Challenger, Gray & Christmas Inc. in Chicago helps place the displaced in new positions where individuals are equal to the task. It seems that a large audience the company is helping these days are CEOs on the prowl for new work. CEO departures have increased 20 percent between February and July. In fact, in the month of July itself the company reported that four CEOs quit per business day.
So what’s going on? The atmosphere in the dot.com community is said to have a hand in CEO turnover. However, across the board, performance expectations are just plain higher. Challenger, Gray reported that, “They are under more pressure than ever before to produce strong numbers every quarter. They are constantly being second-guessed and scrutinized by Wall Street and their own directors. If it were baseball, they would be expected to hit .400 day after day, month after month.”
In a time where it was easier to jump ship than stay on and make a career commitment, CEOs were finding that it was more financially beneficial to leave and move on than stay and move up. In the financial services arena, the category second highest for CEO shake-ups, professionals are finding that consolidations are making it tough to stay and ride the shaky times out.
Exec-U-Net, a company that specializes in positions offering salaries over $100,000 a year, has found the greatest demands for executives in the high-tech industry. From there, the demand is strongest in media and publishing and then “general business.”