

123

86

94

99

119

114

123

April

94

94

90

103

101

78

112

May

98

104

99

103

125

115

115

June

103

94

99

113

107

105

126

July

 

128

83

104

88

126

124

August

 

113

104

104

95

101

144

September

 

107

95

108

111

105

140

October

 

104

108

91

81

89

125

November

 

94

112

82

79

94

104

December

 

99

103

83

107

105

123

TOTAL

661

1,246

1,214

1,178

1,234

1,227

1,484

 

CEO DEPARTURES By Industry

 

 

13-Jun

14-May

14-Jun

Jan-Jun 2014

Jan-Jun 2013

Aerospace/Defense

1

 

1

10

7

Apparel

 

1

2

5

3

Automotive

2

 

 

4

8

Chemical

1

 

 

2

2

Commodities

 

1

 

1

0

Computer

3

11

1

68

62

Construction

1

 

1

9

6

Consumer Products

1

3

3

13

12

Electronics

2

2

1

12

12

Energy

4

2

1

16

23

Entertainment/Leisure

2

6

5

31

24

Financial

8

9

11

68

73

Food

2

2

3

13

23

Government/Non-Profit

21

21

19

102

78

Health Care/Products

22

20

29

154

117

Industrial Goods

4

2

2

26

18

Insurance

2

1

3

8

10

Legal

1

 

 

1

4

Media

3

3

5

15

15

Pharmaceutical

 

 

4

21

17

Real Estate

1

 

 

7

14

Retail

2

4

7

26

21

Services

5

6

4

24

21

Telecommunications

1

2

1

5

12

Transportation

3

 

 

9

13

Utility

2

2

 

11

6

 

94

98

103

661

601

 

CEO DEPARTURES By State

 

EAST

JUNE

Y-T-D

New York

5

36

Pennsylvania

5

33

Massachusetts

4

19

Maryland

2

15

Dist. of Columbia

2

12

New Jersey

2

11

Connecticut

3

11

Maine

 

7

Rhode Island

1

3

Delaware

 

2

Vermont

 

2

New Hampshire

 

0

TOTAL

24

151

MIDWEST

JUNE

Y-T-D

Missouri

2

23

Minnesota

7

22

Illinois

1

20

Ohio

1

17

Kansas

 

15

Wisconsin

4

14

Indiana

1

9

Iowa

2

9

Nebraska

2

6

Michigan

2

5

TOTAL

22

140

CEO DEPARTURES

By State

WEST

JUNE

Y-T-D

California

13

88

Texas

6

55

Colorado

3

17

Washington

2

14

Oregon

2

10

Nevada

1

8

Oklahoma

2

5

Utah

 

5

Arizona

 

4

New Mexico

2

4

Alaska

 

4

Wyoming

 

2

South Dakota

 

2

Hawaii

 

1

Idaho

 

1

North Dakota

 

1

Montana

 

0

TOTAL

31

221

SOUTH

JUNE

Y-T-D

Florida

5

33

Tennessee

2

22

Virginia

6

21

N. Carolina

3

18

Kentucky

1

11

Georgia

3

8

Arkansas

1

8

Alabama

1

7

Louisiana

2

7

S. Carolina

1

6

Mississippi

1

6

West Virginia

 

2

TOTAL

26

149

CEO DEPARTURES

By Reason

14-Jun

Y-T-D

Resigned

31

185

Retired

21

163

Step Down

12

125

New position in another company

15

72

Interim Period Ended

8

43

Acquisition/Merger

 

14

Ousted

6

19

Another position within company

1

11

Died

 

3

Restructuring

 

3

Health

2

4

Contract Dispute/Expiration

 

2

Scandal

2

5

Legal Trouble

 

2

Bankruptcy

3

5









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