CITY AM – Bosses exit as economy struggles
CITY AM SAYS Chiefs of the UK’s top companies have been exiting their roles at a doubly quick pace over the last year, driven by boards trying to insulate their firms from the economy being whacked by rising prices and interest rate hikes with a change in leadership, a new study out today shows.
Some 38 chief executives of Britain’s largest companies left their roles in 2022, more than double the 18 that departed in 2021, according to advisory firm Russell Reynolds Associates.
The uptick in CEO turnover has been engineered by a “greater level of change and instability” in the UK economy, Luke Meynell, managing director of Russell Reynolds Associates, said.
Departures from the FTSE 350 contributed around over one in five of every exit last year, while 13 FTSE 100 companies changed leadership. FTSE 250 companies CEO exits climbed to 25 from 10.
Read the business pages here
