The biggest U.S. companies are replacing their chief executives at a fast clip, but large golden parachutes are likely to grow scarcer as corporate America responds to complaints from investors and regulators, a study released on Tuesday shows.
Thirty-two of the 200 largest companies got new CEOs last year, down from 34 in 2004 but up from 16 in 2003, according to the study by Steven Hall & Partners, a New York compensation and governance consultant. The recent peak is 42, set in 2000.
Of the 16 Fortune 100 CEOs who left, half received separation payments, the firm said. These included two who left under fire: Morgan Stanley's Philip Purcell, who was awarded nearly $44 million, and Hewlett-Packard Co.'s Carly Fiorina, who was awarded $14 million.
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