Layoffs Soared in April, but Not for C.E.O.'s

We probably didn't need more evidence that it pays to be a C.E.O. these days, in more ways than one.

But a recent job report provides proof, nonetheless.

Planned job cuts by U.S. employers soared to 90,015 in April, a 68 percent increase from the 53,579 job cuts in March, according to a monthly job report released by Challenger, Gray & Christmas, an outplacement consultancy.

Turnover rates among chief executives, on the other hand, actually fell 8.9 percent from April to March. Compared with the same month last year, the decline was even greater: 11.1 percent.

Of the 112 C.E.O.'s who left their posts in April, 21 came from the health care sector, while government-sector executives saw 18 losses, followed by 18 exits in the technology sector.

"We are seeing a lot more movement among C.E.O.'s from one company to another," said John A. Challenger. "In this challenging economy, this could be a sign that more companies are luring coveted leaders away from competitors or it could be a sign that C.E.O.s are leaving their companies before things get too bad."

Job cuts are officially "bad" for mid-level employees, though, especially those from the financial sector. One out of every four jobs cuts in April came from financial firms. And of the 23,106 April job cuts in this industry, nearly half of them came during a two-day period when Merrill Lynch and Citigroup announced back-to-back cuts.

The financial sector announced three times as many cuts in April as the second-ranked telecommunications industry, which witnessed 8,007 job cuts in April, a jaw-dropping 569 percent increase compared to March.

by Alfonso Serrano F.