Even CEOs are joining the Great Resignation as new ways of working and communicating are burning them out
In the first half of the year, turnover for CEOs spiked, the study found: 1,095 companies appointed 103 new chief executives. The study analyzed information from large publicly listed firms in 24 countries including the US, China, Germany, the UAE, South Africa, Mexico, and Singapore. The 103 new appointees in the first half of this year vastly outnumbered the 49 new CEOs appointed in the second half of last year.The phenomenon is due in part to burnout, the study found.
While CEOs didn't have to travel as much, which helped them preserve physical energy, communicating virtually in a new way was"exhausting," Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice, toldCompanies are also more confident about their prospects this year amid a global economic recovery and are actively changing up their leadership, according to the report.
As the world has changed significantly since the departing leaders took office,"it is perhaps no surprise that CEOs appointed over the past year differ significantly from the CEOs they replaced," said the report. Of the new CEOs appointed in the first half of this year, 13% were women — doubling from 6% the year before. New CEOs were also more likely to be non-nationals and to have cross-industry experience.
Sanders said the great reshuffle is likely to continue gaining pace."Our belief is that it will only accelerate going into next year as people have delayed their retirements," he told Reuters.Sign up for notifications from Insider! Stay up to date with what you want to know.
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