October CEO Turnover Report Shows Continuing Uncertainty for Big Business Decisions in 2020
October CEO Turnover Falls 23% in Month Before Election
In a tumultuous economic year with uncertainty dictating most business decisions, CEO turnover remains below 2019’s record level. Last month, the nation’s companies announced 92 CEO changes, down 23% from the 119 announced in September, according to a report released Wednesday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
October’s total was 47% lower than the 172 CEO exits reported in the same month last year. For the year, 1,108 chief executives have left their roles, down 16.8% from the 1,332 CEOs who announced their departures in the first ten months of last year.
"Undoubtedly companies were waiting for the outcome of the presidential election to inform not just business strategy, but also leadership decisions,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
October’s total is the lowest since June, when 91 CEO changes were recorded. It is the seventh time this year CEO changes were lower than in the corresponding month one year earlier.