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CEO Turnover Increases Nearly 11% in July, Says Challenger Gray
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The number of chief executive officers who announced their departures rose 10.9% in July from the same period a year ago, with 102 CEOs leaving their posts last month, according to a report from Chicago-based outplacement consultancy and executive coaching firm Challenger, Gray & Christmas.
Even though there was an increase in CEO exits in July, the total number of chief executives who have left their posts so far in 2017 is just 669, which is 6.6% fewer than the 716 chief executives who departed by the end of July 2016.
Sectors that lost more this year than in 2016 so far were commodities, food, industrial goods, insurance, pharmaceuticals, retail and transportation.
The government/nonprofit sector had the most turnover in its top posts this year, with 99 CEO changes, 23 of which occurred in July. This is still 14.6% fewer announced departures this year than through the same period last year, when 116 were announced. There were 14 departures in the government/nonprofit sector last July.
Hospitals also are turning over a large number of leadership positions, with 69 chief executive departures this year, though this is 21.6% fewer than the 88 announced through July last year. There were 10 departures in the hospital sector in July.
Among the reasons why CEOs leave their posts are executives stepping down into other positions within the company and retirement.
This month, 17 female CEOs left their positions, most notably Mondelez’s Irene Rosenfeld. She is stepping down, but will remain on the board, after a 19-year tenure at Kraft and then Mondelez.
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