Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Investing December 2, 2002
Service Sector CEOs Still Getting Hit Despite Declining Turnover Trend
December 2, 2002 (PLANSPONSOR.com) - The service
sector saw the highest chief executive officer (CEO) turnover
in November for the third time in the last five months, but
the overall trend is improving according to an outplacement
firm.
Reported by Fred Schneyer
Challenger, Gray & Christmas said a quarter of November’s 50 CEO departures came from the service sector, which also suffered the most chief executive departures in September and July.
The good news from the monthly Challenger report is that November’s CEO musical chairs were 32% lower than October’s 73 (See CEO, CFO Turnover Increases ) and 28% lower than the same time a year earlier. Also, year-to-date CEO departures were 685, 21% lower than the same period last year.
Volatility in the service sector is also claiming many chief financial officers (CFO), the Challenger report said.
Of the 45 November CFO changes — which equal the number
of changes in the previous month – 20% percent came from
the service sector. So far this year, a total of 384 CFOs
have vacated their posts.