Who leaves? Why? So what?

exechange is an independent research provider widely recognized as an important voice on executive changes.

exechange tracks executive movements and provides the financial communities with analysis and data that can’t be found anywhere else.

exechange publishes weekly reports on capital market-relevant executive changes. With special focus on facts, figures and form. Without fear or favor. Firm but fair.

The next exechange report will be published on Monday.

  • We focus on the way a leader is leaving.
  • We watch out for push-out forces.
  • We determine the Push-out Score™.

Forced or voluntary departure? Retired or fired? The Push-out Score is the number you need to know.

The problem

C-suite executives are rarely openly fired. They may resign “voluntarily” before being ousted and “jump before they are pushed”.

The analysis

We can attempt to arrive at a reasonable assessment of the likelihood of a forced departure by systematically evaluating observable evidence. That’s why exechange developed the Push-out Score analysis model, which helps in gaining more clarity.

The solution

The Push-out Score on a scale of 0 to 10 gauges the likelihood that a manager was pushed out or felt pressure to leave the position. A Push-out Score of 0 indicates that it is “not at all” likely that the executive was pressured to leave, and a score of 10 indicates that an involuntary departure is “evident” – for example, in the event of termination for cause or after an open dispute.

The Push-out Score draws on publicly available data along nine dimensions, including the form and language of the announcement, the age and tenure of the departing leader, the reason given, the length of time between the announcement and the departure, the share price performance and the succession plan.

The model is based on academic research on executive turnover, proprietary algorithms and a text corpus containing thousands of management changes.

We help our readers make prudent decisions, reduce risk and benefit from enhanced transparency.


Selected CEO departures
Announced Company Name Push-out Score *
19-Sep-18 AutoNation Inc. Mike Jackson 5
17-Sep-18 Tyson Foods Inc. Tom Hayes 8
10-Sep-18 HCA Healthcare Inc. Milton Johnson 1
22-Aug-18 Calyxt Inc. Federico Tripodi 9
6-Aug-18 PepsiCo Inc. Indra Nooyi 5
2-Aug-18 ITT Inc. Denise Ramos 0
17-Jul-18 Goldman Sachs Group Inc. Lloyd Blankfein 3
12-Jul-18 Northrop Grumman Corp. Wes Bush 6
11-Jul-18 Dunkin’ Brands Group Inc. Nigel Travis 2
8-Jun-18 Verizon Communications Inc. Lowell McAdam 4
6-Jun-18 Ameris Bancorp Ed Hortman 1
6-Jun-18 Athenahealth Inc. Jonathan Bush 10
22-May-18 J.C. Penney Co. Marvin Ellison 5
18-May-18 Heartland Financial USA Inc. Butch Fuller 1
18-May-18 Campbell Soup Co. Denise Morrison 10
19-Apr-18 Mattel Inc. Margo Georgiadis 9
12-Apr-18 Lennar Corp. Stuart Miller 5
2-Apr-18 Commerce Bancshares Inc. David Kemper 0
20-Mar-18 Dover Corp. Bob Livingston 5
12-Mar-18 Lattice Semiconductor Corp. Darin Billerbeck 8
5-Mar-18 3M Co. Inge Thulin 0
21-Feb-18 Tupperware Brands Corp. Rick Goings 4
12-Feb-18 Dun & Bradstreet Corp. Bob Carrigan 10
1-Feb-18 Altria Group Inc. Marty Barrington 4
18-Jan-18 Texas Instruments Inc. Rich Templeton 0
9-Jan-18 Domino’s Pizza Inc. Patrick Doyle 2
5-Jan-18 Gentex Corp. Fred Bauer 5
* The Push-out Score on a scale of 0 to 10 is a measure of the pressure on the departing CEO. Push-out Scores above 5 suggest strong pressure. Source: exechange


Our readers include personnel professionals, global executive search and leadership consulting firms, executive coaching companies, management consulting firms, event-driven investment managers, corporate governance experts, private equity firms, banks and corporations.

Our readers require comprehensive information about the reason for the management change and details regarding the executive-firm fit.

Our coverage universe includes the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization.

The Push-out Scoring System has been extensively tested on more than thousand individual cases before its first publication. In the past twelve months alone, we have assessed more than 500 cases and publicly disclosed the results.

Push-out Scores are published in the weekly exechange report.

The Push-out Score was featured by The Wall Street Journal, Harvard Business Review, The Times and Bloomberg.