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CEO exits at record high as market uncertainty grows

More CEOs of U.S.-based companies left their posts this year than in any comparable period for at least 17 years, as growing global business and market uncertainty spurred boards to look for new leadership or inspired CEOs to step down, according to a survey by consulting firm Challenger Gray & Christmas Inc.

CEO exits reached 1,009 between January and August, beating the previous record of 992 exits recorded in the same period in 2008 during the Great Recession. There were 159 departures in August, also a record, and a 28% jump on July.

Government and non-profit firms saw 218 exits this year, while the technology sector announced 134 CEO changes. Industrial goods manufacturers and energy companies have seen 44 and 43 changes, respectively, through August.

"With growing uncertainty surrounding global business and market strength, the fact that so many companies are choosing this moment to find new leadership is no coincidence," said Andrew Challenger, vice president of Challenger Gray & Christmas Inc. "That said, the high-level skill sets of many CEOs are in high demand right now, and the tight labor market and skills shortage may have many boards attempting to poach sitting leaders."

The number of retired CEOs came in at 267 in the January-August period, while 93 moved to other companies, according to the survey, which tracks firms that have been operational for a minimum of two years with at least 10 employees. Twenty CEOs resigned due to mergers or acquisitions.

The monthly exits have been higher than the previous year for seven months straight.