Year-to-date hospital CEO exits are up 13% from last year.
Technology firms, government and nonprofit entities, and healthcare organizations are in the lead for CEO turnover so far in 2022, the latest Challenger, Gray, & Christmas, Inc. CEO Turnover Report has found.
Hospitals reported that six CEOs made role changes in August. While the exits are less than what was recorded in July 2022 (9), hospitals are still experiencing an overall total in exits year-to-date.
The year-to-date total is up to 77, which is a 13% increase from the 68 tracked hospital CEO exits and changes reported through the end of August 2021.
Andrew Challenger, SVP of Challenger, Gray & Christmas, Inc. notes in the report that hospital executives are experiencing similar levels of burnout as front-line workers.
"Hospitals continue to be hammered on the labor front," he said. "The staff shortages, access-to-care concerns, legal issues, and resource management issues continue to create challenges for Hospital leadership, and leaders themselves are not immune from the burnout felt at all levels."
As we move closer to the end of the year and Challenger, Gray & Christmas continues to track hospital CEO turnover rates, we'll be able to better tell if total hospital CEO exits for 2022 will beat the 101 exits in 2020 and the 112 exits in 2021.
Reported CEO exits and role changes across all industries in the US role up to 63 in August, which is up 9% from the 58 exits and role changes recorded the month before. Compared to the 118 exits recorded in August 2021, the exits for last month are down 47% year over year.
Year to date, a total of 895 CEOs left their posts, only 0.8% more than the 888 CEOs who made exits through the end of August 2021.
"CEO exits took a nosedive after May, and have slowed this summer," Challenger said. "As companies grapple with getting their teams back to work, recession fears, and inflation concerns, many are holding on to their leaders to weather these issues."
Melanie Blackman is the strategy editor at HealthLeaders, an HCPro brand.