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jamespedderson@challengergray.com

FOR IMMEDIATE RELEASE

CEO Departures Jump At Year-End

114 CEO CHANGES IN DECEMBER BRING YEARLY TOTAL TO
1,221

CHICAGO, January 13, 2016 Turnover among the nations chief executive officers
reached a six-month high in December, as 114 vacated their posts during the month, according
to the year-end report on announced CEO departures released Wednesday by global
outplacement consultancy Challenger, Gray & Christmas, Inc.

December exits were 33 percent higher than the 86 changes in November, and 7 percent
higher than the 107 CEO Departures announced in December 2014.

Despite the December surge, total CEO departures of 1,221 in 2015 were 9 percent lower
than the 1,341 CEO departures tracked in 2014. It was the lowest annual total since 2012
when 1,214 chief executives announced their exits.

The final quarter of the year saw 294 CEO departures, down 11 percent from the 332 CEO
changes recorded during the same period in 2014.

Quarterly Totals

Quarter 2015 2014 2013 2012 2011 2010 AVERAGE

Q1 299 366 309 321 287 340 320
Q2 289 295 292 288 319 333 305
Q3 339 348 348 282 316 294 318
Q4 294 332 297 323 256 267 295
TOTAL 1221 1,341 1,246 1,214 1,178 1,234

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Government/non-profit entities, which include universities, foundations, and chambers of
commerce, led all industries with 27 CEO changes in December and 188 for the year, 5 percent
fewer than the 198 tracked in all of 2014.

Financial firms and hospitals tied for second most CEO changes with 137 each. Financial
companies announced 18 CEO departures in December, while Hospitals announced 11.
Challenger began tracking hospitals and other health care entities separately in 2015.

Computer companies place third for CEO departures with 107, 17.8 percent fewer than the
130 announced departures in 2014. Healthcare companies, excluding hospitals and hospital
systems, announced 93 CEO changes.

2015 failed to see much change in the way of female leaders. Of the 1,025 replacements
Challenger has tracked this year, 868 or 85 percent, were men, which was equal to the
percentage last year.

The number of women replacing men increased slightly by 5 percent from 103 in 2014 to 108
last year. The number of women replacing women stayed virtually constant, as did the the
number of instances where departing female CEOs were replaced by men.

CEO REPLACEMENTS BY SEX

Industry 2015 (interim) 2014 (interim) 2013 (interim)

Women Replacing Men 108 (8) 103 (9) 61 (12)
Women Replacing Women 49 (1) 52 (0) 45 (2)
Men Replacing Women 88 (6) 87 (9) 116 (18)
Men Replacing Men 780 (65) 796 (55) 755 (54)
*2014: In 2 cases, one man was replaced by both a man and a woman. They were counted in
both rows.

In 2015, 179 women, or 14.6 percent of all CEOs, left the CEO position. Of those, 21 reportedly
became CEOs elsewhere. In 2014, 198 women left the CEO position, 14.7 percent of the 1,341
2014 CEO changes, 22 of whom reportedly went on to become CEO of another organization.

Challenger began tracking interim CEOs who became permanent in June of this year. Since
June, 7 interim CEOs were chosen to remain permanently.

The same number of CEOs retired as resigned (309) resigned this year, while 241 stepped down
into other c-level or board positions. Forty executives were ousted, usually by the board, left
amid scandal or fell into legal trouble, compared to fifty who left for the same reasons in 2014.

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Monthly CEO Turnover

140

120

100

80

60

40

20

2015 2014 2013

2012 2011 Linear (2015)

CHIEF EXECUTIVE DEPARTURES

2015 2014 2013 2012 2011 2010
January 110 131 113 123 96 89
February 94 112 110 104 92 132
March 95 123 86 94 99 119
April 97 94 94 90 103 101
May 90 98 104 99 103 125
June 102 103 94 99 113 107
July 128 105 128 83 104 88
August 107 119 113 104 104 95
September 104 124 107 95 108 111
October 94 122 104 108 91 81
November 86 103 94 112 82 79
December 114 107 99 103 83 107
TOTAL 1,221 1,341 1,246 1,214 1,178 1,234

Copyright 2015 Challenger, Gray & Christmas, Inc.

