Bosses are changing jobs – at least in the United States. The pace of CEO turnover in US companies escalated in September, when 164 managers left their posts. This is a rise of 4.5% compared to the 157 changes in August and 122% compared to the 74 managers who left their posts in the same month of 2022.
The report just released by the global executive coaching company Challenger, Gray & Christmas also shows that this year alone, as of September, 1,425 CEOs have left their positions, an increase of 47% compared to the 969 departures during the same period in 2022. This is the highest volume recorded in the first nine months of the year since the agency began monitoring the flow of these executives in 2002.
“Companies are revving up for economic changes in the coming months. With the rise of labor costs and interest rates, companies are looking to new leaders,” said Andrew Challenger, workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
The survey indicates that the majority of employers (44%) prefer not to state the reasons for their departures. However, at least 22% of all CEOs analyzed have retired and 17% have moved on to other positions in the same company, at C-level or on the board.
To a lesser extent, two managers went home in September because of allegations of professional misconduct, making a total of eight this year; while another pair received accusations of sexual harassment between January and September 2023.
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Source: Challenger CEO Report | Valor Econômico
