Michael Eisner, Carly Fiorina, Hank Greenberg, Bob Nardelli. They’re household names who shared more than fame and fortune – they’ve were all fired in the past three years. They, however, were not alone.
In 2004, 663 Chief Executives were dumped. In 2005 that number nearly doubled to 1322 according to Challenger, Gray and Christmas.
The departures underscored the changing face of corporate America – as the balance of power has moved from individual leaders to corporate boardrooms.
What sparked that shift? Regulatory fallout from the Enron and WorldCom scandals that made board members personally accountable for the actions of their corporations and the emergence of shareholder activism on the part of pension and hedge funds.