Several big-name companies and their CEOs have parted ways this year.
This has been seen in companies operating in industries ranging from aerospace and fitness to apparel and technology, among others.
Boeing, Nike, Peloton, WeightWatchers, Nike and Intel are among the companies with CEO departures in 2024
David Calhoun
Calhoun revealed in March that he had plans to no longer serve as CEO of Boeing, a little more than four years after he first took the position.
“I have considered for some time, in discussions with our board of directors, the right time for a CEO transition at Boeing,” he said in a message to employees at the time. “I want to share with you that I have decided that this will be my last year as CEO of our great company and I have informed the board of this decision.”
He said Boeing would “remain fully focused on completing the work we’ve done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything we do” during the transition. .
The company has been working to recover from headwinds stemming from a pair of 737 MAX 8 crashes a few years ago and, most recently, the door plug panel of a Boeing 737 MAX jet came off mid-flight in January.
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Kelly Ortberg had been running the aerospace company since late summer. His first day as CEO was August 8.
“My mission here is pretty straightforward, turn this great ship around and restore Boeing to the leadership position that we all know and want,” Ortberg told analysts and investors during the company’s quarterly earnings call in October. citing four specific areas of focus.
The company reported 291 deliveries of commercial aircraft and 76 of defense, space and security aircraft during the first three quarters of the year.
Barry McCarthy
Barry McCarthy stepped down as Peloton’s CEO in May, prompting the fitness company to name Karen Boone and Chris Bruzzo as interim co-CEOs while it searches for a permanent successor.
After a surge in business during the pandemic, Peloton struggled to stay relevant as people returned to traditional gym workouts when social distancing restrictions were eased. To combat declining sales, it put in place various efforts to cut costs and expand its customer base.
Ford executive Peter Stern will take over as CEO in early January, Peloton said in October. Bruzzo stepped down as interim CEO in early November, with Boone continuing to lead the company in the interim.
Peloton is known for its exercise bikes, treadmills and rowing machines.
Sima Sistani
Sistani left WW International at the end of September, marking the end of her 2.5-year tenure as CEO.
At the same time, WeightWatchers named Tara Comonte interim CEO. The company said she was taking the job “at a time when the Company is focused on improving its operational and financial performance while continuing to build on its product innovation and member solutions.”
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The company has been around since 1963. It has long offered weight loss and weight management programs and, more recently, has ventured into access to weight loss medications.
About 3.7 million people had subscriptions to various WeightWatchers offerings at the end of the third quarter.
John Donahoe
Nike underwent a CEO change in mid-October, with Donahoe retiring on October 13. The company said at the time that he would “remain as an advisor to the company to ensure a smooth transition until January 31, 2025.”
Donahoe said in a statement that it “became clear that now is the time to make a change in leadership and Elliott (Hill) is the right person,” adding that he “looks forward to seeing Nike and Elliott’s future successes.” . His tenure as CEO lasted more than 4.5 years.
Hill came out of retirement to take the top job at Nike.
During the company’s earnings call earlier this month, the new CEO said Nike “lost our obsession with sports” and will “lead with sports and put the athlete at the center of every decision” moving forward.
He also said the athletic footwear and apparel company “will return to leveraging the deep insights of athletes to accelerate innovation, design, product creation and storytelling” and “build an integrated marketplace,” among other things.
Pat Gelsinger
Gelsinger, who became Intel’s CEO in February 2021, retired in early December.
“As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing,” said Independent Chairman Frank Yeary. “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know we have much more work to do in the company and are committed to restoring investor confidence. “
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David Zinsner and Michelle Johnston Holthaus have been interim co-CEOs since his departure. Intel will continue “simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital” under them, Yeary said.
How many CEOs have left companies this year?
A Challenger, Gray & Christmas report published earlier this month found that 1,991 CEOs disclosed plans to part ways with companies in the 11-month period from January to November.
Last month, according to the report, there were 167.
“Resignation” has been cited as the driver of CEO departures more than any other reason so far this year. “No reason given”, retirement, “new opportunity” and resignations were among other common reasons, the report said.
The use of interim CEOs has increased, with Challenger, Gray & Christmas finding 13% of 2024 replacements taking on such roles. In 2023, it was 7%.
Daniella Genovese contributed to this report.