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WeWork,eBay,Juul 's CEO leaves one after another within 24 hours

via:CnBeta     time:2019/9/26 7:00:54     readed:1041

Juul, the controversial e-cigarette company, said on Wednesday that its chief executive, Kevin Burns (Kevin Burns), would resign and be replaced by K.C. Crosthwaite, a former Ochia executive. Hours later, eBay announced that its president and chief executive, Devon Winnig, would leave and the company was pushing ahead with a potential asset sale.

Volkswagen, Nissan and ComScore also lost their CEOs this month.

According to Challenger, Gray, a business and executive training company

Experts say companies have turned to more accountability because of concerns about slowing economic growth.

"CEOs are now less constrained." Jeffrey Sonnenfeld, senior vice president of Yale School of Management, said. "When bluff and exaggeration are not in line with reality, the board of directors will face pressure to hold the CEO accountable."

2008 was the second highest CEO turnover rate, with 992 executives leaving in August of that year.

Challenger, Gray

So what happened? Causing a wave of CEO turnover?

Uncertainty about international trade and slowing global growth have led chief executives of large U.S. companies to downgrade their outlook for the U.S. economy, according to a survey last week.

Business Roundtable, a Business Roundtable of nearly 200 CEOs from the most famous U.S. companies, says its members now expect economic growth to be 2.3% this year, down from 2.6% in the previous quarter.

The most important trend leading to the departure of CEO is a change in the overall tolerance of the company's board, Solanfield said.

During the year, many unicorns went public successively, but without clear ways of making profits for companies like Uber and Lyft, investors began to worry about whether it was really a good idea to bet on the growth companies that led the bull market in the past 10 years, especially in the face of the recession.

In addition, there are fears that chief executives have distorted value measures.

"Chief executives who are beginning to believe in their own mythology have to take responsibility," Sonnenfield said.

At the same time, there is another factor at work, and that is that CEO is getting older.

During the baby boom, from 1952 to 1956, a generation of people born had reached the age of over 60, which would lead to the withdrawal of a large number of workers.

"A generation is changing," Solanfield said. "as a result, the number of baby boomers retiring has reached an absolute peak, which is a huge impact."

But not every CEO follows the same criteria.

Solanfield said CEO, such as Tesla's Elon Musk (Elon Musk) and even Mark Zuckerberg (Mark Zuckerberg), founder of Facebook, seems to board members and shareholders that whatever they do seems to be absolutely right, which runs counter to the trend of accountability.

"Elon Musk is a typical representative of the outstanding creators whose boards are still not bound." Said Sonnenfield.

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