Healthcare CEO turnover surged in the final months of 2022, indicating that the disruptive labor challenges that have defined this year may not be over.

Across all industries, CEO turnover increased 34% in November compared to the previous month, from 71 in October to 95 in November, according to the latest data from global outplacement and business and executive coaching firm Challenger, Gray & Christmas. While November saw a big uptick in turnover, the rate is actually 3% below November 2021’s 98 CEO who left their roles. 

One big change in November 2022 was the number of CEOs who left their roles citing retirement––37 left their roles to retire. That is the second-highest number of retirements since 49 CEOs retired in January 2020. The number of CEOs retiring has, on average, declined over the past few years, from 32 per month in 2019 to 24 per month in 2020, then up to 28 per month in 2021. Currently, an average of 26 CEOs are retiring per month, putting November 2022 squarely above the normal range. Overall, retirement is the leading cause of CEO exits this year, with 286. Another 256 CEOs stepped into other roles within their companies, such as chair, board or another C-suite position, while 82 have left for new opportunities. 

The findings come at a time when the healthcare industry is facing a significant labor crunch, with one study showing 25% of clinicians want to switch careers thanks largely due to burnout. The majority of healthcare executives are burned out, too, with many interested in leaving the industry. The November numbers indicate that the ongoing labor challenges in the health sector will likely spread into 2023.