Only Two Ethnic Minorities and Four Females Appointed as UK Retail CEOs Last Year
- Retail CEO appointments halved in 2021
- Only two ethnic minority CEOs appointed last year, same as 2020
- Four female retail CEOs appointed, half the number from previous year
- 18 new retail CEOs appointed in UK in 2021
- 11 of them were first-time CEOs
- All new CEOs came from within the retail sector
- 38% of former CEOs had been in office for three years or fewer
- Low retail CEO turnover in first half of 2021, increase in second half expected in 2022
The number of newly appointed retail CEOs in the UK dropped significantly in 2021, according to Korn Ferry’s data. The report analyzed UK retail companies with annual revenues over £50m and found that only 18 retail CEOs were appointed last year, down by 54% from 33 in 2020. In the first half of 2021, there was low retail CEO turnover, but a dramatic increase occurred in the second half. However, many former CEOs had short tenures due to various reasons such as planned succession or business distress. Korn Ferry expects an increase in the number of CEO appointments in 2022. The report also highlighted concerns about the lack of diverse representation, with only two ethnic minority CEOs and four female retail CEOs appointed last year, half the number from the previous year.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the number of newly appointed retail CEOs in the UK in 2021, their backgrounds, and the trend of internal promotions. It also includes insights from an expert on the potential reasons for CEO turnover and the importance of diverse leadership. However, it could provide more context or data on the impact of COVID-19 on retail businesses during this period.
Noise Level: 3
Noise Justification: The article provides relevant information about the decrease in newly appointed retail CEOs in the UK and highlights the lack of diversity in appointments. It also mentions the potential increase in 2022 and the need for diverse candidates. However, it could provide more context on the reasons behind the decrease and the impact on the industry.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses changes in leadership within UK retail companies, which can impact financial performance and decision-making of these companies, thus affecting the overall financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk