The number of U.S. chief executive officers who lost or left their jobs in February tumbled by 42% month over month, from 219 in January to 128. The February total is 3% higher than last year’s total for the month, but nowhere near the record-setting month of January.

For the first two months of 2020, 347 CEOs have left their positions, up by 23.5% compared with the first two months of last year. In the fourth quarter of 2019, CEO departures posted an all-time high of 480, and that record remains in play for the current quarter.

The two-month total for this year is the highest on record, according to outplacement firm Challenger, Gray & Christmas, which began tracking CEO departures in 2002.

In all of 2019, a total of 1,640 CEOs left their jobs, a jump of nearly 13% from the prior year’s 1,452. Of the 2019 total, three were due to allegations of sexual misconduct. In 2018, 11 CEOs left their jobs following allegations of sexual misconduct.

Vice President Andrew Challenger noted: “The slowdown could be a reaction to the outbreak of COVID-19, as companies hunker down and determine their next steps. Making a leadership change during a time of such uncertainty will not inspire confidence in workers nor shareholders.”

Challenger added: “The virus is contributing to both a supply and demand shock, as well as a downturn in foreign demand. After supply was cut off in mid-January in response to the first reported death from the virus in China, many companies have been working to understand the impact in both the short and long term.”

Of the CEOs who departed in February, 29 retired and seven found new opportunities. According to Challenger data, the most frequent reason for a CEO departure in February was resignation. A total of 43 CEOs resigned their positions last month.

The average age of a departing CEO in February was 53.3 years, compared to an average age of 57.1 among 2019’s departing chiefs. The average tenure of these CEOs was 10.3 years last month, compared with 11.4 years in February 2019.

The number of departing CEOs who were replaced by outsiders in the first two months of 2020 totaled 168. In 2019, the full-year total was 784. By gender, 49 women have replaced men in the top job, while 30 men have replaced women and 26 women have replaced other women. Men have replaced men 208 times in the first two months of the year, and 24% of all new CEOs named last month were women.

The government/nonprofit sector experienced 22 CEO changes in February, down from 30 in the same month a year ago. So far this year, 63 CEOs in the sector have left their jobs.

In the technology industry, 16 CEOs left their positions last month, compared with 13 in February of 2019 and 35 in January. For all of 2019, CEO departures in the industry rose by 42% compared to 2018.

Andrew Challenger commented on the tech sector: “The Technology sector is undergoing massive changes, and boards are requiring leaders who can handle either a new phase of growth or the need to pivot to new technology, along with changing consumer behavior.”

According to the report, just one CEO was terminated in February, while scandals forced out three CEOs in the month.

California companies saw the highest number of CEO changes last month with 13, which was 37% less than the 35 CEOs replaced in January. Companies in Texas saw 10 CEO departures last month, while New York reported nine changes in February.

If Challenger is correct, the impact of the coronavirus outbreak on CEOs is likely to be small. That is unlikely to be the case for other Americans. A million U.S. workers could be out of work soon.

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