The “Great Resignation” isn’t just for rank-and-file workers. Corporate CEOs are quitting their jobs in significant numbers during the COVID-19 pandemic, employment watchers say.
The executive outplacement firm Challenger, Gray & Christmas reports that the number of chief executive officers who left their jobs in the fourth quarter of 2021 was 16% higher than a year earlier. A total of 106 CEOs left their jobs in December and 142 in October in 2021, the second-highest year on record.
Hans Dau, CEO of Mitchell Madison Group, a business consulting firm, said executives are finding it easier to leave after increasing their wealth last year.
“The S&P 500 [stock market index] returned 31%, 18% and 29% in 2019, 2020 and 2021,” Mr. Dau said. “The Case-Shiller housing index is up over 30% since 2019, with higher-end markets doing far better. CEOs have increased their wealth drastically and have options.”