Thursday December 28 1:57 PM ET

CEO Departures Up, 'Net Leads the Way

NEW YORK (Reuters) - The number of chief executives leaving office jumped 85 percent in December versus a year ago, continuing the torrid pace of departures in 2000, said a report released Thursday by recruitment firm Challenger, Gray & Christmas Inc.

In December, 113 CEOs vacated their posts -- marking the fifth consecutive month of more than 100 departures. Last year, 61 CEOs left in December.

More than half of the total 1,079 CEO changes this year have been announced over the last five months, the report said.

Chief executives of Internet companies led December's list, accounting for 16 percent of total departures. CEO changes in the consumer goods industry came in second, followed by the computer software and services, financial services and industrial products industries.

"These sectors may continue to see high chief executive turnover in light of what will most likely be categorized as a lackluster holiday shopping season," said John Challenger, chief executive of Challenger, Gray & Christmas.

One of the more recent casualties was Bill Larson, chairman and chief executive of computer-security software maker Network Associates Inc. (NasdaqNM:NETA - news). The company Tuesday warned of revenue shortfalls and said Larson would step aside, along with two other top executives.

Also Tuesday, Magic Software Enterprises (NasdaqNM:MGIC - news) said its CEO, Jack Dunietz, was leaving after the company announced fourth-quarter earnings and revenues would fall below targets.

Financial services group ING Groep Inc. (NYSE:ING - news) said David Robbins, chief executive of ING Barings, resigned in connection with an announcement that ING would review its investment banking operations.

Most of the 113 CEO departures in December were labeled resignations, 32 were unspecified and 19 were retirements, the report said. The remaining announcements said CEOs had "stepped down," been "succeeded," taken a "new position within the company," or simply "left."