The 113 CEO changes recorded last month were 10.3 percent fewer than January 2012, when 126 CEOs left their posts. Health care products manufacturers and hospitals saw the heaviest CEO turnover in January with 23 departures. Health care was followed by the computer industry, where 13 CEO changes were announced. Financial firms announced 12 CEO changes, including E-Trade Financial’s Frank J. Petrilli, who stepped down as CEO but will remain with the company as board chairman.
Government and non-profit entities had 10 CEO changes, while retailers, pharmaceutical/biotech firms, and energy companies each saw six CEO departures.
“We saw several major retailers announce CEO transitions in January, generally amid financial losses or under-performance. Sears Holdings, particularly, has seen declining earnings over the last five years. Lou D’Ambrosio will step down and Edward Stewart will assume the role,” noted John Challenger, chief executive officer of Challenger, Gray & Christmas. “Struggling grocer Supervalu also announced a chief executive change. Wayne Sales, who oversaw the successful purchase of several of Supervalu’s major chains by Cerberus, will be replaced by former OfficeMax CEO Sam Duncan. Another retailer, dEliA’s, announced the board will not renew the contract with current CEO Walter Killough.”
Thirty CEOs cited resignation as their reason for leaving the top job, while 25 stepped into other roles with the company, typically as a board member or other C-level executive. Another 24 CEOs retired from their positions, while 13 found new positions in other companies.
CHIEF EXECUTIVE DEPARTURES
Public vs. Private
|13-Jan||12-Dec||2012 Year-End Total|
|New position in another company||13|
|Interim Period Ended||10|
|Another position within company||2|
|Differences with Board||1|