Kevin Plank, founder and chief government officer of Below Armour Inc., speaks in the course of the 2017 Client Electronics Present (CES) in Las Vegas, Nevada, U.S., on Friday, Jan. 6, 2017.
Patrick T. Fallon | Bloomberg | Getty Photos
October marked the very best month on document with 172 chief executives leaving their posts, in line with enterprise and government teaching agency Challenger, Grey & Christmas.
CEO departures hit a document excessive for the 12 months with 1,332 U.S. based mostly firms asserting CEO departures by way of October. That is the very best year-to-date degree because the agency began monitoring in 2002 and better than in the course of the monetary disaster. This 12 months is on tempo to have essentially the most departures on document.
“October was marked by various high-profile CEO exits, with many being held accountable for varied missteps, whether or not of their skilled dealing with of the corporate or of their private lives,” the agency’s Vice President Andrew Challenger mentioned in a be aware to purchasers.
Simply this week, fast-food big McDonald’s fired its CEO Steve Easterbrook for having a relationship with an worker. This got here after Below Armour CEO Kevin Plank, who constructed the athletic-ware firm from scratch in his grandmother’s basement, mentioned he was stepping down as CEO on January 1. Plank’s announcement got here proper earlier than the Justice Division and Securities and Alternate Fee mentioned they’re investigating Under Armour for its accounting practices.
Not all CEOs are leaving due to board choices or to retire. October introduced a good of quantity of C-suite shuffle.
Invoice McDermott is stepped down as CEO of SAP after greater than 9 years working the German software program firm, to exchange John Donahoe because the CEO of ServiceNow. Donahoe is leaping ship to Nike to replace longtime CEO Mark Parker. Donahoe was previously the CEO of eBay and is chairman of the board at PayPal.
Challenger tracks CEO adjustments at firms which were in enterprise for at the very least two years, with a minimal of ten workers.
The know-how sector introduced the second-highest variety of CEO adjustments this 12 months, 181. That quantity is up 24% from the variety of tech CEOs out of the job final 12 months by way of October.