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- CEOs are quitting at record rates this year with 1,425 exits in the first nine months of 2023 alone.
- That's according to a new report by Challenger, Gray, and Christmas about the number of CEO exits in 2023.
- There's been several high-profile CEO departures this year including CNN's Chris Licht.
CEOs are the latest to bow under the pressure of a challenging economic environment and are joining the "Great Resignation," at record rates, a new report by outplacement firm Challenger, Gray & Christmas found.
The report found that a total of 1,425 CEOs have stepped down from their position so far, up 49% from the 969 chiefs who exited last year. 2023 has seen the highest number of quits in the first nine months of the year since Challenger, Gray & Christmas, which helps corporate staff find new jobs, started tracking CEO exits in 2002.
Challenger, Gray & Christmas said it used "press releases, SEC filings, and news reports to tally CEO changes from US-based companies," taking into account only companies with 10 or more staff, and those in business for longer than two years.
According to Challenger, Gray & Christmas' report, 164 CEOs quit in September 2023, up from the 74 CEOs who left their jobs in the same period last year.
Meanwhile in the third quarter, the number of CEOs who quit hit 518, the most in a quarter this year, and up more than 300 from the 195 CEOs who quit in the third quarter of 2022.
CEO exits in the government and non-profit sector were also up sharply from last year, climbing from 190 to 353. The tech industry ranked second for highest CEO turnover this year with 141 exits in total — up 45% compared to the same period last year, when there were 97 exits in total.
Most companies did not give specific, detailed reasons for why their CEOs were leaving, however, 318 of the 1,425 CEOs to step down so far this year went into retirement, 241 stepped down into another C-level, advisory or board role, and 45 found new positions in their companies usually heading up another division, per Challenger, Gray & Christmas.
2023 has been a tough year for CEOs as investors pile on the pressure to downsize and lay off workers in an effort to cut costs amid a harsher economic climate, while also dealing with the backlash from employees about such job cuts.
Many executives have also forced remote workers back into the office, much to their dismay.
There have been a number of high-profile changes to company leadership this year including billionaire Elon Musk stepping down from his role as CEO of X, formerly known as Twitter, and appointing ex-NBCUniversal veteran Linda Yaccarino to the position.
CNN chief Chris Licht quit after less than a year in the role in June after facing intense criticism from staffers and outsiders over accusations of being too aloof and self-absorbed.
Meanwhile the CEO of Cboe Global Markets Edward Tilly and BP chief Bernard Looney both resigned in September after failing to disclose personal relationships with employees.