The labor market is softening, and companies are finding ways to lower costs," said Andrew Challenger, senior vice president at Challenger. "Companies have made leadership changes in response to AI, the political landscape and international events causing substantial impacts on business conditions.
Shifts in technology, in many cases due to AI adoption and development, are causing the industry to contract," Challenger said. "Since last January, we've tracked over 200,000 job cuts at tech companies. These organizational shifts often require fresh leadership.
The most CEO exits so far this year, according to Challenger, have been in government and nonprofit-related organizations - with 282 CEO exits, up 2% from the year-to-date count last year.
Collectively, the average tenure of the departing CEOs was 13.3 years, according to Challenger. That's the highest tenure figure since March 2018, when the average tenure was 13.4 years.
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