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Out-of-Work CEOs Find Openings at the Top Are Few, Callbacks Rare

Written by JOANN S. LUBLIN Friday, 16 July 2010 06:33

CEO Nowadays, former chief executive Anne Stevens spends time job hunting and making créme caramel in the kitchen of her 13,400-square-foot home in this Philadelphia suburb.

Nine months after leaving the highest job at Carpenter Technology Corp., she typically devotes at least three hours a day making calls to company executives, recruiters and professional contacts. A board member at Lockheed Martin Corp. and one-time Ford Motor Co. executive, Ms. Stevens faces a job market unusual in the exclusive ranks of top executives—but not unfamiliar to many Americans.

"There just aren't a lot of [CEO] searches out there," she says.

No one knows how many out-of-work CEOs are looking for corner office suites, but recruiters say their numbers are growing. Fewer big businesses are switching bosses these days and mergers and bankruptcies have further reduced their job prospects. Only 48 companies in the S&P 500 index changed leaders last year, the lowest level since recruiters Spencer Stuart began tracking it in 2004.

Replacement of big-business CEOs picked up in the second quarter, according to Spencer Stuart. But it will take more than a slight gain to find good homes for every unemployed chief. Just two of 13 major corporations switching leaders in the latest quarter chose an outsider.

By JOANN S. LUBLIN

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Author of this article: JOANN S. LUBLIN

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