Week in Review - July 19, 2023
Welcome to this week’s news brief. Nearly 90% of C-suite executives say at least one director at their company has to go, according to new research from?The Conference Board?and?PwC, which surveyed 601 execs at public companies.
Execs gave their boards relatively high marks for having a strong understanding of corporate strategy (85%) and key business risks and opportunities (72%). However, only 20% of execs said their own boards are diverse enough, and many believe the fault lies with board members themselves. Some 66% said directors’ reluctance to retire is the top reason for a lack of diversity on the board.
Sources tell Agenda the survey could serve as an icebreaker for a complicated conversation about board effectiveness and refreshment.?Read more here.
CEO Turnover Hits Record Level
Apparently, the feeling is mutual. This spring, monthly figures for CEO turnover in the U.S. reached their highest level since at least 2002, according to data from executive search firm?Challenger, Gray & Christmas. Some 224 chief execs left their posts in May, which follows three months in which exit numbers were also the highest on record.
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For the first five months of 2023, 789 CEOs left their posts in the U.S., up 18% from the same time period in 2022. Sources told Agenda that boards think different skill sets are needed to lead companies in the current economy. Otherwise, some CEOs who stuck around past retirement to shepherd their companies through the pandemic have decided they’re simply done.?Read more here.
Further Reading
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