Turnover among the nation’s chief executive officers rose slightly in April, as 94 announced their departures during the month.
That's 9.3 percent higher than the 86 CEO exits in March, according to the latest Challenger, Gray & Christmas, Inc. report on chief executive officer turnover
April departures were 4.4 percent higher than the same month a year ago, when 90 CEO changes were recorded. Through the first four months of 2013, 403 CEO departures have been announced, which is 2.0 percent fewer than the 411 tracked over the same period in 2012.
For the first time since October 2011, the financial sector saw the heaviest CEO turnover, with 18 CEO changes announced during the month. Financial firms have now announced 55 CEO departures in 2013, which is up 57 percent from a year ago, when 35 financial CEO departures were announced from January through April.
Notable exits included the top executives from BNC Bancorp and PNC Financial Services.
“Turmoil in the financial sector is ongoing. Recent legislation and regulation coupled with more scrutiny from boards and shareholders mean that no financial CEO job is secure,” said Challenger, Gray & Christmas CEO John A. Challenger.
Computer firms announced the second highest number of CEO changes in April, with 14. Health care saw the next highest number of CEO departures in April, with 12 top executives announcing their exits. The health sector was followed by the government/non-profit sector which saw eight changes.
Resignation is the leading reason for CEO departures in April, cited in 28 CEO exits. Another 21 CEOs stepped down into other roles within the executive leadership ranks, usually as a Chairman or chief-level executive. Sixteen CEOs found new positions in other companies, and 15 retired.