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  1. Why have more than 1,300 CEOs left their post in the past year? “Boards have been too compliant and they’re finally recognizing it’s their job to be vigilant about chief executive misbehavior,” said one advocate for corporate governance. Mint Images / Getty Images/Mint Images RF Nov. 6, 2019, 7:57 AM EST By Claire Atkinson Chief executives are leaving in record numbers this year, with more than 1,332 stepping aside in the period from January through the end of October, according to new data released on Wednesday. While it's not unusual to see CEOs fleeing in the middle of a recession, it is noteworthy to see such a rash of executive exits amid robust corporate earnings and record stock market highs. Last month, 172 chief executives left their jobs, according to executive placement firm Challenger, Gray & Christmas. It's the highest monthly number on record, and the year-to-date total outpaces even the wave of executive exits during the financial crisis. The list of CEOs stepping down includes some who have left amid controversy. McDonald’s announced on Sunday it was "separating" Steve Easterbrook as president and CEO after he admitted having a consensual affair with another employee. WeWork's founder and CEO Adam Neumann stepped down two weeks ago, accepting a $1.7 billion golden parachute in exchange for walking away from a disastrous IPO. That same week, Kevin Plank, the billionaire founder of leisure wear firm Under Armour, confirmed he was stepping down. Under Armour confirmed this week it is the subject of a federal accounting probe. Nike's longtime CEO Mike Parker resigned the same day, as did the head of eBay. McDonald’s CEO fired over ‘poor judgment’ in relationship with employee NOV. 4, 201901:45 Controversy or not, it's a pace not seen since 2002. The last big wave of CEO departures came in 2008, at the start of the financial crisis, according to the company’s data. “You expect a high turnover during a recession period," Andrew Challenger, the company's vice president, told NBC News. "To see more turnover during a period where companies are doing very well is surprising.” However, plump exit packages can make it tempting for chief executives to throw in the towel. Fears of an impending recession may also prompt leaders to step down to get ahead of risks to their legacy, said Nell Minnow, an advocate for corporate governance and vice chair of ValueEdge Advisors. The #MeToo movement has felled a fair number of leaders, from CBS chairman and CEO Les Moonves to billionaire casino magnate Steve Wynn and Intel's chief Brian Krzanich. It's a sign not just of heightened accountability, but of investor pressure, experts say. “You could say there’s a cancel culture in the boardroom,” said Minnow. “Boards have been too compliant and they’re finally recognizing it’s their job to be vigilant about chief executive misbehavior.”
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