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CEO Turnover at Record High in 2002

May 13, 2003|From Associated Press

Chief executives were forced out of their jobs last year at record levels all over the world, according to a survey of leadership turnover.

Management and technology consulting firm Booz Allen Hamilton's survey of the world's 2,500 largest publicly traded companies found that 253 CEOs left their positions last year -- a 10% rise over 2001. Of those, nearly 100 were forced out of their jobs because of poor performance -- a 70% increase over the number fired in 2001.

The CEOs who were dismissed in 2002 generated median shareholder returns of 6.2 percentage points, lower than CEOs who retired voluntarily. It took an 11.9% shortfall to prompt a firing in 2001.

About 15% of all leadership changes were merger-driven in 2002, the study found.

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