We can’t help thinking of rats deserting a sinking ship. Are CEOs shorting American business?
More than 1,400 CEOs left their posts this year through November, says Challenger, Gray & Christmas. That’s up 12% from this point last year. And it’s the highest January to November total since Challenger started keeping track of the numbers in 2002. Turnover is even higher than the 1,257 CEOs who exited in 2008 amid the Great Recession.
Turnover hits investors especially hard. More than 280 CEOs from publicly traded firms exited this year through November. And that’s already 8% higher than in all of 2018 and the highest level since 2011.