Top-level executives at many companies have changed

The COVID-19 period caused serious effects on the global economy due to rising inflation following government aid and cheap loans, disruptions in supply chains, and production losses, while changes also occurred in business life thanks to rapid digitalization and remote working opportunities.

The process of employees leaving their jobs en masse starting from the beginning of 2021 in line with their priorities, referred to as the "Great Resignation," took its place among the significant events in the labor market. Employees who re-evaluated their priorities and work-life balance after the pandemic joined the great wave of resignations due to reasons such as working conditions, lack of career advancement opportunities, and low wages.

Large-scale layoffs also took place in many sectors, especially in technology. Dealing with problems such as increasing geopolitical uncertainties, ongoing operational issues, regulatory concerns, tightening financial conditions, and hiring difficulties made it difficult for CEOs to achieve long-term goals.

In the crisis environment triggered by the pandemic and the subsequent Russia-Ukraine War, corporate boards chose to continue with existing CEOs, but as the world gradually moved away from crisis mode, CEO turnover also increased.

In addition to failing to meet financial targets, CEOs began to leave their posts for various reasons such as new career opportunities, retirement, dismissal, and resignation following scandals.

Just last year, CEOs of many companies, including American Airlines, Activision Blizzard, Bed Bath & Beyond, Bank of New York Mellon, Bath & Body Works, CNN, Domino's Pizza, FedEx, GAP, Johnson&Johnson, Lockheed Martin, Pinterest, Starbucks, Southwest Airlines, The Home Depot, United Parcel Service (UPS), and Under Armour, handed over their duties.

BINANCE CEO FORCED TO STEP DOWN AFTER RECORD FINE

The US government announced that Binance, the world's largest cryptocurrency exchange, will pay a total of 4.3 billion dollars in fines for violating anti-money laundering and sanctions laws. It was emphasized that the fine to be paid by Binance, which admitted to intentionally committing the violations, is one of the largest fines ever imposed in the US.

Binance CEO Changpeng Zhao announced that he was stepping down from his position, stating that he had made mistakes and needed to take responsibility, and that this was the right thing to do for Binance and himself. Noting that Richard Teng, one of the company's top executives, will now serve as Binance CEO, Zhao stated that he has not taken a real break in the last 6.5 years and therefore will first take a break from his work for a while.

SHORT-TERM TURMOIL IN OPENAI TOP MANAGEMENT

In a statement from the OpenAI Board of Directors, it was reported that CEO Sam Altman left his post last week, using the phrase, "The board no longer has confidence in Altman's ability to continue leading OpenAI."

Later, it was reported that Altman would move to Microsoft to lead the company's new artificial intelligence team, and some OpenAI employees threatened to resign if Altman was not reinstated as CEO. In a subsequent statement from OpenAI, it was announced that the dismissed Altman would return to the company as CEO.

NUMBER OF CEOS LEAVING THEIR POSTS IN THE US HITS RECORD IN 10 MONTHS

According to data from the consulting firm Challenger, Gray & Christmas, which keeps track of announced or confirmed layoffs, the number of CEOs leaving their posts in US companies as of the end of October rose to 1,530, a 47 percent increase compared to the same period in 2022.

This figure was recorded as the highest 10-month figure since 2002, when the company began tracking CEO departures. While 378 CEOs left their posts in government agencies and non-profit organizations in 10 months, 146 CEO changes were announced in the technology sector, 137 in the healthcare services and products sector, and 126 in hospitals.

Other sectors with the most CEO changes this year included services, finance, and entertainment. While records show that companies often do not specify the reason for their CEOs' departure, reasons such as retirement, withdrawal, expiration of interim terms, resignation, and new career opportunities stood out in the changes.

Allegations of misconduct, bankruptcy, legal issues, and sexual harassment also stood out as other reasons for CEO departures. While the rate of female CEOs appointed last year was 26 percent, this rate was 29 percent in the first 10 months of 2023.

Andrew Challenger, senior vice president of Challenger, Gray & Christmas, pointed out that corporate boards are making leadership changes to better manage the problems of remote workers, overcome economic headwinds, and incorporate new technologies, emphasizing that CEOs who have weathered unprecedented challenges in the last few years are taking the opportunity to leave.

TOP EXECUTIVES AT MANY COMPANIES FROM AVIATION TO MEDIA CHANGED

This year, CEOs of many companies globally, from YouTube to X, Starbucks to Costco, Qatar Airways to British Petroleum (BP), have handed over their duties.

Kyle Vogt, CEO of Cruise, General Motors' robotaxi unit, resigned from the company after apologizing to staff as the company's US fleet underwent a safety review.

It was reported that the CEO of US aviation company Spirit AeroSystems, Tom Gentile, resigned in October, and the CEO of the Chicago Board Options Exchange, Edward Tilly, resigned in September.

Bernard Looney, Chief Executive of British energy company BP, resigned in September following some allegations regarding his personal relationships with company employees.

The Chief Executive of US news channel CBS News, Neeraj Khemlani, left his post in August, and the CEO of UK-based NatWest, Alison Rose, left in July.

In October, it was reported that Akbar Al Baker, CEO of the Qatari state airline Qatar Airways, would retire, and Craig Jelinek, CEO of US wholesale store Costco, would leave his post by the end of the year.

Howard Schultz, owner of the American coffee shop chain Starbucks, stepped down as the company's CEO in March.

MEDIA MOGUL MURDOCH STEPS DOWN AS CEO

Elon Musk, owner of the social media platform X, said last year that he would "resign as CEO as soon as he finds someone 'foolish' enough to take over the management of the company." Linda Yaccarino, who left her post at NBCUniversal in May, started as the new top executive of X, then known as Twitter.

YouTube CEO and one of Google's first employees, Susan Wojcicki, announced in February that she was leaving her post at the tech giant.

It was announced in September that media mogul Rupert Murdoch would step down from the management of Fox and News Corporation (News Corp), which is headquartered in New York, USA.

It was stated that Rosalind Brewer, CEO of the US pharmacy chain Walgreens, resigned at the beginning of September.

Henry Blodget, co-founder of the American online media company Insider, stepped down as CEO this month.

It was announced in June that Bracken Darrell, CEO of computer accessories manufacturer Logitech, would leave the company to pursue another opportunity.