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John Stumpf And 15 Major CEO Departures In 2016

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John Stumpf And 15 Major CEO Departures In 2016

After weeks of political pressure from Sen. Elizabeth Warren and others, Wells Fargo & Co (NYSE: WFC) CEO John Stumpf has opted to retire. The Wells Fargo board reportedly welcomed the decision in the wake of the company’s highly-publicized fake account scandal.

Stumpf isn't the only high-profile CEO departure this year. In fact, through the first three quarters of 2016, there were 944 CEO changes, led by government/non-profit companies (155), financial firms (118) and hospitals (111).

Here’s a look at some of the biggest CEO departures of the year.

Ursula Burns, Xerox Corp (NYSE: XRX)

Burns made history by becoming the first black female CEO of an S&P 500 company, but announced she will be stepping down from her position when the company splits sometime before the end of the year.

Terry Lundgren, Macy’s Inc (NYSE: M)

Macy’s has been battling sales declines and a new wave of e-commerce competition, and Lundgren will be replaced by President Jeff Gennette in Q1 of 2017.

John Russell, CMS Energy Corporation (NYSE: CMS)

Russell retired in July after more than 30 years at CMS, but will stay on as chairman.

Michael Brown, Symantec Corporation (NASDAQ: SYMC)

The departure of Brown after only 18 months at the position came as a surprise to many analysts.

Keith Nosbusch, Rockwell Automation (NYSE: ROK)

Nosbusch had served as CEO for Rockwell for 12 years.

Richard Smucker, J M Smucker Co (NYSE: SJM)

Smucker is keeping it in the family by having nephew Mark Smucker take over for Richard as CEO.

Richard Anderson, Delta Air Lines, Inc. (NYSE: DAL)

Anderson suddenly retired in May after nine years as Delta CEO.

Stephen Chazen, Occidental Petroleum Corporation (NYSE: OXY)

Chazen served as CEO of Occidental for five years before retiring this year, but he will remain on-board as a strategic adviser.

Darren Huston, Priceline Group Inc (NASDAQ: PCLN)

Stumpf isn’t the only CEO to leave his position surrounded by a swarm of controversy. Huston was given the boot after an internal investigation revealed a personal relationship with an employee.

Roger Ailes, Fox News

Sticking with the theme of scandal, Ailes stepped down as CEO of Fox News after a series of allegations of sexual harassment in the workplace.

Related Link: 10 LGBT CEOs Who Weren't Afraid To Come Out

George Scangos, Biogen Inc (NASDAQ: BIIB)

Biogen chose to make a series of management changes after Tecfidera sales began to stall.

Ronald Boire, Barnes & Noble, Inc. (NYSE: BKS)

The board announced that Boire was “not a good fit” for the struggling bookstore.

Renaud Laplanche, LendingClub Corp (NYSE: LC)

Laplanche resigned after LendingClub discovered that staff had sold $22 million in loans that did not meet a buyer’s requirements.

Sharen Jester, Victoria’s Secret

Jester left after a long, successful run as CEO to spend more time with her family and focus on her personal life.

 

Related Articles (BIIB + BKS)

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