January Executive Turnover Continues to Decline

Liberum’s executive turnover data for January 2014 continued to follow the same negative trend we have been measuring for the last few months.  CEO and CFO changes monitored by Liberum Research saw significant percentage declines from the same month a year earlier and from the previous month of December 2013.  The trend was somewhat more confusing when we examined the same changes with regard to overall C-level turnover (as defined by Liberum as all C-level executives down to VP level) and to turnover in the Board of directors. C-level turnover was static (virtually unchanged) for both periods and board of director turnover was actually up in both periods.  The January employment figures from U.S. Department of Labor that camne out Friday, February 7, 2014 were also somewhat disappointing as well.  According to the BLS Employment Report:

Total nonfarm payroll employment rose by 113,000 in January, and the unemployment ratewas little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today (February 7th).  Employment grew in construction, manufacturing, wholesale trade, and mining. Total nonfarm payroll employment rose by 113,000 in January, and the unemployment ratewas little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today.Employment grew in construction, manufacturing, wholesale trade, and mining.

Below is a breakdown of Liberum’s key executive category percentage changes for January 2014 compared with January a year earlier and the previous month of December 2013.

• For January 2014 declines took place in two key categories.  CEO changes declined 16% from a year earlier, CFO changes declined 21%, whereas overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes remained static and board of director changes increased 6% as compared with January 2013 totals.

• The month to month change in executive turnover (December 2013 to January 2014) showed a slightly more negative picture with a decline of 25% for CEOs, a decline of 14% for CFOs, C-level changes remained static and board of director changes declined 19%, respectively.

Below are the overall turnover totals for January.  The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company’s performance.  

KEY CEO CHANGES – JANUARY 2014
41 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING

According to Liberum’s Management Change Database, a total of 168 CEO related changes occurred during January 2014. Here are 41 from the time period that caught my eye.  By significant, I’m looking for situations where I think a particularly strong or weak choice has been made – given the apparent current state of the company – or where there is an interesting special situation.

