November data shows a jump in CEO exits not only for hospitals but across all US sectors.
The CEO turnover slowdown didn't last long, according to a new Challenger, Gray & Christmas CEO Turnover Report.
Hospitals and healthcare companies were among the leading sectors in CEO turnover in but numbers slowed in September and October. November numbers are showing a jump in CEO exits not only for hospitals but across all US sectors.
In November, 12 hospital CEOs made role changes, including leaving to serve in new positions or to retire. This is a big jump from the 3 CEOs that made role changes in October.
Year to date, 97 hospital CEOs made reported role changes. In 2021, 104 CEOs left their posts during the same time period.
The number of CEO changes across US sectors surged during the month of November, which saw the most retiring CEOs since January 2020.
"We may begin to see large numbers of CEO changes as we enter 2023 amid an economic downturn. Companies are shoring up succession plans to enter the storm," Andrew Challenger, SVP of Challenger, Gray & Christmas, Inc., said in a statement.
According to the report, the number of CEO changes at all US companies increased by 34% between October and November. October saw 71 changes and November saw 95 changes. While there has been a surge in exits, CEO exits are still down 3% from the 98 CEOs who left their posts in November 2021.
Related: CEO Turnover Slows to Snail's Pace in October
Melanie Blackman is a contributing editor for strategy, marketing, and human resources at HealthLeaders, an HCPro brand.