Active hiring of CEOs seen last year
By Lilith Hu |
01:00 UTC+8 April 19, 2013
|
Print Edition
Print Edition
PUBLIC companies worldwide were actively hiring chief executives last year, a sign that the global economy was recovering, according to a private report yesterday.
The turnover rate of chief executive officers globally stood at 15 percent last year, the second-highest since 2000, the annual survey conducted by Booz & Co, a New York-based management consulting firm, with the world's 2,500 largest public companies revealed.
"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 succession as companies are looking to build on the stability of a stronger economy and move forward with needed changes."
He added that more companies are planning management changes and that most of the new CEOs are promotions from within, indicating companies are taking a more thoughtful approach to ensure the right leaders are in place.
Meanwhile, the turnover rate of CEOs on Chinese mainland rose to 8.1 percent in 2012, up from the previous five years' average of 5.5 percent. But it was the lowest among all regions surveyed.
But the CEO turnover rate on the mainland may rise in the future in a fast growing economy, the firm said.
The turnover rate of chief executive officers globally stood at 15 percent last year, the second-highest since 2000, the annual survey conducted by Booz & Co, a New York-based management consulting firm, with the world's 2,500 largest public companies revealed.
"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 succession as companies are looking to build on the stability of a stronger economy and move forward with needed changes."
He added that more companies are planning management changes and that most of the new CEOs are promotions from within, indicating companies are taking a more thoughtful approach to ensure the right leaders are in place.
Meanwhile, the turnover rate of CEOs on Chinese mainland rose to 8.1 percent in 2012, up from the previous five years' average of 5.5 percent. But it was the lowest among all regions surveyed.
But the CEO turnover rate on the mainland may rise in the future in a fast growing economy, the firm said.
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