Companies are hiring and firing their CEOs at the highest rate in six years, Bloomberg reports.From the recent canning of Carol Bartz at Yahoo to the changing of the guard at Costco, CEO turnover is at 13% this year, up from a 15-year low in 2010, according to a study of S&P and Fortune 500 firms by Crist Kolder Associates.
After waiting years to ride out the recession, S&P 500 companies are up $2.76 trillion last quarter, and they are looking for their new leadership to focus on innovation and revenue.
Other big companies making a switch this year include Apple Inc., Yum! Brands, Google, Hewlett-Packard, and PG&E Corp.
While some changes are being made amicably, others are the result of internal disagreements. BNY Mellon’s chief left over “differences with the board,” while Bartz was shown the door over the phone.
Either way, this could be encouraging news for an economy that has been playing it safe over the last few years, as new talent hopefully signals a new commitment to growth.
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