As we know in 2023, American companies had to face high inflation, the threat of a recession, higher interest rates, tangled supply chains, hiring difficulties, and rising geopolitical tensions. But did you know they also had to face a record number of CEO resignations as well?
In 2023, more than 1700 chief executives left US-based firms, a 51% increase from last year according to a report by the executive coaching firm: Challenger, Gray & Christmas.
Some CEOs resigned because they wanted to follow new opportunities, including retirement. And others were forced to leave because of burnout or underperformance.
This record level resignation is on the tail of the Great Resignation that started in 2021 when US employees quit their jobs en masse. The COVID-19 pandemic forced many to think about their family, priorities, and work-life balance.
This wave of resignations extended into 2022 when more than 50 million workers resigned, 2 million more than the previous year.
As seen with The Great Resignation, forecasters believe the Great C-Suite Resignation will extend into 2024 since companies will continue to face economic, political and social challenges.
This may be bad news for companies, but it’s good news for up and coming leaders. This will be one of the best years for newcomers to gain access to once denied c-suite positions.
Are you one of them?
If they called you today, would you be ready? If not, why?
BALISSANDE FINISHING SCHOOL 