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Financial directions - Failure to appoint home-grown CEOs.
(From Financial Director)
Management consultancy Booz Allen Hamilton has surveyed 2,500 of the world's largest companies and the succession statistics of their CEOs.
The study, CEO Succession 2003, finds that 9.5% of CEOs left their jobs in 2003. This figure has consistently fallen since its peak of 12.9% in 2000.
Overall, performance-related successions - any departure initiated by the board attributed to poor financial or managerial performance - have decreased to just 3% of CEOs from companies surveyed worldwide, from 4.2% in 2002. However, the number of CEOs that have left European companies for performance-related issues has increased slightly.
"CEO accountability has been strong in the US for some time," said Alan Gemes, a vice president at Booz Allen Hamilton. "There has been more focus on performance and accountability (in Europe). Businesses have moved away from the cozy times."
European boards have increasingly replaced CEOs for poor performance at a rate that has more than quadrupled since 1995, when only 1% of European companies fired their CEO.
Median shareholder returns among North American and European companies with an internally appointed CEO were 2.7% and 1.6% growth respectively in 2003, compared with external appointments which generated 1.3% and -3.5% growth. These results are similar to other world regions, and consistent over the past ...
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