Dotcoms top list for November CEO departures

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.

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.