Surprising News - Two Quarters of C-level Declines

Corporate management turnover has been increasing in public companies for some time. Early 2007, unlike the same period in 2006, has not however, shown a dramatic increase in C-level turnover. To the contrary, first quarter totals indicate a continuation of a surprising C-level slowdown that first appeared in the fourth quarter of 2006. The slowdown took place in many key categories. 2007's first quarter totals have been below the high turnover figures Liberum registered for the same quarter in 2006. The first quarter 07' slowdown coincides with the decline Liberum first noticed for three key categories (overall C-level turnover, CEO changes and CFO changes) in the fourth quarter of 2006 as compared with the same quarter in 2005. The declining trend has continued into the first quarter of 07'.

ALL C-LEVEL CHANGES BY QUARTER

Quarters	2005	2006	2007	% Change 2006 vs. 2007
1st Quarter	3,135	7,539	6,430	-15%
2nd Quarter	3,354	8,316	n/a
3rd Quarter	3,787	6,214	n/a
4th Quarter	6,396	5,989	n/a
TOTAL	16,672	28,058

CEO CHANGES BY QUARTER

Quarters	2005	2006	2007	% Change 2006 vs. 2007
1st Quarter	518	754	624	-17%
2nd Quarter	500	721	n/a
3rd Quarter	400	647	n/a
4th Quarter	688	611	n/a
TOTAL	2,106	2,733

CFO CHANGES BY QUARTER

Quarters	2005	2006	2007	% Change 2006 vs. 2007
1st Quarter	457	630	489	-22%
2nd Quarter	426	654	n/a
3rd Quarter	405	551	n/a
4th Quarter	579	466	n/a
TOTAL	1,867	2,301