Who we are

Who leaves? Why? So what?

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

exechange tracks executive movements and provides the advisory and financial communities with in-depth news, analysis and data that can’t be found anywhere else.

  • Stay informed with all the latest news on management changes.
  • Learn details about the background.
  • Be the first to know more.

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

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.

  • We offer objective insight.
  • Our proven method and rigorous research provide the foundation for unbiased information.
  • exechange is an indispensable resource for personnel professionals and investors.
  • 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.

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.

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

Push-out Scores are regularly published in the German financial newspaper Börsen-Zeitung and in the weekly exechange report.

The Push-out Score was featured by The Wall Street Journal, Harvard Business Review, The Times, NBC News, The Australian, The Sydney Morning Herald, Vedomosti, Börsen-Zeitung and Stanford University.

NBC News explains the Push-out Score in this video and concludes:

“So when it comes to the high-stakes world of top executive gigs, you may be able to fool humans with vague press releases and beefed-up resumes, but you can’t fool the algorithm.”

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.”

In 2017, we have analyzed more than 200 CEO departures in the U.S., including the following companies:

American Express Company
American International Group
Anthem, Inc.
Autodesk, Inc.
Cardinal Health, Inc.
CenturyLink, Inc.
Chevron Corporation
Chipotle Mexican Grill, Inc.
Citrix Systems, Inc.
Comcast Cable Communications
CSX Corporation
DDR Corp.
Dentsply Sirona Inc.
Dish Network Corp.
Dollar Tree, Inc.
Equifax Inc.
Expedia, Inc.
Ford Motor Company
General Electric Company
General Mills, Inc.
GoDaddy Inc.
H&R Block, Inc.
Halliburton Company
Hewlett Packard Enterprise Company
Ingredion Incorporated
Kellogg Company
Kohl’s Corporation
L3 Technologies, Inc.
Lear Corporation
LKQ Corporation
M&T Bank Corporation
Macquarie Infrastructure Corporation
Mattel, Inc.
Micron Technology, Inc.
Mondelez International, Inc.
Northern Trust Corporation
Perrigo Company plc
Ralph Lauren Corporation
Santander Consumer USA Holdings Inc.
Sealed Air Corporation
ServiceNow, Inc.
Six Flags Entertainment Corporation
Sonoco Products Company
State Street Corporation
Sysco Corporation
Teleflex Incorporated
The Bank of New York Mellon Corporation
The Madison Square Garden Company
Tiffany & Co.
U.S. Bancorp
UnitedHealth Group Incorporated
W.P. Carey Inc.
W.R. Grace & Co.
WEC Energy Group
Whirlpool Corporation
Yum China Holdings, Inc.
Zimmer Biomet Holdings, Inc.

exechange welcomes questions, comments and disagreements. Contact us at editors@exechange.com

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