“Companies were loath to let go of their leaders in the middle of a crisis,” says Andy Challenger of Challenger, Gray & Christmas.

From January to September this year, more than 1,400 CEOs have left their jobs. That’s up by almost 50% from the same period last year.

According to a new report from outplacement firm Challenger, Gray and Christmas, CEO turnover hit its highest rate last quarter since 2020.