Monday, August 22, 2016
CEO Heads Are Rolling Faster Than Ever On The Stockholm Stock Exchange
Via Business Insider: "Off with their heads!" It seems the Queen of Hearts has been let loose on the Stockholm Stock Exchange - CEOs are being replaced at a record pace in Sweden's biggest companies. Today, Getinge's CEO Alex Myers was fired, thus becoming the fourth CEO to be replaced at a major Swedish company during the summer of 2016, along with Hans Vestberg of Ericsson, Frank Vang-Jensen of Handelsbanken and Susanna Campbell of Ratos, Dagens Industri reports. During 2015 and 2016 so far, 15 of the 30 largest companies listed on the Stockholm Stock Exchange have seen a change in CEO. According to Dagens Industri that implies double the international average CEO turnover rate, and a large proportion of the replacements are sudden and unexpected. One of the factors behind the increased turnover rate, offered by Dagens Industri, is that the increased stakes of big investment funds in the major companies is giving them greater influence on corporate boards and leading to closer scrutiny of the executive management.