CEO departures climb in 20061,347 CEOs left their companies by November 2006, outpacing total for 2005.NEW YORK (CNNMoney.com) -- The number of CEO departures rose higher in 2006 to 1,347 by the month of November, outpacing 2005's year-end total of 1,322, according to a report released Friday. Almost half of the CEOs who left their jobs in November resigned, the report from outplacement consultancy Challenger, Gray & Christmas said. The 2006 to-date figure also includes 15 CEOs who left their positions in the last two months as a result of the growing backdating options scandal. "The options backdating scandal is spreading like a virus. The fifteen CEOs affected in the last two months may be just the tip of the iceberg," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. Options backdating is the practice of manipulating the date of a stock option grant, common in executive compensation packages, to reap a higher reward. "The scandal has also taken down chief operating officers, chief financial officers, legal counsels, vice presidents, and board members," Challenger said. |
|
