Thursday AM January 14th, 2009
by: Jack Williams, January 14, 2010 6:01:00 am
The report by executive outplacement firm Challenger, Gray & Christmas shows that 1227 CEO's departed in 2009, 17-percent fewer than 2008 and the fewest since 2004. CEO John Challenger says the recession played a part in the
"Many companies were going through some of the most difficult periods in their company histories. Changing CEO's, even if they weren't happy with that person's performance, just wasn't in the cards because they had to get through rough times."
The sector hardest hit by CEO turnover was the health care industry, with 203 departures.
"Health care has been just the bulwark of this economy in terms of creating jobs through this recession, and yet for the fifth consecutive year, we saw more CEO turnover there, with 203 this year, 2009 that we're just out of, than any other sector in the economy."
Challenger says he expects continued CEO stability through the early part of this year as the economy slowly recovers.