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CEO departures surge
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May 31, 2001: 1:13 p.m. ET
Departures of corporate chiefs jump 15% in May from prior month
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NEW YORK (CNNfn) - Departures of chief executive officers jumped 15 percent in May, with the struggling dot.com sector experiencing the biggest CEO turnover, a leading outplacement firm said Thursday.
Challenger Gray & Christmas Inc. reported that 84 CEOs left their companies in May, up from 63 in the previous month. But despite the huge increase, CEO departures were 7 percent below May 2000, when 90 chief executive changes were announced.
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The dot.com business structure is so new, even experienced CEOs have had trouble figuring out the best way to run them.
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John Challenger
Challenger Gray & Christmas |
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The report also said 473 CEOs have left their companies so far this year, 22 percent more than the 389 exits tracked from January through May last year.
John Challenger, chief executive officer of the Chicago-based firm, said dot.coms continued to suffer the largest share of CEO departures, accounting for 25 percent of May's total. "The dot.com business structure is so new, even experienced CEO's have had trouble figuring out the best way to run them."
But another corporate area was relatively stable, as departures of chief financial officers fell for the second consecutive month. The report said 69 CFOs left their companies in May, a 3 percent drop from 71 in April. 
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