CEO departures climb in 2006

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.

Pssst! Heard about how easy backdating is?

Catching the options virus