Back

C Suite Market Update - September 2015

September 2015

The unemployment rate in Canada was little changed for the fourth consecutive month. September saw modest increases in full time roles in most provinces, with Ontario realizing a small decline. IT and various service industries enjoyed the most new hires in September. Year to date, increases in employment have been primarily in private sector and self-employment – with the public sector remaining flat.

South of the border, the job growth reports were disappointing as strong performance had been forecast. Employment increases turned out to be modest, with leisure & hospitality and professional/business services seeing the biggest gains. These results were somewhat out of sync with other market indicators such as healthy car and home purchases that both require long term financing and are generally bellwethers for a healthy economy.

As well, the Simply Hired U.S. Employment Outlook reported that while U.S. job listings decreased 0.65 percent in September, the overall U.S. labor market remains strong with more than 4.7 million job openings as compared to 3.9 million at this time last year. The number of job openings also supports a recent industry survey that talent acquisition teams are finding it challenging to find qualified candidates for many roles. This talent shortage is also being realized in Canada, the UK and parts of Asia.

September 2015 C-suite turnover realized healthy increases once again in all 4 categories as compared to September 2014. CEO turnover, year over year, increased by 15%. As well, CFO, over all C-suite changes and Board changes all saw increases: CFO +11%, overall C-suite +53% and Board changes were a staggering +65%.

On the other hand, month over month changes saw increases in two key areas and declines in the others. September 2015 versus August 2015 breaks out as follows: CEO changes -6%, CFO changes -6%, over all C-suite changes +5% and Board changes +1%.
 
September 2015 C Suite turnover activities break down as follows:

  • CEO changes, +15%. A total of 202 changes with the largest number of changes occurring in banking, energy and business services. Last month's changes occurred primarily in drugs/biotech, food, banking and media.
  • CFO changes, +11%. A total of 205 changes with the largest number of changes primarily occurring in energy, with drugs/biotech, business services, food/drink, health services, manufacturing and transportation seeing increases in equal measure. Last month's changes occurred primarily in drugs/biotech, energy and business services respectively.
  • Board of Directors, +65%. A total of 594 changes with the largest number of changes occurring in drugs/biotech, banking, manufacturing and metals/mining. Last month saw changes primarily in drugs/biotech, metals/mining and energy.
  • Overall C suite, +53%. A total of 1876 changes with the largest number of changes occurring in drugs, banking and energy. Last month's changes occurred primarily in drugs, banking and manufacturing.