Why have more than 1,300 CEOs left their post in the past year?

“Boards have been too compliant and they’re finally recognizing it’s their job to be vigilant about chief executive misbehavior,” said one advocate for corporate governance.

By Claire Atkinson

Chief executives are leaving in record numbers this year, with more than 1,332 stepping aside in the period from January through the end of October, according to new data released on Wednesday. While it’s not unusual to see CEOs fleeing in the middle of a recession, it is noteworthy to see such a rash of executive exits amid robust corporate earnings and record stock market highs.

Last month, 172 chief executives left their jobs, according to executive placement firm Challenger, Gray & Christmas. It’s the highest monthly number on record, and the year-to-date total outpaces even the wave of executive exits during the financial crisis.

The list of CEOs stepping down includes some who have left amid controversy. McDonald’s announced on Sunday it was “separating” Steve Easterbrook as president and CEO after he admitted having a consensual affair with another employee. WeWork’s founder and CEO Adam Neumann stepped down two weeks ago, accepting a $1.7 billion golden parachute in exchange for walking away from a disastrous IPO. That same week, Kevin Plank, the billionaire founder of leisure wear firm Under Armour, confirmed he was stepping down. Under Armour confirmed this week it is the subject of a federal accounting probe. Nike’s longtime CEO Mike Parker resigned the same day, as did the head of eBay.

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