5 high-profile CEO exits in retail this year

Now, more than ever, chief executives are seen as the face of a company, and 2019 has already seen the highest number of departures on record.

So far in 2019, 1,332 chief executive officers have left their positions across industries. It is the highest number of CEO exits on record since Challenger, Gray & Christmas began tracking the data back in 2002, according to a press release the company sent to Retail Dive.

"Meanwhile, after a decade of expansion, companies that started ten years ago are finding themselves in a phase where new leadership is needed," Andrew Challenger, vice president of Challenger, Gray & Christmas, said in a statement.

What is it about 2019 that is pushing so many C-suite changes? One of the possibilities is that now, more than ever, CEOs are seen as the face of a company.

“The leaders of big organizations are like a walking, talking embodiment of the brand. Almost like the human billboard for the brand. When the brand faces problems, someone has to be held accountable, and the CEO is often like this very, very visible, sacrificial lamb.”

— Deb Gabor, CEO and founder of Sol Marketing and author of "Irrational Loyalty: Building a Brand that Thrives in Turbulent Times"

Jono Bacon, founder and CEO of Jono Bacon Consulting and author of "People Powered: How Communities Can Supercharge Your Business, Brand, and Teams" agreed. "Some CEOs have very, very public personas. They're not just running a business. They're also seen as a thought leader, as a visionary behind what they're doing." Bacon explained that CEOs are focused on operational elements of running a business, but when a leader who is more in the limelight leaves, it can feel like a huge corporate shift. "Because it feels like it's not just an administrative change. It's like the lead singer of a band leaving. You're going to get a different voice."

Notable CEO exits from 2019

In October alone, six CEOs in different industries left their roles after allegations of professional misconduct, according to Challenger, Gray & Christmas findings. When a brand hits a point of crisis, letting go of a CEO can be seen as a salve to calm both the public and shareholders. When a chief executive is asked to step down it is a way to demonstrate that, "continuing to have a relationship with this particular corporate leader is not what we want to show the world as a brand, or we don't align with their values and beliefs or their behaviors," Gabor said.

But, it doesn't mean that executive changes are all caused by, or a result of, scandal. Many times there is a corporate plan in place, or a leader feels like he or she has taken a company as far as their skillset will allow. "Companies that have done well are implementing succession plans that have long been in place," said Challenger in a previous statement. "Others are finding that regulatory uncertainty and new technologies changing how companies do business require leaders who can specifically address these issues."