The Find: It’s tough out there for job seekers and that includes CEOs, a record 1,484 of whom lost their jobs in 2008, new research reveals.- The Source: Research by executive recruitment firm Challenger Gray & Christmas covered on Management Issues.
The Takeaway: Since 1999 Challenger Gray & Christmas have been tracking CEO turnover, but when last year came to a close and they tallied the numbers, they found more top executives left their jobs in 2008 than in the nearly ten year history of the survey. Don’t take that to mean that all were fired due to the year’s economic carnage. 623 of the 1,484 newly unemployed CEOs claimed that they were retiring, but how many had a genuine desire to hit the links or spend time with their grand kids and how many were gently or not so gently nudged in that direction remains an open question. Whatever the exact circumstances of the departures, these findings do prove one thing according to John Challenger, CEO of CG&C: “CEOs are under intense pressure, they have little room for error.”
If your board is looking to make tough severance decisions, Management Issues points readers in the direction of a report by Right Management, outlining the “triggers you should look for when it comes to making severance decisions, and how practices tend to differ from country to country.”
The Question: Will 2009 be another record year?
(Image of would be CEO with sign by Peter Kaminski, CC 2.0)
