Director turnover has decreased by 33 percent in from October 2007 to 2008. CEOs, CFOs, and overall executive turnover numbers have also fallen compared to a year ago, according to a Liberum Research study.
CEO turnover in October 2008 declined 25%, CFO turnover declined 33% and overall executive turnover declined 31% for the month of October 2008 as compared with October 2007.
For the last number of months executive turnovers have remained far smaller than those registered in the similar time frame in 2007. As unemployment continues to rise throughout the United States and Canadian economies, companies continue to focus on cutting expenses.
| CEO Changes October 2008 | |||||||
| Management Change Description | |||||||
| Status | Internal | Joining | Leaving | Promotion | Resigned/Retired | Terminated | Totals |
| TOTALS | 44 | 34 | 0 | 49 | 37 | 0 | 164 |
| Percentages | 27% | 21% | 0% | 30% | 23% | 0% | 100% |
Companies are also cutting back on what they deem as extraneous employment. Richard Jacovitz, senior vice president of Liberum Research believes that change is on the horizon. “I expect these executive turnover numbers to begin to grow in the early part of next year,” he predicts.
Liberum believes these despite the continuing slowdown in key executive turnovers over the last number of months, October was characterized by an unusually large number of what Liberum refers to as “significant” CEO turnovers.
| Board of Director Changes October 2008 | |||||||
| Management Change Description | |||||||
| Status | Internal | Joining | Leaving | Promotion | ResignedRetired | Terminated | Totals |
| TOTALS | 44 | 260 | 1 | 12 | 82 | 0 | 399 |
| Percentages | 11% | 65% | 0% | 3% | 21% | 0% | 100% |