Dotcoms top list for November CEO departures

By : |November 30, 2000 0

NEW YORK: Chief executive departures rose 59 per cent in November to 111, led
by the dotcom sector, according to a report released by recruitment firm
Challenger, Gray & Christmas Inc. on Thursday.

For the fourth consecutive month, dotcoms saw the most CEO departures, the
report said. Twenty-six dotcom CEOs got the axe in November, the study found.

Another Challenger survey released this week said a record number of job cuts
were announced in the Internet industry in November, surpassing the 5,677 job
cuts seen in October by 55 per cent.

                                 

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The service industry had the second-highest number of CEO departures with 15
and the computer software and services industry came in third, saying goodbye to
13 chief executives.

The average tenure for the 111 top executives who left their jobs this month
was 6.8 years, the report said.

Companies starting 2001 without a chief executive could have a "serious
disadvantage" in planning for the new year, said John Challenger, CEO of
Challenger, Gray & Christmas.

"Typical year-end strategizing will be delayed while awaiting a new
leader," he said. "Meanwhile, the company’s focus will be directed at
finding a new CEO instead of finalizing a 2001 business plan."

CEO departures in November included Mark Leslie, who left Veritas Software
Corp.

Broadband telecommunications company Next Level Communications Inc. said on
Tuesday it had named a new CEO. Lechters Inc., the nation’s largest house ware
retailer, also said it named a new CEO this month.

(C) Reuters Limited 2000.

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