#MeToo drove rise in CEO firings in 2018: report
Reuters
Published Nov 20, 2019 01:36PM ET
#MeToo drove rise in CEO firings in 2018: report
(Reuters) - The number of corporate leaders fired for #MeToo-related misconduct rose in 2018 while the number of S&P 500 companies led by females fell 20%, according to a report from U.S. think-tank the Conference Board.
Firings of S&P chief executive officers related to the social media movement accounted for five of 12 dismissals last year, according to the report, published on Wednesday. In contrast, just one CEO was dismissed for personal misconduct between 2013 and 2017, it said.
The percentage of departures which were non-voluntary rose 8 percentage points from 2017 to 30.5%, the report added.
It also showed the number of women CEOs falling to 22 from a record 27 in 2017. Last year, Kathy Warden of Northrop Grumman (N:NOC) was the only woman appointed to a top job.
Scrutiny of executives and their treatment of employees has intensified in light of the #MeToo movement, which has spurred more scrutiny of top managers' relationships with employees.
The Conference Board said that departing executives had also tended to serve longer in their roles before leaving. In 2018, outgoing CEOs had been in their roles for an average of 10 years, compared to a low of 7 years during the financial crisis.
"The rate of succession among older chief executives continues to climb, and there are still more CEOs aged 75 and over than there are CEOs under the age of 45," said Matteo Tonello, the principal author of the report, who oversees the think tank's environmental, social, and governance research.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.