According to Challenger, Gray & Christmas, an outplacement firm in Chicago, six media CEOs indicated they planned to leave their jobs last month.
John Challenger told FINS, “CEO turnover can often set off a series of management changes throughout an organization, particularly if the new CEO is an outsider.”
So, how does this affect an internal organization?
Two words: Expect change.
“Change is typically inevitable as a new leader brings in other trusted C-level executives who mesh well with his or her leadership style,” he added. “Those executives bring in their own people, who, in turn, bring in their own people.”
As for the identity of one of the execs, according to the piece, Jeff Haley joins Marketron, a media software solutions company, after leaving the Radio Advertising Bureau; Erica Farber is his replacement. She’s the former publisher and CEO of Radio & Records, a defunct trade publication.
Regarding year to date numbers, the six CEOs from last month bring the total to 15 execs this calendar year. Although the press release doesn’t itemize the reason of departure by industry, the top three reasons for leaving were resignation, retirement, and pursuing a new position in another company.