Research news

January 6, 2020

One in two CEOs steps down under high pressure

  • In-depth analysis of 799 CEO departures in the U.S. from the past 36 months
  • Around 2.1% of CEOs left with a specific reference to misconduct allegations
  • Female CEOs have been found to be more likely to be pushed out than male CEOs
  • CEOs of energy and consumer discretionary companies are feeling the heat

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December 18, 2019

The most remarkable CEO changes in 2019

McDonald’s Corp., Molson Coors Brewing Co. and Kraft Heinz Co. are among the companies that have announced the most remarkable leadership changes in 2019. Consumer goods companies were particularly often affected by obviously forced CEO changes. Numerous CEO departures were driven by changing consumer habits, technical upheavals and scandals. Activist shareholders had a hand in many involuntary management changes. These are the results of a recent study by the research firm exechange, which has analyzed 298 CEO departures from companies on the Russell 3000 index over the past 12 months.

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Push-out Score™: The number you need to know

Who took the initiative? What triggered the move? Bad executive-firm match? Reluctant or happy to leave? Forced or voluntary departure? Performance-induced change? How intense was the pressure? Who turned their back on whom? More than one reason for the change? And why now? When a top manager leaves, many questions arise. exechange gets closer to the answer. Why did the top manager leave?

  • Reported reasons for departures are often not reliable.
  • Firms are not required to reveal the true reason for a departure.
  • An announced retirement may simply be a euphemism for a firing.

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You’re never too old to be fired

By David F. Larcker and Brian Tayan

Managerial ambiguity harms M&A success and corporate performance

By Desiree-Jessica Pely

Having an attractive partner is good for male but not for female CEOs

By Harry Garretsen and Janka Stoker

Industry cycles play a role in corporate stumbles

By Jo Whitehead

Thomas Cook illustrates the three main reasons for corporate stumbles

By Jo Whitehead

The younger CEOs are, the sooner they go public

By Dirk Schiereck

The role of gender

By Chris Groening

Lessons from the departure of the BMW boss

By Jo Whitehead

Are boards proactive or reactive to industry shifts?

By David F. Larcker and Brian Tayan

The shelf life of Mark Zuckerberg

By Harry Garretsen and Janka Stoker

CEO pay — The rewards of power

By Harry Garretsen and Janka Stoker

Kingfisher: A case study of the effects of CEO bias

By Jo Whitehead

The Push-out Score and its relationship with stock performance

By Dirk Schiereck

PG&E: Another CEO goes down with the ship

By David F. Larcker and Brian Tayan

Companies seeking growth need to look hard at their top team

By Jo Whitehead

Female CEOs more likely to be fired

By Janka Stoker and Harry Garretsen