More C.E.O.'s Depart, More Women Rise

The January C.E.O. Report is in, and thanks largely to the worsening credit crunch, chief executive exits were up 58 percent over December. Challenger, Gray & Christmas Inc. says 134 C.E.O.'s stepped down last month — of which 44 resigned or were forced to resign, and six were fired.

January's corner-office body count was the highest since last May, when 144 C.E.O.'s left.

State Street Global Advisors, for example, ousted William H. Hunt after five clients sued the investment bank, accusing it of misrepresenting investments in subprime mortgages.

Jim Donald walked out on his two-year reign as Starbucks Corporation's C.E.O.

The health care industry has had the most C.E.O. turnover, with about 19 departures a month over the last two years. Just two weeks ago, for instance, Robert Zarella quit as chief executive of Bausch & Lomb Inc. Zarella, who has been at B&L since 2001, plans to retire in March.

The technology sector saw the second most C.E.O. departures: 18 of them, including Meg Whitman of eBay, one of only 12 women holding the top spot in a Fortune 500 company.

Even more C.E.O.'s from the tech sector may leave in response to Microsoft's hostile $44.6 billion bid for Yahoo, reports John Challenger, chief executive of Challenger, Gray & Christmas.

About 12 percent of the C.E.O. replacements in January were women. Sixty-six percent of these women were taking over for a man.

"With the success Ms. Whitman brought to eBay, we may also see an influx of women reaching the top post," said Challenger.

by Christine Lenzo

Add Your Comment

Report Abuse

Archive

Categories

Links