In April, 3 CEOs Per Day Left Their Jobs
May 9, 2012 by UPI - United Press International, Inc.
CHICAGO (UPI) — Ninety chief executive officers left their jobs in April, including one who jumped ship in about two days, a research group from Chicago said.
Outplacement consulting firm Challenger, Gray & Christmas said as a rule, the majority of chief executives “cite ‘resignation’ as the reason for departure. Last month, 24 CEOs ‘resigned,’ bringing the year-to-date total to 118.”
Translation: Resignation is often the face-saving, polite way of saying “got the boot.”
Best Buy CEO Brian Dunn, for example, “abruptly” resigned in April. But he resigned “amid a probe into his personal conduct,” the monthly report said.
The report said the number of CEO departures in April is roughly on par with March and with April 2011 — slightly down from 94 in March and 103 from 12 months earlier.
Shaping up as a trend, perhaps, “a growing number of chief executives are finding new positions in other companies,” the report said.
Fifty-one CEOs jumped ship January through April this year, compared to 34 in the first four months of 2011.
One of these was James Ferland, who was CEO of Westinghouse Electric of Cranberry, Pa., for about two days.
About 48 hours into his job, he sent in his resignation to take a CEO post at Babcock & Wilcox in North Carolina.