The first quarter of 2015 ended up on a sour note with US job growth in March coming in at less than half of job growth in February. The biggest slowdowns in job growth in the USA were within the leisure, hospitality and goods-producing sectors. Statistics Canada numbers were also weaker for March. The impact coming largely from the extractives and retail sectors. With the exodus of Target and the store closures and reorganizations by Futureshop/Best Buy, Sony, Mexx, Smartset, Jacob and Sears etc. some 25,000+ jobs will be lost in the retail sector alone. And this does not include losses that will be realized within the many suppliers to the retail industry. Similarly in extractives, primarily oil & gas, a Statistics Canada analyst reports that 13,000+ jobs disappeared between late last year and early this year. Another 3,000+ direct jobs and almost 20,000 indirect jobs will disappear with drilling cutbacks. Despite lower job growth on both sides of the border, unemployment numbers have held steady.
Executive turnover, while not outstanding, revealed a somewhat more positive story. The first Quarter of 2015 showed modest increases over the first quarter of 2014 with CEO and CFO changes on an upward swing and overall C Suite changeover holding fairly steady.
Comparing March 2015 to March 2014, we saw increases in CEO and CFO turnover (+10% and +2% respectively) whereas overall C Suite turnover was down 8% and Board turnover was down a substantial 23%.
March 2015 versus February 2015 executive changes were quite positive – with only Board changes seeing a decrease. CEO changes increased by 20%. CFO changes rebounded from the prior months negative numbers with a 43% increase and overall C-Suite turnover increased by 5%. Board level changes realized a decrease of 8%.
March 2015 C Suite turnover activities break down as follows: