CEO Turnover Stays Flat In February

The number of chief executive officers who left their posts decreased slightly in February as 110 CEOs left their posts during the month, according to the monthly report on CEO turnover released Thursday from global outplacement firm Challenger, Gray & Christmas, Inc.

The February total was 6 percent higher than the same month last year when 104 CEOs left their positions and three percent lower than the 113 recorded in January.

So far this year, 223 CEOs changed positions, virtually unchanged from the 227 recorded during the same two-month period last year.

The health care sector led all others with 20 departures, nine of which came from hospitals and hospital systems. Financial followed with 18 departures this month, mostly at credit unions and banks. That is the highest monthly total for that industry since Challenger began tracking.

Thirteen CEOs left their posts at government/non-profit entities. Retailers had nine CEO departures last month, including CEO changes at RadioShack, Toys R Us, Michael's Stores, Ulta and REI. In fact, REI's former CEO Sally Jewel is President Obama's choice for Secretary of Interior.

The majority of CEOs resigned last month with 32. Twenty-one others retired. Another 19 CEOs left the chief executive post, but stepped down into other positions within the company, usually as a Chairperson or Director.      

Two CEOs left due to an acquisition or merger, including Tom Horton, American Airlines CEO, who announced that after the merger with US Airways, he would remain as a as an advisor for a time and then leave the company. One CEO was ousted from his position, Andrew Mason of Groupon, who upon hearing the board's decision, wrote and tweeted an open note to his former workers.

Eighteen CEOs found new positions in other companies, including Chuck Rubin of Ulta Beauty who is now leading Michael's Stores.  Another 11 saw their interim leadership period end.