CEOs and CFOs left their jobs in record numbers last year, and filing a financial restatement is proving to be an increasingly common way to be shown the door.
Of companies that filed restatements in 2007, more than 20 percent also saw the departure of their CEOs—up from only 16.9 percent in 2006 and 13.2 percent in 2005, according to a recent study by Audit Analytics. Chief financial officers fared even worse: nearly 25 percent of restating companies sent them packing last year, compared to 22 percent and 17 percent in the prior two years, respectively.
