John Mackey, cofounder of Whole Foods, announced his departure after feeling a lack of excitement and facing cultural struggles with Amazon post-acquisition. He noted he was the last remaining founding colleague, which contributed to his decision. Many CEOs grapple with the transition out of leadership roles and the associated loss of identity and benefits. Currently, there is a notable increase in CEO turnover among S&P 500 companies, with the rate approaching the highest since 2001, reflecting trends in executive transitions across industries.
When Mackey sold the business to Amazon in 2017, he committed to staying on for five years. Over time, however, struggles with the retail behemoth around culture took a toll, Mackey said.
For CEOs, it can be vexing to grapple with when - and how - to descend from what could be the pinnacle of their careers. Former chiefs sometimes struggle with a loss of identity, leaving behind work they care about, and letting go of big-time perks.
Reshma Saujani, who founded the nonprofit Girls Who Code in 2012 to close the gender gap in tech, said leaders should look for the exit when they stop being afraid.
The number of CEO changes for S&P 500 companies is on pace to reach 14.6% for the year, according to data from The Conference Board and ESGAUGE. This would mark the highest turnover rate for CEOs since 2001.
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