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posted on 08 November 2017

4 Percent Rise In CEO Exits For The Month

from Challenger Gray and Christmas

The number of Chief Executive Officers leaving their posts at U.S.-based companies rose 3.8 percent in October to 105, compared to 101 in September.

The October total was 5.7 percent higher than the same month last year, when 99 CEOs announced their exits.

Challenger has now tracked 971 CEO changes so far this year, 6.9 percent lower than the 1,043 exits announced through the same period last year.

"The job market continues to show signs of strength, with consumer spending expected to be high as we end the year and proposed tax legislation lowering corporate taxes considerably," said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc. "Companies have good reason to hold on to their current leaders."

CEO exits are led by the government/non-profit sector, with 158 announced departures so far this year, 24 of which occurred in October. This is an 11.2 percent decrease from last year, when 178 exits were announced in this industry.

Financial companies and hospitals had the second highest number of CEO exits in October, with 11 each. Both industries have seen significantly fewer CEO changes through October than through the same period last year. Financial firms announced 88 departures so far this year, a 32.8 percent decrease from the 131 exits last year. Hospitals have seen a nearly 37 percent drop, with 92 CEOs leaving their posts this year compared to 126 through this point last year.

The services industry announced 98 departures so far this year, up 172 percent from last year, when the ten-month total was 36.

California recorded the most exits this year, with 121, 15 in October. Texas follows with 91 departures this year. New York announced 59 CEO changes through October.

Most (305) CEOs have stepped down into other roles, usually a board seat or other C-Level position. Another 255 CEOs retired, while 151 have resigned. Sixty-nine CEOs found new positions in other companies.

Thirty CEOs, or 3 percent of all exits, left their posts due to being ousted or terminated by their companies or as a result of scandal. That is compared to 45 CEOs who left for that reason last year, or 4 percent of all exits.

CEO DEPARTURES

By Month

2017

2016

2015

2014

2013

2012

2011

January

128

131

110

131

113

123

96

February

72

87

94

112

110

104

92

March

101

101

95

123

86

94

99

April

91

108

97

94

94

90

103

May

80

100

90

98

104

99

103

June

95

97

102

103

94

99

113

July

102

92

128

105

128

83

104

August

96

109

107

119

113

104

104

September

101

119

104

124

107

95

108

October

105

99

94

122

104

108

91

November

106

86

103

94

112

82

December

99

114

107

99

103

83

TOTAL

971

1,248

1,221

1,341

1,246

1,214

1,178

CEO DEPARTURES

By Industry

16-Oct

17-Sep

17-Oct

Jan-Oct 2016

Jan-Oct 2017

Aerospace/Defense

1

1

11

8

Apparel

1

7

0

Automotive

2

16

5

Chemical

2

1

6

5

Commodities

2

1

1

3

12

Computer

14

12

8

105

82

Construction

1

1

9

7

Consumer Products

5

4

1

33

24

Electronics

1

11

8

Energy

2

1

29

30

Entertainment/Leisure

4

5

7

62

50

Financial

13

5

11

131

88

Food

1

4

2

16

29

Government/Non-Profit

23

17

24

178

158

Health Care/Products

4

16

7

77

84

Hospitals

15

6

11

126

92

Industrial Goods

2

2

5

25

33

Insurance

4

3

13

21

Legal

3

2

Media

2

3

26

16

Pharmaceutical

2

3

4

31

39

Real Estate

1

2

20

10

Retail

4

1

31

37

Services

4

10

7

36

98

Telecommunications

1

2

9

9

Transportation

1

1

15

18

Utility

2

2

14

6

TOTAL

99

101

105

1,043

971

CEO DEPARTURES

By State

EAST

October

Year To Date

New York

6

59

Pennsylvania

9

46

Massachusetts

4

43

New Jersey

2

14

Maryland

12

Dist. of Columbia

1

11

Connecticut

2

11

Maine

1

5

Vermont

3

New Hampshire

3

Rhode Island

2

Puerto Rico

1

Delaware

0

25

210

MIDWEST

October

Year To Date

Illinois

6

51

Ohio

4

33

Minnesota

4

32

Michigan

3

21

Missouri

2

20

Wisconsin

4

17

Indiana

1

13

Iowa

8

Nebraska

2

6

Kansas

2

TOTAL

26

203

CEO DEPARTURES

By State

October

Year To Date

California

15

121

Texas

2

91

Colorado

4

39

Arizona

4

23

Washington

4

20

Oregon

14

Nevada

5

Utah

2

5

New Mexico

4

Idaho

4

Hawaii

4

South Dakota

3

North Dakota

1

3

Oklahoma

1

2

Wyoming

1

Alaska

1

Montana

1

1

TOTAL

34

341

SOUTH

October

Year To Date

Florida

5

52

Virginia

5

35

N. Carolina

5

27

Tennessee

1

26

Georgia

1

26

Alabama

1

15

S. Carolina

1

9

Louisiana

1

8

Kentucky

6

Arkansas

5

West Virginia

5

Mississippi

3

TOTAL

20

217

CEO DEPARTURES

By Reason

17-Oct

YTD

Stepped Down

26

305

Retirement

31

255

Resigned

17

151

New Position in Another Company

6

69

Interim Period Ended

10

61

No Reason Given

3

38

Pursuing Other Opportunities

3

21

Ousted

1

14

Deceased

2

14

Scandal

4

13

Replaced

8

Acquisition/Merger

1

8

Contract Expired

5

Health

2

New Position Within the Company

2

Terminated

1

3

Another Position Within Company

1

Buyout

1

CEO DEPARTURES

Average Age, Tenure

Age

Tenure

2017

2016

2017

2016

January

60.4

63.4

11.5

9.9

February

59.5

61

12.5

7.9

March

65

60.5

12.1

9.9

April

67.8

65.2

14.8

10.8

May

66

65

11.7

12.6

June

63.3

59.6

12.9

9.5

July

64.5

55.1

10

8.1

August

63

60.8

13.5

10.5

September

58.8

60.8

13

11.3

October

66.5

59.7

14.5

11.5

November

62

8.3

December

62.1

10.5

Copyright 2017 Challenger, Gray & Christmas, Inc.

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