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Turnover Among CEOs Drops For 7th Month This Year

Published: Wednesday, 7 Oct 2009 | 10:10 AM ET

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By: CNBC.com

Turnover among CEOs dropped 25 percent in September as compared to the same month a year prior, according to a report by Challenger, Gray & Christmas outplacement company.

CNBC.com

The number was relatively unchanged on the month, as 105 left their positions in September, compared to 101 in August.

On the year, 939 CEOs have left their positions — a 17 percent decline from the 1,132 departures through September 2008, Challenger said in a press release.

The financial sector has accounted for 87 of these departures, including Morgan Stanley [MS Loading... () ] CEO John Mack, who will step down at the end of the year but remain chairman.

Bank of America [BAC Loading... () ] CEO Ken Lewis announced he will retire at the end of the year, two years sooner than scheduled.

JPMorgan Chase [JPM Loading... () ] has restructured its executive roles, replacing co-heads Bill Winters and Steve Black with Jes Staley as CEO of its investment arm.

"The financial sector is still reeling from the impact of the current recession. Even banks that have done well navigating this recession, such as Chase, are shuffling management in preparation for the future," said John Challenger, chief executive officer of Challenger, Gray & Christmas.