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CEO DEPARTURES
By Industry
14-Dec 15-Nov 15-Dec YTD 2014 YTD 2015
Aerospace/Defense 2 1 20 9
Apparel 1 8 12
Automotive 4 3 13 25
Chemical 3 1 1 9 13
Commodities 1 3 1
Computer 11 7 8 130 107
Construction 1 1 15 10
Consumer Products 1 1 1 29 34
Electronics 3 1 21 13
Energy 9 4 5 44 41
Entertainment/Leisure 12 6 2 68 65
Financial 10 6 18 141 137
Food 2 5 3 22 34
Government/Non-Profit 14 11 27 196 188
Health Care/Products 19 10 9 294 93
Hospitals 7 11 137
Industrial Goods 3 3 1 44 38
Insurance 1 3 19 24
Legal 3 5
Media 2 35 25
Pharmaceutical 2 2 3 46 42
Real Estate 4 2 19 27
Retail 4 2 2 50 34
Services 6 5 48 44
Telecommunications 6 2 28 13
Transportation 1 3 3 19 36
Utility 1 1 3 17 14
TOTAL 107 86 114 1,341 1,221

Copyright 2015 Challenger, Gray & Christmas, Inc.

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CEO DEPARTURES
By State

EAST DECEMBER Y-T-D

Massachusetts 5 66
New York 3 62
Pennsylvania 8 60
New Jersey 24
Dist. of Columbia 1 23
Maryland 3 23
Connecticut 2 22
Maine 1 7
Vermont 1 5
Rhode Island 4
Delaware 1 3
New Hampshire 2
TOTAL 25 301

MIDWEST DECEMBER Y-T-D

Ohio 4 44
Illinois 3 42
Missouri 3 40
Minnesota 1 33
Wisconsin 1 33
Michigan 1 21
Kansas 5 18
Nebraska 1 15
Indiana 4 15
Iowa 4 14
TOTAL 27 275
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CEO DEPARTURES
By State
WEST DECEMBER Y-T-D
California 10 129
Texas 5 92
Colorado 3 36
Washington 1 22
Arizona 1 22
Oregon 2 15
Oklahoma 11
Nevada 1 11
Utah 3 9
Idaho 7
New Mexico 2 7
Alaska 5
North Dakota 4
Hawaii 4
South Dakota 1 4
Montana 2
Wyoming 0
TOTAL 29 380

SOUTH DECEMBER Y-T-D

Florida 7 70
N. Carolina 8 43
Tennessee 6 40
Virginia 2 31
Georgia 3 30
Alabama 2 12
S. Carolina 3 12
Louisiana 1 9
Kentucky 1 9
West Virginia 5
Arkansas 3
Mississippi 1
TOTAL 33 265

Copyright 2015 Challenger, Gray & Christmas, Inc.

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CEO DEPARTURES
By Reason
15-Dec Y-T-D
Resigned 32 309
Retired 37 309
Step Down 16 241
New position in another company 14 141
Interim Period Ended 9 80
Another position within company 3 29
Ousted 1 27
Acquisition/Merger 1 26
Financial Losses 16
Health 13
Legal Trouble 1 12
Died 10
Differences with Board 2
Family 2
Bankruptcy 1
Scandal 1
Relocation 1
Amid Labor Disputes 1

CEO DEPARTURES
Average Age, Tenure
Age Tenure
2015 2014 2015 2014
January 63.4 64 9.9 14.8
February 61.0 63.9 7.9 10
March 63.7 61.7 11.3 11.4
April 62.3 57.5 12.5 9.1
May 61.7 61.1 7.9 8.2
June 61.4 62.4 11.7 8.6
July 60.2 63.8 10.2 8.3
August 54.0 61.7 12.2 9.7
September 70.7 61.2 10.5 8.4
October 60.0 62.5 8.0 10.1
November 64.3 62.6 9.9 7.5
December 64.0 65.0 11.7 10.5
Copyright 2015 Challenger, Gray & Christmas, Inc.