Key Points
As many as 110 managing directors or chief executives who were also on the boards of NSE-listed companies quit in the first 10 months of 2023, according to data compiled for ET by primeinfobase.com...
The number is the same as that in 2022 for the first 10 months, and these two consecutive years mark the highest CEO/MD turnover for the January-October period in the past decade..
Board members, corporate governance advisory firms and hiring experts attribute the churn to a variety of factors including higher expectations and declining tolerance for underperformance in the hot seat; an increasingly complex and challenging business environment fraught with disruptions as well as a war for top talent...
"Be it geopolitical disruptions, inflationary pressures, the pace of tech development and what it will do to business; regulatory frameworks that are getting more complex; the impact of climate change or making a transition to digital - there are many complexities and huge uncertainties in the environment and the CEO needs to cope with it all, while being answerable to the stakeholders," he said..
The consumer discretionary sector topped the list for CEO turnover with 24 leaving their posts in the first 10 months of 2023..
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