DATE   COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS

01-02 Ryl Dtch Shl Cl A  RDS-A  LSS  221900

01-03 Healthcare Corp HCCAE  OTN  16

01-06 Endeavor Ip, Inc.  ENIP  OBB  32

01-06 Mbac Fertilizer C  MBC  TORONTO  257

01-08 Barnes & Noble, Inc.  BKS  NYSE  887

01-08 Ideal Power Inc.  IPWR  NASDAQ  48

01-08 Ratos Ab Shs-B  RTOBF  OTN  2801

01-09 Hybrid Paytech World  FPOTF  OTN  22

01-09 Suntech Power Hld  STPFQ  OTN  100

01-09 Teva Pharm Ind Ltd (ADR)  TEVA  NYSE  35127

01-10 Amarin Corporation plc (ADR)  AMRN  NASDAQ  373

01-10 Experience Art &  EXAD  OBB  29

01-10 Guided Therapeuti  GTHP  OBB  36

01-13 Incyte Corporation  INCY  NASDAQ  9561

01-13 Red Lion Hotels Corp  RLH  NYSE  114

01-14 Breedit Corp  BRDT  OTN  8

01-14 Canarc Resource C  CRCUF  OBB  7

01-15 Iceweb Inc  IWEB  OBB  4

01-15 Local.com Corp. LOCM NASDAQ 36

01-15 Malvern Bancorp,  MLVF  NASDAQ  69

01-17 BlueLinx Holdings Inc.  BXC  NASDAQ  149

01-17 Independent Film  IFLM  OTN  697

01-17 Sunvault Energy,  SVLT  OBB  4

01-18 Silver Stream Min  AGSM  OTN  5

01-20 Deutsche Lufthans  DLAKY  OTN  11369

01-21 Oak Ridge Micro E  OKME  OBB  63

01-22 Advanced Cell Tec  ACTC  OTN  162

01-22 Liposcience, Inc.  LPDX  NASDAQ  63

01-23 American Eagle Outfitters  AEO  NYSE  2543

01-23 Greenhunter Energ  GRH  NYSE  40

01-23 Teradyne, Inc.  TER  NYSE  3625

01-24 Premier Alliance  PIMO  OTN  15

01-27 Astro-Med, Inc. ALOT  NASDAQ  98

01-27 Chunghwa Telecom Co., Ltd. (ADR)  CHT  NYSE  22869

01-27 E2v Technologies  E2V  LSS  3

01-27 Global Cash Access Holdings, Inc.  GCA  CVE

01-27 K3 Business Tec G  KBT  LSS

01-27 Lanxess Ag  LNXSF  OTN  5497

01-27 Metal Management, Inc.  MM  607

01-27 Pepco Holdings, Inc.  POM  NYSE  4735

01-30 Johnson Matthey P  JMPLY  OTN  10959

JANUARY 2014 MANAGEMENT CHANGE STATISTICS

C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL – 1449

TOP INDUSTRY SECTORS

> Drugs/Biotech – 141
> Banking – 124
> Energy – 102

JANUARY 2014 CEO CHANGE STATISTICS
GRAND TOTAL – 168

TOP INDUSTRY SECTORS

> Energy – 12
> Manufacturing – 12
> Banking – 10

> Business Services – 10

JANUARY 2014 CFO CHANGE STATISTICS
GRAND TOTAL – 155

TOP INDUSTRY SECTORS

> Manufacturing – 14
> Energy – 12

> Food/Drink – 10

> Telecom – 10

JANUARY 2014 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL – 434

TOP INDUSTRY SECTORS

> Energy – 44
> Banking – 39
> Drugs/Biotech – 39

> Consumer Products – 23

2013 Executive Turnover Totals Point to Positive Growth Continuing

The American economy appears to have turned the corner but is still far from out of the woods.  With unemployment still slowly dropping and job growth incrementally improving, there appears to be growing optimism about job prospects and economic growth.  This optimism experienced a hiccup recently when the U.S. Government’s Bureau of Labor Statistics December 2013 job growth figures were well below analysts’ expectations.  Analysts expected a large number for December 2013 (around 200,000) and were quite disappointed after BLS announced,

The unemployment rate declined from 7.0 percent to 6.7 percent in December, while total nonfarm payroll employment edged up (+74,000)…

Top executives in both small and large firms also find themselves in a similar situation.  Opportunities are growing for top executives yet, underperforming firms are now more likely to change deck chairs as the overall economy shows life.  Liberum Research expects to see increased turnover in the executive ranks as we move through the early months of 2014.

Liberum has put together below a six year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011.  At this point, the numbers began to reverse themselves.  Turnover at the executive levels of corporate America began to grow but not consistently.  Companies began again to consider new blood and often looked to change their corporate strategies as kernels of opportunity began to sprout ever so slightly.  Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks.  Failure to do so, will result in lost opportunities or worse.

Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research’s Management Change Database for 2008 through the fourth quarter of 2013 for CEO, CFO and overall C-level turnover.

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	636
Annual Total	2,335	1,710	1,335	2,337	2,654	2,465

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	562
Annual Total	1,946	1,250	1,083	1,789	2,419	2196

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	4196
Annual Total	23,307	16,241	11,555	16,849	18,910	16,392

As you can see from the quarterly and annual executive turnover totals in the above chart, North American public companies are operating at a more consistent level with regard to turnover.   The same is true when viewed from a brief monthly perspective.  December 2013′s executive turnover totals remained reasonably high in the key categories.  Liberum anticipates this trend will continue as we move through January and February.

The latest monthly comparison figures with regard to executive turnover for December 2013 with those of December 2012 and November 2013 and December 2013 are as follows:

• CEO turnover for December 2013 declined 9% from that of December 2012, CFO turnover declined 3%, while overall C-level turnover remained the same.

• The month to month change from November 2013 to December 2013 showed an increase of 12% for CEOs, an increase of 6% for CFOs and an increase of 15% with regard to C-level changes.  Overall these totals remain positive signs for the economy.

In the below report, Liberum has focused on fifty two CEO changes of special significance for the month of December out of a total of 225. We have also put together the overall turnover figures for the month of December 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 COOs, Presidents, Chairmans etc. just through the Liberum database.

