In the first 9 months of 2008 the number of CEOs who left their jobs hit a record high according to Challenger, Gray & Christmas Inc -- 1,132 by October and when the 2008 full year tally is completed the total will be higher than ever before.
What is going on behind these numbers is two forces of change, both of which should improve the caliber of leadership and cause boards to act.
First the economic crisis makes CEOs more vulnerable. Their companies and markets are in crisis, in most cases their stocks are significantly down and they are under pressure from shareholders and employees to improve performance. And when a CEO leaves he usually "resigns" - which is a euphemism for a difficult conversation in which both the board and the CEO agree it would be best for the CEO to step down.
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