Featured press citations

(“Did the CEO Actually Get Fired? There’s a Decoder for That”)

“Daniel Schauber …, who founded a Frankfurt-based research firm, Exechange, has emerged as a cryptologist of top executive departures. By analyzing company announcements and other data, his proprietary formula produces a ‘Push-Out Score’ ranging from zero to 10.”




(“Did they jump or were they pushed? Algorithm finds ‘truth’ behind office exits”)

“Vague phrases such as ‘stepped down to pursue other interests’ and ‘departed from his position for personal reasons’ raise red flags, said Daniel Schauber, …, who sells his analysis through his research firm, Exechange.”


(“Stop the weasel words around executive departures”)

“[A] German researcher … wrote an algorithm to examine top executive departures through wording in company announcements. The algorithm creates a push-out score from zero (voluntary departure) to 10 (forced). Announcements that omit praise for the chief executive or have fuzzy language such as ‘decided to leave’, lead to higher push-out scores. Many scores range in the middle, suggesting chief executives decide to leave after some subtle board encouragement.”


(“Decoding the cryptic language of sacking”)

“’I was fascinated,’ says Mr Schauber, who has analysed thousands of corporate announcements and their patterns. ‘It looks like boilerplate language, but if you look really closely at each word and how the words are weighed, each corporation has its own code. If there are deviations from that norm, there may be information there.’”


Ведомости (VEDOMOSTI)
(„Как определить, ушел ли директор сам или его уволили“)

“46-летний лингвист, редактор финансового издания Börsenzeitung из Франкфурта Даниэль Шаубер основал исследовательскую фирму Exechange и разработал алгоритм для анализа сообщений компаний об уходе гендиректоров и других доступных данных. Его формула присваивает каждому случаю оценку от 0 до 10, где 0 – совершенно добровольный уход, 10 – явное принудительное отстранение от работы.“

(„Did the CEO Quit – or Was it a Resig-firing?“)

“Reading the tea leaves to determine whether a CEO was forced out is sometimes difficult. Corporate transition announcements tend to be ambiguous, and investors are often left to sort out for themselves whether the CEO was fired or resigned. Now financial journalist Daniel Schauber has come up with a model – the ‘Push-out Score’ – that he contends will help shed light on whether a CEO left voluntarily, or was shoved out the door.”


(„Deciphering the exit memo: Exechange analyzes why CEOs actually leave“)

“Daniel Schauber, the founder of Frankfurt, Germany-based startup Exechange, had a different reaction. The 46-year-old researcher wrote an algorithm that has put him in the forefront of ‘decoding’ executive departures—who comes, who leaves, who wants to go, who has to go—reported on a weekly basis.”


(„Science: Quit or fired? Algorithm decodes vague words“)

“The founder of a German research firm has developed an algorithm that helps decipher the sometimes-cryptic language in position-change announcements. … Daniel Schauber looks at factors such as fuzzy language, lack of praise for successes, quick departure timing, no immediate naming of a permanent successor, and the age of the departing employee to formulate a ‘push-out score’ between 0 and 10, where 0 is a completely voluntary departure and 10 is an outright firing.”


Fredrikson & Byron P.A.
(“CEO Exit ‘Codes’ Can Be Cracked, So Craft Departure Announcements Carefully”)

“Cryptic press releases announcing CEO departures can reveal more information than companies realize, thanks to an algorithm developed by a German linguist. Daniel Schauber, founder of research firm Exechange …, developed a scoring system to interpret the often-vague language of CEO departure announcements. He wanted to determine whether departures were voluntary or forced. Historically, there has been no way to tell. … Companies are advised to craft their CEO departure announcements carefully.”


(„Neues Modell stuft CEO-Wechsel ein“)

„Rücktritt oder Rauswurf? Wenn ein CEO den Posten verlässt, bleiben Investoren über die Motive oft im Unklaren. Ein neues Analyseinstrument namens Push-out Score bietet Hilfe für die Einschätzung. … Corporate-Governance-Experten der Universitäten Harvard und Stanford haben die Kapitalmarktrelevanz des Modells untersucht und festgestellt, dass CEO-Wechsel mit hohen Push-out Scores mit einer starken Aktienkursvolatilität einhergehen.“


Stanford Graduate School of Business
(“Retired or Fired: How Can Investors Tell if a CEO Was Pressured to Leave?”)

“The Push-out Score developed by exechange offers a systematic approach for combining observable evidence with expert human judgment to arrive at a reasonable assessment of the likelihood of CEO termination.”


Harvard Law School Forum on Corporate Governance and Financial Regulation
(“Retired or Fired: How Can Investors Tell If the CEO Left Voluntarily?”)

“Rather than definitely categorize executive departure as forced or voluntary, the Push-out Score offers a graded score that amounts to a confidence level that a CEO was terminated. … The data suggest that Push-out Scores are positively correlated with stock market volatility.”