Healthcare, for the year, tops in CEO turnover

May 8, 2013 at 10:48 AM
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CHICAGO, May 8 (UPI) -- Chief executive officers at U.S. healthcare firms have experienced the most departures for 2013 compared to others, an employment firm said Wednesday.

For the year to date, 71 CEOs at healthcare and related products firms have hit the road this year for a number of reasons, including resignation, retirement, having their company bought out, scandal, illness or simply taking another job within the company.

Outplacement firm Challenger, Gray & Christmas said 94 CEOs left their jobs in April, 9.3 percent more than the 86 CEOs who departed in March.

For April, healthcare companies and hospitals lost 12 CEOS, while computer firms lost 14 and financial firms lost 18. From the start of the year, however, healthcare firms have suffered the biggest CEO fallout followed by financial firms at 55, computer firms at 50, and government and non-profit firms, where 44 CEOs have departed this year.

Challenger, Gray & Christmas CEO John Challenger had ominous words for financial firm CEOs.

"Turmoil in the financial sector is ongoing. Recent legislation and regulation coupled with more scrutiny from boards and shareholders mean that no financial CEO job is secure," he said.

Among the noted departures for April was J.C. Penny Co. CEO Ron Johnson, who "failed to turn around the flailing retailer," the monthly CEO report said.

"Johnson stated he had cut over 40,000 jobs during his brief tenure which included attempting to replace the brand. He was replaced by former Penney's CEO Mike Ulman," the report said.

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