CFOZone.com - The Network of Corporate Finance

Turnover among CEOs soared to its highest level since June 2008, as 126 CEO departures were announced in July, according to information released today by Challenger, Gray & Christmas. Despite the surge, CEO departures are expected to remain below 2008 totals.

The number who ran for the exits in July marked a 20 percent increase from the 105 CEO changes in June. Resignation was the leading cause of July CEO departures, as 35 left their posts for this reason. Another 30 retired and 28 stepped down from their posts, usually staying on as the chairman or board member.

Healthcare CEOs lead the defection, followed by government and the non-profit sector. The technology industry -- computer, telecommunications, electronics and e-commerce combined has seen 129 CEO changes this year.

While many CEOS are staying mum about why they are moving on, the speculation is that the pressure of navigating a company through this tough economy is taking its toll.

Just how hot is the C-suite these days?

I wonder whether there's a corresponding increase for CFOs? CEO exits tend to go hand in hand with CFO departures. Also, how many of these departures were voluntary vs. board-initiated? And healthcare led the pack? That's a surprise. Non-profits being third is less surprising, since they've been so hart-hit by the downturn.

Speaking of the board, apparently they are falling down on the job when it comes to CEO succession planning. According to a report released yesterday by The Conference Board, many corporate boards are not executing their fiduciary responsibilities on CEO succession planning and leadership development. This at a time when CEOs are running for the exits.

When it comes to leadership transition, underperformance can be expensive. Research show that faulty integration of a senior executive can cost the company 10 to 20 times the executive's salary in opportunity costs and has lasting consequences on the stock price. When taken collectively, succession failures also have repercussions on the U.S. economy, generating productivity losses and social costs valued at nearly $14 billion per year.

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