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U.S. markets recover from steep losses
CHICAGO, Dec. 1 (UPI) -- The number of chief executive officer departures announced by U.S. companies grew by 113 in November, a private outplacement firm said Friday.
That figure includes eight more CEOs who left as a result of options backdating, bringing the number of CEOs claimed by the growing scandal in the last two months to 15, Chicago-based Challenger, Gray & Christmas Inc. said.
With a total of 1,347 CEO changes announced through November, 2006 officially becomes the largest CEO turnover year on record, surpassing the 2005 year-end total of 1,322.
November turnover was 7.4 percent lower than October, when CEO departures numbered 122. Last month was 4.2 percent lower than November 2005, which saw 118 CEO changes.
Nearly half of November's departing chief executives resigned or stepped down, and 19 retired. However, most of these departures will be overshadowed by the eight related to options backdating.
"The options backdating scandal is spreading like a virus. The 15 CEOs affected in the last two months may be just the tip of the iceberg. The scandal has also taken down chief operating officers, chief financial officers, legal counsels, vice presidents and board members," said John A. Challenger, CGC's chief executive.
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