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Record for CEO Turnover in 2005

So far this year, 1,110 CEOs have left their jobs, surpassing even the dotcom exodus of 2000; turnover among top management in general has picked u...
Stephen TaubNovember 8, 2005

More chief executive officers have left their jobs in 2005 than in any other year, according to a study conducted by outplacement firm Challenger, Gray & Christmas and reported by CNN/Money.

So far this year, 1,110 CEOs have left their jobs, surpassing even the dotcom exodus of 2000, according to the website. October saw 96 departures, 113 percent higher than during October 2004, including 15 health-care CEOs and a dozen chief executives from the technology sector.

But it’s not CEOs alone who are feeling the heat. Turnover among top management in general has been occurring at a furious pace since the beginning of August, according to a separate study of U.S. public companies by Liberum Research.

Liberum reported that in July, top management changes — arrivals, internal moves, and departures — totaled 763, but by last month they had soared to 2,056. Liberum’s October tally includes 218 changes of status for CEOs, including 67 departures. The most active area was in the boardroom, where Liberum counted 477 changes in October, including 103 departures.

And chief financial officers? Liberum reported 164 changes in October, including 57 joining from outside the company; 49 promoted from within and 13 representing other internal moves; 37 retiring or resigning; and 8 departing without a clear reason.

The sectors most represented by the departing CFOs were manufacturing (19), software (13), drugs/biotech (10), telecommunications (10), and business services (9).