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Higher CEO turnover linked to recovery
By Hu Xiaocen |
18:37 UTC+8 April 18, 2013
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Online Edition
Online Edition
PUBLIC companies were more active in getting the chief executives they wanted last year, a private report showed today.
This trend adds to signs of a recovering global economy, said observers.
Chief executive officer turnover rate was 15 percent last year, the second-highest since 2000, according to the annual survey conducted by Booz&Company, a New York-based management consulting firm.
The report looked at the world's 2,500 largest public companies.
On Chinese mainland, the turnover rate rose to 8.1 percent in 2012 - up from the prior five years' average at 5.5 percent.
However, the rate remained lowest among all regions surveyed.
Meanwhile, the four other BRICS countries saw the highest increase in rates, up by more than half to 23.9 percent last year.
"During the economic crisis, boards took a reactive approach to CEO turnover and postponed CEO transitions, said Gary Neilson, senior partner at Booz&Co.
"Now they are actively planning CEO successions - companies are looking to build on the stability of a stronger economy and move forward with needed changes."
"Planned turnovers are at the highest rate ever, and insider CEOs make up the majority of new CEOs, indicating companies are taking a more thoughtful approach to ensure the right leaders are in place," added Neilson.
This trend adds to signs of a recovering global economy, said observers.
Chief executive officer turnover rate was 15 percent last year, the second-highest since 2000, according to the annual survey conducted by Booz&Company, a New York-based management consulting firm.
The report looked at the world's 2,500 largest public companies.
On Chinese mainland, the turnover rate rose to 8.1 percent in 2012 - up from the prior five years' average at 5.5 percent.
However, the rate remained lowest among all regions surveyed.
Meanwhile, the four other BRICS countries saw the highest increase in rates, up by more than half to 23.9 percent last year.
"During the economic crisis, boards took a reactive approach to CEO turnover and postponed CEO transitions, said Gary Neilson, senior partner at Booz&Co.
"Now they are actively planning CEO successions - companies are looking to build on the stability of a stronger economy and move forward with needed changes."
"Planned turnovers are at the highest rate ever, and insider CEOs make up the majority of new CEOs, indicating companies are taking a more thoughtful approach to ensure the right leaders are in place," added Neilson.
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