CEO turnover seems to be topical right now. Perhaps it is because quarterly CEO turnover results are being reported or because everyone is still interested in these captains of industry, despite the poor reputation of CEOs. In the past few weeks, I’ve noticed several articles about why no one at the top is playing musical chairs like they used to. Here is an article that I was recently quoted in on CEO turnover because of my keen interest in CEOs and what’s happening to their reputations.

Luckily I noticed an article on the last page (hard copy) of today’s WSJ “B” section on apparel CEO William McComb of Claiborne. Joann Lublin called him a “survivor chief executive” or what I might rename a survivor-in-chief. This nomenclature is presumably due to the fact that boards are not as trigger happy as they used to be because they cannot afford to rock the markets nor their stock prices anymore than they have been this past year. There are several other reasons why CEOs are remaining in their suites:

1. Boards are abiding by the proverb: “Better the Devil you know than the Devil you don’t.” Familiarity does not always breed contempt. It may breed job security and comfort instead.
2. CEOs themselves are less likely to be looking for new jobs because of the slim pickings and accompanying risk. There are no risk-free companies anymore.
3. There are fewer mergers and acquisitions. In most M&As, one of the CEOs usually leaves for greener pastures or the golf course. Just being sarcastic. Most CEOs do not want to be seen on the golf course these days.

Everyone is sitting tight right now to weather the economic headwinds. My sense is that CEO turnover will heat up again once the economy stabilizes and boards are willing to take on more risk without angering investors and raising questions from the media.