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Some large companies and their CEOs have parted ways this year.
This has been observed in companies operating in industries ranging from aerospace and fitness to apparel and technology, among others.
Boeing, Nike, Peloton, WeightWatchers, Nike and Intel are among the companies whose CEO will step down in 2024.
David Calhoun
Boeing Co. CEO Dave Calhoun speaks at the Aviation Summit in Berlin, Germany, Tuesday, June 4, 2024. Calhoun warned that a shift toward isolation in U.S. policy could hamper free trade and harm the economy as a nation. p (Krisztian Bocsi/Bloomberg via Getty Images / Getty Images)
Calhoun revealed in March that he was considering stopping serving as CEO of Boeingjust over four years after first taking the job.
“I have been thinking for some time, in discussion with our board, about the right time for a CEO transition at Boeing,” he said in a message to employees at the time. “I want to share with you that I have decided that this will be my last year as CEO of our great company, and I have informed the board of directors of this decision.”
He said Boeing “will remain steadfastly focused on completing the work we have done together to return our business to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything we do.” let’s do” during the transition.
The company is working to recover from headwinds resulting from two 737 MAX 8 crashes several years ago and, more recently, a Boeing 737 MAX door catch panel that came loose mid-flight in January.
BOEING APPOINTS KELLY ORTBERG AS NEW CEO
Kelly Ortberg had led the aerospace company since late summer. His first day as CEO was August 8.
“My mission here is pretty simple: turn this great ship in the right direction and return Boeing to the leadership position that we all know and want,” Ortberg told analysts and investors during the quarterly earnings conference call. of the company in October, mentioning four specific areas of focus.
The company announced 291 deliveries of commercial aircraft and 76 of defense, space and security aircraft in the first three quarters of the year.
Barry McCarthy
A Peloton company logo hangs on their storefront in Santa Monica on April 10, 2023, in Los Angeles, California. (Gary Hershorn/Getty Images/Getty Images)
Barry McCarthy ceased to be Peloton in May, prompting the fitness company to hire Karen Boone and Chris Bruzzo as interim co-CEOs while it searches for a permanent successor.
Following a surge in activity during the pandemic, Peloton struggled to stay relevant as people returned to traditional gym workouts when social distancing restrictions eased. To combat declining sales, it has made various efforts to cut costs and expand its customer base.
Ford executive Peter Stern will take over as CEO in early January, Peloton announced in October. Bruzzo stepped down as interim CEO in early November, with Boone continuing to lead the company in the meantime.
Peloton is known for its exercise bikes, treadmills, and rowing machines.
Sima Sistani
A sign for Weight Watchers is displayed at an office in Lower Manhattan, New York, on October 19, 2015. (Reuters/Brendan McDermid / Reuters)
Sistani left WW International at the end of September, marking the end of his two-and-a-half-year tenure as CEO.
At the same time, WeightWatchers named Tara Comonte interim CEO. The company said it accepted the position “at a time when the company is focused on improving its operational and financial performance while continuing to build on its product and solution innovations for its members”.
SIMA SISTANI, CEO OF WEIGHTWATCHERS, RAW EXIT, EMBRACED WEIGHT LOSS DRUGS
The company has been around since 1963. It has a long history of offering weight loss and weight management programs and, more recently, has focused on access to weight loss medications.
Some 3.7 million people were subscribed to WeightWatchers’ various offerings at the end of the third quarter.
John Donahoe
A customer is reflected in a shop window decorated with the Nike store logo in the Belaya Dacha factory outlet village outside Moscow, Russia, April 23, 2016. (REUTERS/Grigori Dukor / Reuters)
Nike changed CEOs in mid-October, and Donahoe retired on October 13. The company said at the time that he would “remain as an advisor to the company to ensure a smooth transition until January 31, 2025.”
Donahoe said in a statement that it “became clear that the time was right for a change in leadership, and Elliott [Hill] is the right person”, adding that he “looks[ed] I look forward to seeing Nike and Elliott’s future successes. » His tenure as CEO lasted over 4.5 years.
Hill I came out of retirement to take over the top job at Nike.
During the company’s earnings conference call earlier this month, the new CEO said Nike “had lost our obsession with sports” and would “lead with sports and put the athlete at the center of every decision” in the future.
He also said the athletic footwear and apparel company will “return to leveraging athletes’ deep insights to accelerate innovation, design, product creation and storytelling” and “rebuild an integrated marketplace,” among other things.
Pat Gelsinger
Intel Corp. CEO Patrick Gelsinger speaks during an interview with Bloomberg Studio 1.0 at the company’s headquarters in Santa Clara, California, U.S., Thursday, February 3, 2022. Intel plans to spend $20 billion dollars in a chip manufacturing center. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
Gelsinger, who became CEO of Intel in February 2021, retired in early December.
“As a leader, Pat helped launch and revitalize manufacturing processes by investing in advanced semiconductor manufacturing,” said Independent President Frank Yeary. “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities needed to become a world-class foundry, we know there is still much work to do within the business and we We are determined to restore investor confidence.”
Intel CEO Pat Gelsinger retires as chipmakers struggle
David Zinsner and Michelle Johnston Holthaus have served as interim co-CEOs since his departure. Intel will continue to “simplify and strengthen our product portfolio and expand our manufacturing and foundry capabilities while optimizing our operating expenses and capital,” Yeary said.
How many CEOs have left the company this year?
A report from Challenger, Gray & Christmas released earlier this month found that 1,991 CEOs revealed plans to spin off companies during the 11-month period from January to November.
Last month there were 167, according to the report.
“Resignation” has been cited as the reason for CEO departures more than any other reason so far this year. “No reason given,” retirement, “new opportunity” and resignations are among other common reasons, the report said.
The use of interim CEOs has increased, with Challenger, Gray and Christmas finding 13% of 2024 replacements taking on such roles. In 2023, it was 7%.
Daniella Genovese contributed to this report.
