The latest quarterly and monthly executive turnover results have been a bit confusing with regard to the American and Canadian economies. Both third quarter and September executive turnover totals for CEOs, CFOs, C-level executives (board of directors down to VP level) and board of director changes have been inconsistent when compared on a year to year, month to month and quarter to quarter basis. Liberum's analysis is further complicated by the latest government closings which will undoubtedly impact this coming Friday's Bureau of Labor Statistics Employment Report. The BLS' Employment Report, even if the government is reopened in time, due to the vagaries of the government closing, will not be accurate or will not be released.
Overall, Liberum's latest monthly and quarterly executive turnover totals show an economy recovering but still facing a number of uncertainties. This conclusion is reaffirmed by ADP's September Private Employment Report which was released this morning and was below what analysts had anticipated. According to the ADP Report:
Private sector employment increased by 166,000 jobs from August to September
Liberum has put together below a quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America from 2008 through this last quarter.
Below is a simple table outlining the quarterly turnover totals as registered through Liberum's Management Change Database for 2008 through the second quarter of 2013 for CEO, CFO and overall C-level turnover. To get more extensive turnover details contact Liberum.
Total CEO Turnover Comparisons
| Year | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 1st Quarter | 745 | 491 | 388 | 346 | 680 | 583 |
| 2nd Quarter | 596 | 380 | 321 | 581 | 665 | 619 |
| 3rd Quarter | 533 | 409 | 298 | 713 | 636 | 627 |
| 4th Quarter | 461 | 430 | 328 | 697 | 673 | |
| Annual Total | 2,335 | 1,710 | 1,335 | 2,337 | 2,654 | 1,829 |
Total CFO Turnover Comparisons
| Year | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 1st Quarter | 593 | 332 | 296 | 280 | 640 | 495 |
| 2nd Quarter | 551 | 326 | 273 | 404 | 612 | 557 |
| 3rd Quarter | 438 | 279 | 256 | 629 | 598 | 582 |
| 4th Quarter | 364 | 313 | 258 | 476 | 569 | |
| Annual Total | 1,946 | 1,250 | 1,083 | 1,789 | 2,419 | 1,639 |
Total C-level Turnover Comparisons
| Year | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 1st Quarter | 6735 | 4061 | 3453 | 2863 | 5442 | 3971 |
| 2nd Quarter | 7430 | 5051 | 3199 | 4041 | 5036 | 4102 |
| 3rd Quarter | 4865 | 3690 | 2522 | 5349 | 4235 | 4123 |
| 4th Quarter | 4277 | 3439 | 2381 | 4596 | 4197 | |
| Annual Total | 23,307 | 16,241 | 11,555 | 16,849 | 18,910 | 12,196 |
The quarterly trend for key executives (above) illustrates a continuiing concern for the North American economy.
The latest monthly comparison figures with regard to executive turnover for September 2013 with those of September 2012 and August 2013 and September 2013 are as follows:
- CEO turnover for September 2013 increased 12% from that of September 2012, CFO turnover declined 3%, overall C-level turnover declined 1% and Board of Director turnover increased 9%.
- The month to month change from August 2013 to September 2013 showed an increase of 2% for CEOs, a decline of 3% for CFOs a decline of 11% for C-level changes and a decline of 19% for board of director changes.
In the below report, Liberum has focused on an unusually large fifty four CEO changes of special significance for the month of September. We have also put together the overall turnover figures for the month of September 2013. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for CFOs, COOs, Presidents, Chairmans etc. just through our database.
DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS
09-03 Antaga Intl Corp ANTR TOR 54
09-03 ClickSoftware Technologies Ltd. CKSW NASDAQ 216
09-03 Morgans Hotel Group Co. MHGC NASDAQ 227
09-03 Nokia Corporation (ADR) NOK NYSE 19006
09-03 Reachlocal, Inc. RLOC NASDAQ 319
09-04 Active Health Foo AHFDD OBB 131
09-04 VIVUS, Inc. VVUS NASDAQ 1055
09-05 Rcs Capital Corpo RCAP NYSE 39
09-06 Chembio Diagnosti CEMI NASDAQ 31
09-06 First Potomac Realty Trust FPO NYSE 750
09-09 8x8, Inc. EGHT NASDAQ 716
09-09 American Ecology Corporation ECOL NASDAQ 513
09-09 Communications Systems, Inc. JCS NASDAQ 101
09-09 Sharprock Resourc SHRK OTN 846
09-09 The Timken Company TKR NYSE 5930
09-10 Invivo Therapeuti NVIV OTN 110
09-10 Pure Bioscience PURE OTN 12
09-11 CoBiz, Inc. COBZ NASDAQ 367
09-11 iGATE Corporation IGTE NASDAQ 1533
09-11 Pandora Media, In P NYSE 3772
09-11 Selective Insurance Group SIGI NASDAQ 1332
09-12 Renal Care Group, Inc. RCI NYSE 21414
09-13 Golden Global Cor GLDG OTN 383
09-13 Poly Shield SHPR OBB 107
09-13 Suntech Power Holdings Co., Ltd. STP NYSE 230
09-16 Danske Bk a/S Bea DNSKY OTN 22572
09-16 Esterline Technologies Corporation ESL NYSE 2567
09-16 Terra Nitr Co Com TNH NYSE 3828
09-17 Thompson Crk Mtls TC NYSE 609
09-18 Acusphere Inc ACUSD OTN 3
09-18 Amarok Resources AMOK OTN 909
09-18 CyberOptics Corporation CYBE NASDAQ 44
09-18 Discovery Holding Company DISCA NASDAQ 28928
09-18 Electronic Arts I EA NASDAQ 8248
09-19 Atlantic Coast Federal Corporation ACFC NASDAQ 10
09-19 Efftec Intl Inc EFFI OTN 269
09-19 Emed Mining Publi EMD TORONTO 148
09-19 Horace Mann Educators Corporation HMN NYSE 1097
09-19 Rare Earth Minera REM LONDON
09-20 Actinium Pharma ATNM OTN 131
09-20 Magellan Health Services, Inc. MGLN NYSE 1577
09-23 Bison Petroleum C BISN OTN 31
09-23 Globalscape Inc GSB NYSE 29
09-23 Mfa Mtg Invts Inc MFA NYSE 2694
09-23 Mood Media Corpor MM TORONTO 113
09-23 VAALCO Energy, Inc. EGY NYSE 309
09-23 Weis Markets Inc WMK NYSE 1358
09-24 Diamond Offshore Drilling, Inc. DO NYSE 8843
09-24 Senomyx Inc. SNMX NASDAQ 141
09-24 VeriFone Holdings, Inc. PAY NYSE 2488
09-26 Ata Inc. ATAI NASDAQ 115
09-26 Webster Financial Corporation WBS NYSE 2298
09-30 Active Power, Inc. ACPW NASDAQ 56
09-30 Albemarle & Bond ABM LONDON
SEPTEMBER 2013 MANAGEMENT CHANGE STATISTICS
C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL - 1285
TOP INDUSTRY SECTORS
> Drugs - 123
> Banking - 109
> Energy - 89
GRAND TOTAL - 1285
TOP INDUSTRY SECTORS
> Drugs - 123
> Banking - 109
> Energy - 89
SEPTEMBER 2013 CEO CHANGE STATISTICS
GRAND TOTAL - 211
TOP INDUSTRY SECTORS
> Energy - 22
> Drugs/Biotech - 19
> Metals/Mining- 16
GRAND TOTAL - 211
TOP INDUSTRY SECTORS
> Energy - 22
> Drugs/Biotech - 19
> Metals/Mining- 16
SEPTEMBER 2013 CFO CHANGE STATISTICS
GRAND TOTAL - 198
TOP INDUSTRY SECTORS
> Drugs/Biotech - 21> Banking - 15
> Energy - 14
> Metals/Mining - 14
GRAND TOTAL - 198
TOP INDUSTRY SECTORS
> Drugs/Biotech - 21> Banking - 15
> Energy - 14
> Metals/Mining - 14
SEPTEMBER 2013 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 422
TOP INDUSTRY SECTORS
> Drugs/Biotech - 51
> Metals/Mining - 32
> Business Services - 25
> Telecom - 25
GRAND TOTAL - 422
TOP INDUSTRY SECTORS
> Drugs/Biotech - 51
> Metals/Mining - 32
> Business Services - 25
> Telecom - 25
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