“Maybe The Rich See The Writing On The Wall”: CEOs Stepping Down At Highest Levels Since 2008

Saturday, November 9, 2019
By Paul Martin

by Eoin Higgins via CommonDreams.org,
ZeroHedge.com
11/09/2019

A record number of CEOs left their positions in October, a corporate outplacement firm reported Wednesday, the most in one month since the 2008 recession.

The news from Challenger, Gray & Christmas raised eyebrows—and concerns over a possible incoming recession—Wednesday evening at progressive news co-op The District Sentinel’s radio show.

“Maybe this means nothing, maybe this is a coincidence,” said show co-host Sam Sacks.

“Or maybe rich people can see the writing on the wall and are cashing out right now.”

Sacks and co-host Sam Knight weren’t the only ones who saw the news as possibly indicative of economic upheaval on the horizon.

“Sign of a recession?” wondered Globe and Mail reporter Paul Waldie.

According to Challenger, Gray & Christmas’ report, 1,332 CEOs have already left their companies, far outstripping the total 1,257 departures by this time in 2008. A total 1,484 CEOs left their positions by the end of 2008.

In a press release, Challenger, Gray & Christmas explained some of the turnover as the result of executive misconduct, succession plans, and normal changes in personnel. But even by those standards, 2019 stands out.

As The Chicago Tribune reported, October was a high water mark for the year:

In October, 172 chief executives left their posts, compared with 151 CEOs in September and 149 in October 2018, according to outplacement firm Challenger, Gray, & Christmas. That brings the 10-month tally to 1,332 CEOs who are out—the highest number since 2002, when the firm began tracking CEO departures at companies that have been in business at least two years and have at least 10 employees.

“Succession plans and misconduct aside, 172 in one month?” market researcher Danielle DiMartino Booth tweeted incredulously.

October’s numbers beat the previous record, set in August.

The Rest…HERE

Comments are closed.

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter