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Business News/ News / India/  India sees record-setting exodus of CEOs and MDs in post-Covid world: Report
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India sees record-setting exodus of CEOs and MDs in post-Covid world: Report

Over 100 top executives have resigned from NSE-listed companies in the first 10 months of 2023, marking two consecutive years of record-setting CEO/MD turnover.

More than a hundred top executives working with NSE-listed companies have resigned in the first 10 months of 2023 | Representational image (Photo via Pixabay)Premium
More than a hundred top executives working with NSE-listed companies have resigned in the first 10 months of 2023 | Representational image (Photo via Pixabay)

The COVID-19 pandemic prompted a slew of changes in the workplace – from mass resignations to work-from-home setups. Against this backdrop, more than a hundred top executives working with NSE-listed companies have resigned in the first 10 months of 2023. The number is in line with global trends and marks two consecutive years of record-setting CEO or MD turnover.

According to data compiled for Economic Times by primeinfobase.com, 110 managing directors and chief executives resigned till October this year. The number is the same as that recorded during the first 10 months of 2022. The two years collectively saw the highest January-October CEO/MD turnover in 10 years. There were 64 such departures between January and October 2014. The full year saw 79 CEO/MD exits.

A record number of employees across the world have quit their jobs in light of the COVID-19 pandemic. More than 47 million people in the US voluntarily quit their jobs in 2021 – an unprecedented mass exit from the workforce. The numbers have only continued to increase over the next two years. Researchers however argue that the ‘Great Resignation’ of 2021 was inspired by factors beyond the 'short-term turbulence provoked by the pandemic'.

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“It’s the continuation of a trend of rising quit rates that began more than a decade ago. Five main factors are at play in this trend: retirement, relocation, reconsideration, reshuffling, and reluctance," contends a Harvard Business Review article written in March 2022.

Data maintained by Russell Reynolds Associates indicates that global annual CEO rate turnover fell from 10% in 2020 to 8.9% in 2021. It reached a five-year high of 11.2% in 2022 and has also remained at elevated levels for the first three quarters of 2023. 

Meanwhile India saw 96 CEO/MD exits in the first 10 months of 2020 with the number dropping slightly to 93 during the corresponding period in 2021.

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Published: 26 Nov 2023, 04:41 PM IST
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