Survey: September A Record Month For CEO Departures

Two sectors where high turnover occurred where technology and financial services, and in the tech sector, the number included two high-profile departures: Leo Apotheker, of Hewlett-Packard, and Carol Bartz, of Yahoo!

“Interestingly, while health care providers and government and non-profit agencies continue to see the highest turnover, both have experienced a decline in the number of departures since 2010. At the same time, CEO turnover has increased in both the tech sector and in financial services. This is no coincidence. Until the recent slowdown, tech and finance were the fastest out of the gate as the recession made the transition to recovery,” said Challenger in a statament.

“Even with the recent stumbling blocks, these two sectors have their eye on growth and expansion," Challenger added. "Boards are quickly disillusioned with CEOs who are slow to deliver the expected results. Neither Bartz nor Apotheker were given much time to prove themselves.”

Apotheker and Bartz shared the misfortune of having high-profile positions at struggling companies. Former eBay CEO Meg Whitman replaced Apotheker after 11 months. Bartz lasted 20 months. Both were relieved of their duties after failing to turnaround their struggling companies.

“Pulling off a business turnaround takes an intimate understanding of a business, including its customers, products, sales process, and employees,” says business turnaround specialist John Treace. “This process should be completed in a short time period as stalling or extending it can lead to even more losses.”

Despite the high number of turnovers for the month, the year overall may wind up having the lowest turnover on record. And private companies were far quicker to take action than public ones; public companies saw 35 CEOs leave, while private firms bid 73 farewell.

Still, the number of CEO departures is down 4.6 percent from the same period last year, when there were 967 (compared with 922) execs who left.

HP is on the list both years; in 2010, Mark Hurd left in a controversy regarding expense reports, and was replaced by Apotheker, who had been CEO of SAP.

Also, last year, Olli-Pekka Kallasvuo left Nokia after the company's lackluster performance against the iPhone, and Twitter CEO Evan Williams didn't see himself as the guy who could lead an IPO in 2013. Williams demoted himself and promoted the former COO.

CEO turnover in the United States was roughly 12 percent in 2010, according to Booz & Co. In Japan, that number is 18 percent.