External CEO hiring drops

Companies are increasingly turning inward to fill their CEO positions, according to a recent report from Crist Kolder Associates. 

The executive recruiting firm examines the backgrounds and measures turnover of C-suite executives in a portfolio of 674 Fortune 500 and S&P 500 companies, 9.9 percent of which are healthcare organizations. Analysts tracked data from Jan. 1, 1995, through Aug. 15, 2023, to compile this year's Volatility Report. 

External CEO hiring has been on the decline since 2019, the report shows. This year, it dipped to 12.2 percent — down 3.5 percentage points from 2022, marking the lowest recorded level since 2016. 

The opposite is true for CFO hires; for the first time since 2020, external CFO hiring is on the incline. Forty percent of CFO hires in 2023 have been from external sources, compared to 34.7 percent in 2022.

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