DATE       COMPANY   TICKER    EXCHANGE   MARKET CAP $ MILLIONS

12-02 Rathbone Brothers RAT  LSS  7

12-03 Polycom, Inc. PLCM  NASDAQ  1810

12-04 Wolfden Resources WLF  CANADA  10

12-05 Agri-Dynamics Inc AGDY  OTN

12-05 Rainbow Coral Cor RBCC  OBB  3

12-05 Zodiac Exploratio ZEX  CVE

12-06 Domino’s Pizza, Inc. DPZ  NYSE  3871

12-06 Rio Bravo Oil, In RIOB  OBB  29

12-06 Selectica, Inc. SLTC  NASDAQ  23

12-09 First Physicians FPCG  OTN  50

12-09 Hologic, Inc. HOLX  NASDAQ  5992

12-10 Blox Inc BLXX  NYSE  864

12-10 Clean Diesel Tech CDTI  NASDAQ  13

12-10 General Motors Corporation GM  NYSE  55870

12-10 Jacksonville Banc JAXB  NASDAQ  75

12-10 Lululemon Athletica Inc. LULU  NASDAQ  10127

12-10 QLogic Corporation QLGC  NASDAQ  998

12-11 Absolute Software ABT  TORONTO  296

12-11 Crumbs Bake Shop, CRMB  NASDAQ  10

12-11 EOG Resources, Inc. EOG  NYSE  43089

12-11 Female Health Com FHCO  NASDAQ  244

12-11 Spdr S&P 500 SPY  ETF

12-12 Restoration Hardw RH  USC  2510

12-13 FTI Consulting, Inc. FCN  NYSE  1683

12-13 Great East Energy GASE  OBB  25

12-13 QUALCOMM Incorporated QCOM  NASDAQ  123200

12-13 Rsa Insurance Gro RSNAY  OTN  5410

12-16 KBR, Inc. KBR  NYSE  4518

12-16 Pricer -B- PRICB  STOCKHOLM

12-16 Violin Memory, In VMEM  NYSE  128

12-17 Centor Inc CNTO  OBB  74

12-17 Halozyme Therapeu HALO  NASDAQ  1663

12-18 Encision Inc ECIA  OTN  7

12-18 Globalscape Inc GSB  NYSE  44

12-18 Integrated Device IDTI  NASDAQ  1520

12-18 QUALCOMM Incorporated QCOM  NASDAQ  123100

12-18 Standex Int’l Corp. SXI  NYSE  760

12-19 Arricano Re Est  ARO  LONDON

12-19 Bhp Billiton Limi BHP  NYSE  169500

12-19 Co-Signer, Inc COSR  OBB  4

12-20 Nielsen Holdings NLSN  NYSE  17237

12-20 Renuen Corporatio RENU  OTN  324

12-23 Acer Inc Gdrregs ACEIF  OTN

12-23 CyberOptics Corporation CYBE  NASDAQ  40

12-23 EarthLink, Inc.  ELNK  NASDAQ  516

12-23 First West Virgin   FWV  NYSE  28

12-23 Invivo Therapeuti  NVIV  OTN  150

12-23 Metabolix, Inc. MBLX  NASDAQ  46

12-23 Orgenesis Inc ORGS  OTN  31

12-23 SMTC Corporation (USA) SMTX  NASDAQ  37

12-27 Crocs, Inc. CROX  NASDAQ  1427

12-31 Deutsche Tele Ag  DTEGY  OTN  75116

DECEMBER 2013 MANAGEMENT CHANGE STATISTICS

C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL – 1448
TOP INDUSTRY SECTORS

> Energy - 161
> Drugs/Biotech – 129
> Metals/Mining – 103

DECEMBER 2013 CEO CHANGE STATISTICS
GRAND TOTAL – 225
TOP INDUSTRY SECTORS

> Energy – 29
> Manufacturing – 17
> Drugs/Biotech – 16

DECEMBER 2013 CFO CHANGE STATISTICS
GRAND TOTAL – 181
TOP INDUSTRY SECTORS

> Energy – 34
> Drugs/Biotech – 17
> Banking – 12

DECEMBER 2013 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL – 539
TOP INDUSTRY SECTORS

> Energy – 69
> Drugs/Biotech – 50
> Business Services – 31
> Manufacturing – 31

October Executive Turnover Defies Analyst Expectations

Liberum's executive turnover data for October 2013 appeared a bit more positive for the American economy than the previous month of September.  Three out of the four key executive turnover categories (CEOs, CFOs, C-level Execs and Board of Directors) saw percentage increases from the same month a year earlier and from the previous month of September 2013.  The more positive trend for October, however, was not evidenced in the latest monthly employment numbers released last week by ADP's October Employment Report.   

According to the ADP October Employment Report:

"According to ADP National Employment Report findings, the U.S. private sector added a total 

of 130,000 jobs during the month of October, well below the average of the last twelve months,” 

said Carlos Rodriguez, president and chief executive officer of ADP. "Small business growth 

was down from the previous month, while payrolls among large enterprises showed an 

increase." 

Mark Zandi, chief economist of Moody’s Analytics, said, "The government shutdown and debt 

limit brinkmanship hurt the already softening job market in October. Average monthly growth 

has fallen below 150,000. Any further weakening would signal rising unemployment. The 

weaker job growth is evident across most industries and company sizes.” 

