Being a CEO in today’s world has become a nightmare due to increasing scrutiny and pressure. The recent departures of several CEOs, such as CNN’s Chris Licht and GameStop’s Matthew Furlong, reflect the impatience of investors and customers for lackluster performance and inappropriate behavior. Such behaviour in a post-#MeToo world has resulted in little sympathy for leaders.
Furthermore, PwC‘s 2023 survey of 4,410 CEOs found that 40% were concerned that their organization would not remain economically viable in the next ten years. However, few CEOs are willing to reinvent themselves, resulting in worsening circumstances.
Moreover, the widening gap between executive pay and employee salaries adds insult to injury. According to data firm Equilar, median pay for the top 100 US CEOs rose 7.7% to a high of $22.3 million, while the average employee struggles with a high cost of living.
Additionally, the rise of artificial intelligence, such as ChatGPT, has forced companies to consider the pros and cons of replacing or enhancing workers with AI. This new technology will likely result in the further decimation of the average white-collar worker.
CEOs have also gone back on remote-work policies by forcing employees to return to the office. For instance, Google has threateningly stated that office attendance will be considered in performance reviews. And even Farmers Group’s CEO‘s, Raul Vargas, mandate for staff to come to the office three days a week has resulted in an employee exodus.
Finally, given the tumultuous times ahead, Chris Licht’s ousting is unlikely to be the last of CEO departures.
