CHICAGO -- In 2007, 1,356 CEOs lost their jobs, an 8.3% decrease from the 1,478 CEOs that left their companies in 2006, according to the new CEO Turnover Report from Challenger Gray & Christmas Inc.
Nearly 135 of the positions were in the financial services sector, the report noted. For the third straight year, the number of monthly departures averaged more than 100.
"There is no doubt that CEOs are under more scrutiny than in the past, but the lack of turnover resulting from the credit crisis reveals how sheltered they remain," John Challenger, CEO of Challenger, Gray and Christmas, said in a press release.
The healthcare sector, which includes makers of medical equipment and supplies and health providers, had the highest turnover for the third consecutive year, the survey said.
"As for 2008, if the economy continues to slow or if we sink into recession, we could see another year of heavy--if not record--CEO departures, as companies make leadership adjustments to traverse the downturn, Challenger said.
