CEOs are having their worst year in decades | CNN Business
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It’s been a bad year for CEOs.
  • Moobythegoldensock@lemm.ee
    150·
    1 year ago

    Well over 1,000 CEOs have left their companies this year, according to a Challenger, Gray & Christmas report. That’s 33% more than last year and the highest total in the first seven months of the year since the staffing research company began tracking exits in 2002.

    It seems like nobody wants to work anymore.

  • ristoril_zip@lemmy.zipEnglish
    681·
    1 year ago

    I’ll believe this headline after I see their golden parachute details. I’m pretty sure for Forbes 500 CEOs “quitting” can be the most profitable thing they’ll ever do.

    • Changetheview@lemmy.world
      41·
      1 year ago

      Yeah, this is total bullshit. The reason CEO tenure is decreasing is because they want that. Getting forced out is often extremely lucrative thanks to those golden parachutes. They’re also still very likely to have all sorts of equity awards that will continue to vest for years, maybe even decades.

      And you know what they’ll do? Go find another leadership role, get another golden parachute sealed, and take in more equity awards with a different company. Join boards in a new industry to grant more equity awards to their frat bros.

      To act as if a CEO departing is inherently bad for that individual is asinine. It’ll probably cost the company millions, likely hurt the chances of a wage increase for bottom rung workers, and will invite in new leaders who will take dramatic “cost-cutting” measure immediately. But it’s very rare for it to actually harm the outgoing executive.

    • killeronthecorner@lemmy.world
      15·
      1 year ago

      Not just that but those parachutes exist so they can be easily scapegoated by feckless boards when the shit hits the fan. It rarely matters what the shit is so long as someone in a high position pretends to be hung for it.

      • Rhaedas@kbin.social
        12·
        1 year ago

        Pretends is right. How many of these CEOs that take the hit for a company end up landing with another company. Many of them are known for their purpose, their hiring being the first sign of a company shakeup.

        One thing I’ve learned is that higher up always protects their own, it’s the workers that are left high and dry, not any of the executives. They always manage to land on their feet in comfort.

    • kent_eh@lemmy.caEnglish
      1·
      1 year ago

      Yeah, it’s hard to feel sorry for them when 1 year of their pay is more than a couple decades of mine.

  • Margot Robbie@lemm.ee
    321·
    1 year ago

    You know, since CEOs gets paid so much money, it would make sense for their role to be automated by AI first for any company that wants to save money before any body else, right?

  • Tired8281@lemmy.ca
    211·
    1 year ago

    In unrelated news, this corresponds directly to a record low in the both the breadth and the depth of the quantity of fucks I have to give about them and their bad year. Insiders are reporting the level to be at or near zero, and expect that level to maintain, for at least my natural lifespan. Film at 11.