The number of UK chief executives resigning from their posts has doubled as businesses face sluggish financial growth and difficult EU regulations. This is among the findings of research carried out by Russell Reynolds Associates, which shows that the number of chief executives who left their roles at FTSE 350 companies jumped by 111pc in 2022, far exceeding the 39pc increase among America's S&P 500.
Recent high-profile departures include Gavin Patterson, CEO of BT; Sir Martin Sorrell, CEO of WPP and Paul Polman, CEO of Unilever.
The acceleration came after leaders guided businesses through hurdles, including the Covid-19 pandemic and the conflict in Ukraine, causing some to remain in their positions longer than anticipated to guarantee steadiness.
Commenting on the findings, David W. Duffy, CEO of the Corporate Governance Institute, commented: "The role of the CEO has become even more crucial They must be able to inspire and effectively oversee employees while also ensuring the company is staying ahead of competition by adapting to changes in the market. They must also be prepared to make difficult decisions, such as reducing expenses or letting go of personnel to guarantee corporate financial success."
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