Turnover at finance companies dropped in February, according to Chicago-based outplacement firm Challenger, Gray & Christmas.
Seven chief executives announced their intentions to leave their posts last month, down from the 13 who announced their plans in January. Four were from credit unions. P.J. Walker of New York-based Bridgeway Federal Credit Union and C.H. Steele, of Montana-based Valley Federal Credit Union both announced their retirements.
"Turnover at the top can often be a precursor to changes throughout the organization," said John Challenger, CEO of Challenger, Gray & Christmas. "Even in a situation such as retirement, a new CEO will bring in his own people -- maybe not right away, but over time -- which can lead to changes further down the corporate ladder."
A new CEO will bring in his own people
The number of credit unions reporting to the National Credit Union Administration decreased to 7,094 in December 2011 from 7,339 in December 2010, according to new figures released last week by the NCUA.
Across the 26 industries Challenger tracks, 104 CEOs announced their departures in February, down 15% from 123 in January. The health care sector experienced the highest CEO turnover last month with 19 departures, down from 25 in January.
Challenger compiles the monthly CEO turnover report from media reports and company filings.
Write to Julie Steinberg at Julie.Steinberg@dowjones.com