Chief executive officer departures totaled 122 in March, up 18.4 percent from 103 one year ago, according to Challenger, Gray & Christmas Inc., a global outplacement consultancy firm.
Through the first quarter of 2008, 370 CEO departures occurred, representing a slight increase of 7 percent over the same period last year.
Of the first-quarter departures, 13 (3.5 percent) were fired. Most of the firings took place in March, as boards publicly ousted seven CEOs.
So far this year, resignation is the leading cause for departures, accounting for nearly one-third (118) of all exits. Retirements followed with 96. Thirty-two CEOs found new positions in other companies, while another 32 interim CEOs saw their positions end.
“While 13 CEOs were officially fired, many of the 118 resignations during the first three months of 2008 were probably less than voluntary,” said John A. Challenger, CEO of Challenger, Gray & Christmas.
“The downturn in the economy is forcing boards to look more closely at their leadership to ensure that the right person is in place to guide the company through the rough patch. This is also a time that we see CEOs decide it’s time to exit before they are forced to do so.”
Following health care and financial, government and nonprofits have seen the third highest CEO turnover with 40. The technology sector collectively saw 54 CEO departures through the first quarter.
