Hospitals reported 15 CEO changes last month, marking a 36% increase from January.
Hospitals announced 26 CEO changes total in the first two months of 2024, according to a March 29 report from Challenger, Gray & Christmas, an executive coaching firm that examines CEO turnover in the U.S. During the same period in 2023, hospitals announced 41 CEO changes.
Across the 29 industries and sectors measured by the firm, there were 248 CEO changes in February, up 28% from the 194 CEO exits recorded the month prior. Last month's total marked the highest monthly total on record, according to the firm. Challenger, Gray & Christmas began tracking CEO exits 22 years ago.
"A confluence of factors is leading to a surge in leadership changes, including technological advancements, focus on cost-cutting, redeployment of company resources, additional scrutiny on CEO behavior and decision-making, and CEOs deciding to end their tenures after a tumultuous four years," the firm's report states.
Last year began with 23 CEO departures announced in January at hospitals, marking the highest monthly total for the sector since August 2018. The year ended with 10 CEO departures announced in the sector last December.