CEO departures hit a record high

WeWork boss Adam Neumann is hardly alone. CEO turnover spiked to an all-time high last quarter.

Outplacement firm Challenger, Gray & Christmas said on Wednesday that a record 434 CEOs left their posts during the third quarter.That’s up 40% from the second quarter and 10% from the same period in 2018.

The previous record was set in the final quarter of last year, when 425 CEOs exited.

Neumann stepped down from his post in September after WeWork’s IPO imploded. Other high-profile CEOs who said goodbye in recent months include Charlie Scharf, who left Bank of New York Mellon (BK) to join Wells Fargo (WFC), and Overstock (OSTK) CEO Patrick Byrne, who left the online retailer in August under unusual circumstances.

So far this year, 1,160 CEOs have left their posts, up by 13% from this time in 2018, according to Challenger.

“Coming off a decade-long expansion, companies that started and developed during this period find themselves needing new leadership to continue to grow,” Andrew Challenger, the firm’s vice president, wrote in the report.