With COVID-19 chaos behind them and a possible recession ahead, a record number of CEOs are bowing out
whose business it is to help other businesses find bosses, the pace of executive change across companies and organizations of all sizes is eerily reminiscent of the Great Recession.
“A lot more boards are asking whether they have the right skills at the table given what their businesses are facing,” said Elaine Roper, a partner with executive search firm Odgers Berndtson, who added that the non-profit sector is also seeing “a huge change of CEOs” at the moment. The intense demands of the past few years have also taken their toll on the mental health of executives, just as it has on workers in general, making this moment of relative calm an opportunity for some CEOs to step aside. “Everyone is burned out,” said Barry Schwartz, chief investment officer at Baskin Wealth Management.
and then Manitoba. In 2018, he returned to Ontario to take the helm at Element at a time when the company had fallen deeply out of favour with investors. Since then, the company’s shares have risen more than 260 per cent. Like Element, Cenovus had a successor ready to step into the CEO position when the company announced Mr. Pourbaix would leave at the end of April to dedicate more time to advancing the oil sands industry’s decarbonization efforts. Chief operating officer Jon McKenzie was named CEO, and Mr. Pourbaix is staying on as executive chair.
And, of course, outgoing Loblaw head Mr. Weston himself boomeranged back to the company the last time it went outside the family for leadership, as it has again done by tapping European retail executive Per Bank to replace him.
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