The U.S. Department of Labor's Bureau of Labor Statistics (BLS) released its employment numbers last Friday, a week late due to the recent government shutdown.  Liberum analysis of our executive turnover totals has coincided more closely with the BLS' latest numbers which were much better than those reported by ADP and originally expected by most analysts.

 Below is a breakdown of Liberum's key executive category percentage changes for October 2013 compared with October a year earlier and the previous month of September 2013.   

• For October 2013 CEO changes declined 3% from a year earlier, CFO changes increased 17%, overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes increased 10% and board of director changes increased 5% as compared with October 2012 totals. 

• The month to month change in executive turnover (September 2013 to October 2013) showed a somewhat similar picture with no change in CEOs, CFO changes increased 6%, overall C-level changes increased 16% and board of director changes increased 22%, respectively.       

Below are the overall turnover totals for October: 

KEY CEO CHANGES - OCTOBER 201332 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING 

According to Liberum's Management Change Database, a total of 210 CEO related changes occurred during October 2013. Here are 32 from the time period that caught my eye.  By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. 

DATE   COMPANY TICKER  EXCHANGE  MARKET CAP $ MILLIONS    

10-02 Altair Nanotech, Inc.  ALTI  NASDAQ  30

10-02 Ener Core Inc   ENCR   OBB  106

10-02 Pyramid Oil Co    PDO  NYSE   25

10-03 United Online, Inc.   UNTD  NASDAQ  739

10-04 Farmers National  FMNB  NASDAQ  116

10-06 Basic Energy Srvcs.  BAS  NYSE  510

10-06 Blacksands Petrol  BSPE  OTN  36

10-08 Det Norske   DETNF  OTN  1885

10-09 Cognitiv Inc   COGV  OTN  188

10-09 Wave Systems Corp   WAVX  NASDAQ  42

10-10 Arcis Resources C  ARCS  OTN  2

10-10 Lyris Inc   LYRI  OTN  12

10-11 American Railcar   ARII  NASDAQ  859

10-14 Burberry Group Pl  BURBY  OTN  10113

10-15 Superior Indust Int'l   SUP  NYSE  499

10-15 Ucp Holdings, Inc  UCPH  OTN  12

10-16 Circa Enterprises   CTO Canada  4

10-16 Citrix Systems, Inc.  CTXS  NASDAQ  10619

10-16 Usell.Com Inc  USEL  OTN  22

10-17 Cca Industries, I   CAW  NYSE  22

10-17 McDermott International  MDR  NYSE  1786

10-21 Dussault Apparel  DUSS  OTN  424

10-24 Ixia  XXIA   NASDAQ  1123

10-24 Maxwell Tech. Inc.   MXWL  NASDAQ  239

10-25 Lassonde Industri LAS-A.TO 649

10-25 VirtualScopics, Inc. VSCP 13

10-28 Lorus Therapeutic  LOR  TOR  13

10-28 Sed International  SED  NYSE  5

10-29 AZZ incorporated   AZZ  NYSE  1136

10-30 Randstad Holding  RANJF  OTN  9676

10-30 Teva Pharmaceutical Ind   TEVA  NYSE  32600

10-31 Maxcom Telecom Ad  MXT  NYSE  205

OCTOBER 2013 MANAGEMENT CHANGE STATISTICS

C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL - 1486

TOP INDUSTRY SECTORS

> Drugs/Biotech - 146> Energy - 120
> Metals/Mining - 89

OCTOBER 2013 CEO CHANGE STATISTICS
GRAND TOTAL - 210

TOP INDUSTRY SECTORS

> Drugs/Biotech - 22> Energy - 21
> Banking - 13

OCTOBER 2013 CFO CHANGE STATISTICS
GRAND TOTAL - 210

TOP INDUSTRY SECTORS

> Drugs/Biotech - 21
> Metals/Mining - 20

> Energy - 17

OCTOBER 2013 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 514

TOP INDUSTRY SECTORS

> Drugs/Biotech - 60
> Energy - 55
> Metals/Mining - 39

Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.

• New CEOs know more than the market about the company.  Their decision to take the position contains information.  Likewise the departing CEO. 

• Likewise departing CFOs New CEOs will bring new skills and often-times a new direction.  This is normally significant, and worth analyzing.

3rd Quarter Executive Turnover Unsettling

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

SEPTEMBER 2013 CEO CHANGE STATISTICS
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

SEPTEMBER 2013 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 422
TOP INDUSTRY SECTORS
> Drugs/Biotech - 51
> Metals/Mining - 32
> Business Services - 25
> Telecom - 25