Thursday, December 6

A-Pac sees highest rate of CEO exits

NEW DELHI: Asia-Pacific may rank low when it comes to being home to world’s 500 biggest companies, but the region has seen the highest rate of CEO departures among the 500 global corporate giants, a new study reveals. In the first nine months of 2007, the Asia-Pacific recorded a CEO turnover of 16.4% as 20 of the region’s 122 companies present in the Fortune 500 list saw their business head moving out. Among 122 Asia-Pacific companies in the Global 500 list, India accounted for six - Indian Oil, ONGC, Reliance Industries, HPCL, BPCL and SBI. Public sector energy giant ONGC also saw a new chief RS Sharma assuming office this year. According to a study on CEO departures by global public relations firm Weber Shandwick, the turnover rate for Asia-Pacific’s CEO turnover among the 500 largest global companies is higher than European, North American and Latin American counterparts. The turnover rate of 6.7% for North American CEOs was less than half the Asia-Pacific rate. The Asia-Pacific rate was also higher than 12.6% in Europe. Latin America has just 10 companies among world’s 500 biggest, and saw a turnover rate of 10% with one resignation. As against Asia-Pacific’s 122 companies among the world’s top 500, North America and Europe had a higher participation of 178 and 190 respectively. There were 12 departures in North American and 24 from European firms. However, when it comes to CEOs being ousted from these companies, the Asia-Pacific rate was lower than Europe and North America.


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