Asia-Pacific sees highest rate of CEO exits

Asia-Pacific has seen the highest rate of CEO departures among the 500 global corporate giants, though the region has a smaller representation in the list of world's 500 biggest companies, reveals a new study.

The Asia-Pacific recorded a CEO turnover of 16.4 percent in the first nine months of 2007. Twenty 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, which includes Indian Oil Corp, ONGC, Reliance Industries, HPCL, BPCL and SBI. Public sector energy giant ONGC also saw a new chief R S Sharma assuming office this year.

According to a study by global public relations firm Weber Shandwick, the turnover rate for Asia-Pacific's CEO among the 500 largest global companies is higher than European, North American and Latin American counterparts.

North America saw a turnover rate of 6.7 percent CEOs, which was less than half the Asia-Pacific rate. The Asia-Pacific rate was also higher than the 12.6 percent of Europe.

As against Asia-Pacific's 122 companies, North America and Europe had a higher participation of 178 and 190 respectively in the toper list. There were 12 departures in North American and 24 from European firms.

However, in the case of sacking of CEOs, the Asia-Pacific rate was lower than Europe and North America. The Asia-Pacific saw four CEOs being ousted with a rate of 20 percent as against three sackings in North America with 25 percent rate and nine forced exits in Europe with a 37.5 percent rate.

Article by VIRAL THAKER @ URL http://viral-hpower.blogspot.com/
Data Collection & Source Forbes; Economic Times; CNBC

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