April Turnover Declines a Bit But Future Remains Rosy

Liberum’s executive turnover data for April 2014 seemed to conflict a bit with the latest employment growth and unemployment figures that were recently announced for April 2014.  CEO and CFO changes monitored by Liberum Research saw reasonably high percentage declines from the same month a year earlier.  The numbers were a bit better for those two categories, when compared with the previous month’s total for March 2014.  The trend was a somewhat more positive when we examined the same changes with regard to overall C-level turnover (as defined by Liberum as all C-level executives down to VP level) and Board of Director changes.  C-level turnover increased a mere 2% from the year earlier period of April 2013 and  saw a slight increase of 3% when compared with the previous month of March 2014.  Board of Director turnover was slightly different with a 7% increase from the year earlier and a static change for the previous month of March 2014.  Overall, Liberum was not very concerned with the slight declines recorded for April 2014.  We still see positive changes continuing in executive turnover totals and expect them to remain the same or higher as we move forward in to the spring and summer.  Investors should keep this in mind.