About us

Who we are

exechange is the independent, privately held research provider that tracks executive changes and determines the Push‑out Score™, a measure of pressure on departing executives on a scale of 0 to 10.

What we do

exechange provides in-depth reports, analysis and data on executive changes, particularly CEO departures in the Russell 3000 Index. We apply a novel methodology that evaluates the circumstances surrounding the executive departure to determine the degree to which the turnover event might be voluntary or forced (called the Push-out Score).

When we do it

exechange reports immediately. Our reports on executive changes, including Push-out Scores, are usually available within a few hours after the official departure announcement.

Where we do it

exechange’s coverage universe includes the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization. In addition, our analysis model is also applied to executive changes in transparent capital markets outside the U.S.

Why we do it

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.

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.

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

How we do it

exechange analyzes public sources, among them press releases and SEC filings, within 24 hours, striving to provide the most current, accurate and complete coverage possible. We work with a focus on facts, figures and form. Without fear or favor. Firm and fair.

The Push-out Score draws on publicly available data along nine dimensions, including the form and language of the leadership change 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, the circumstances of the change and the succession plan.

Whose business

exechange was founded in 2016 by Daniel Schauber, a veteran financial journalist. exechange and the exechange.com website are owned and operated by daniel schauber media. The company is based in Germany.

In order to be able to report as objectively as possible, exechange attaches importance to keeping a distance from the objects of its reporting. At the same time, exechange wants to be as close as possible to its customers and can be reached by e-mail and telephone in New York.

exechange is independent and does not accept advertising or sponsorship. The company is directly funded by its readers through subscription payments.

Whom we serve

exechange’s products and data are used by practitioners in the financial community, such as investment managers and private equity firms, as well as in academic research.

A Stanford University study using our data can be accessed here.

Research and commentary from exechange appears in renowned business publications. Coverage includes mentions in Bloomberg, CNN Business, Forbes, Harvard Business Review, NBC News, The Times and The Wall Street Journal.

The Harvard Business Review wrote about the Push-out Score: “By more clearly identifying situations in which the CEO has been pushed out, investors can better recognize when a company’s strategy isn’t working and identify investment risks that might not be apparent if a resignation is presumed to be voluntary.”

Corporate governance experts from Stanford University wrote in a research paper: “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.”

The Wall Street Journal wrote: “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.”

Which of our products you might like

exechange offers two main products (paid content):

  1. exechange report
  2. exechange data

We are happy to send samples of our products to qualifying institutions upon request.

exechange report

The weekly exechange report is published every Monday and contains in-depth reports and analysis on all capital market-relevant leadership changes from the Russell 3000 that we have covered over the past seven days.

You can subscribe to upcoming issues of the exechange report (paid content) here.

The free exechange newsletter contains excerpts from the weekly exechange report and keeps you up to date on the latest management changes. Sign up here and receive our free newsletter every Monday morning.

exechange data

The exechange database includes records of thousands of executive changes. From the past five years alone, our database contains records of over 1,300 CEO departure events in the Russell 3000 Index. Each record consists of 43 data fields (variables). The database starts on November 1, 2016, and is updated daily.

The variables include, among others:

  • Announcement date
  • Ticker symbol
  • Name departing executive
  • Gender departing executive
  • Age departing executive
  • Departure date departing executive
  • Tenure departing executive
  • Departure reason
  • Push-out Score
  • Name incoming executive
  • Gender incoming executive
  • Age incoming executive
  • Previous position incoming executive
  • Previous company incoming executive

We will gladly compile historical data from our database for you according to your individual requirements (paid content).

We are also happy to continuously supply you with the latest CEO departure data (paid content).

What more we can do

exechange is happy to prepare customized offers.

For example, upon special request, we can also provide the following: reports and data, including Push-out Scores, on executive changes within the shortest time after the official departure announcement; and reports and data on executive changes outside of the Russell 3000.

What more we can say

Life is complicated enough. We are turning complexity into clarity. But we don’t want to make things simpler than they are. exechange uses the Push-out Score analysis model to condense an event as complex as a CEO departure into a single score. We will be happy to tell you in detail how we do it and how you can also do the scoring yourself.

Are you short of time? Then go this way.

Do you have more time? Then it’s this way.