Analysis: More CEOs were forced out for ethical lapses in 2018 than poor financial performance
Protesters stand outside the site of the CBS shareholder meeting in New York in December. By Jena McGregor Jena McGregor Reporter covering leadership issues in the headlines Email Bio Follow May 15 Chief executives faced a year of reckoning in 2018 — but not for the reasons that have traditionally led to forced departures from the corner office.
For boards of directors, said Martha Turner, a partner with Strategy&, “there’s a new call for transparency and accountability, especially with issues regarding the #MeToo movement and other indiscretions for which there is increasingly zero tolerance,” she said. There’s more “reluctance for the board to give CEOs the benefit of the doubt.”The year was filled with marquee names who stepped aside amid investigations into their behavior.
“Boards feel they have to hold their CEOs accountable to the code of conduct in the same way they would with employees,” said Bill George, a senior fellow at Harvard Business School and former chief executive of Medtronic who recently retired from the Goldman Sachs board. “There’s a strong feeling from boards they have to do it.”
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