Liberum has just completed a comparison analysis of quarterly and annual management changes for CEOs, CFOs and all C-level management changes (from board of directors titles down to vice presidents). The most surprising information culled from the analysis relates to declining levels of management change that took place during 2008, particularly in the last three quarters when compared with the same quarters in 2007 and 2006. While the U.S. and Canadian economies have entered a recession in 2008 most companies have been reducing overall employment and expenses. The employment reductions have not in general applied to top level management. While 2008 saw a large number of high profile CEOs and CFOs leave their positions, particularly in the financial sectors, overall this trend did not apply to the majority of corporations. As we move through 2009 we anticipate an increase in top level executive changes.
Below are three graphs that comprise quarterly and annual changes for CEOs, CFOs and all C-level executives. The information has been derived from Liberum’s Management Change Database. For more detail on the totals, please contact Liberum’s director of research.
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