It's not just the Secret Service chief. Top U.S. leaders are resigning in record numbers

Former Secret Service Director Kimberly Cheatle’s recent resignation after an assassination attempt on former President Donald Trump comes as data shows American leaders, who experts say face an increasingly high-pressure environment, are stepping down in record numbers.

The first six months of the year saw 1,101 chief executive officers in the United States leave their jobs, according to a recent report from global outplacement firm Challenger, Gray & Christmas Inc. — a 21% increase from that period in 2023 and the highest year-to-date total since the Chicago company's tracking started in 2002.

While the report shows the rate of women in CEO roles has remained mostly steady, with 21.9% leaving so far this year, compared with 21.8% in the same time period last year, business school professors said the challenging workplace climate for chief executives is amplified for female and minority leaders who have to deal with bias and other hurdles.

Experts said it’s also not unusual for diversity, equity and inclusion policies to be used as a scapegoat when things go amiss. Cheatle, the second woman to lead the Secret Service, fielded criticism about her efforts to promote gender equity and her own qualifications during a congressional hearing before her resignation.

Michael Posner, an ethics and finance professor at NYU Stern School of Business, said when a woman or a minority is in charge and problems crop up, people zero in on gender, race or background.

"People have prejudices, and they are quick to attribute blame and to attach their prejudice to whatever went wrong. Yes, it's much harder to run a public or private company if you're a woman, African American or Hispanic," he said. "There's just no doubt that the presumption is against you. You have to be stronger, better, faster and do the right thing all the time."

As members of Congress questioned Cheatle about security lapses following deadly gunfire at the July 13 Trump rally in Butler, Pennsylvania, three Republican lawmakers suggested gender, along with diversity, equity and inclusion policies, were among the reasons for the failures.

U.S. Rep. Tim Burchett (R-Tenn.) called Cheatle a "DEI horror story" during the hearing. U.S. Rep. Glenn Grothman (R-Wis.) asked her if she was "not hiring men because of your desire to hit certain targets."

U.S. Rep. Michael Cloud (R-Texas) questioned Cheatle's strategic plan for the Secret Service, which under her leadership was committed to a national initiative that strives to improve the representation of women in law enforcement.

Maurice Schweitzer, an operations and information management professor at Wharton School of Business at the University of Pennsylvania, said some research suggests there is less room for error on the part of minority leaders.

"We might judge the missteps of minorities more harshly," Schweitzer said. "It might be we’re forcing people out more."

Matt Cohen, president of the Long Island Association, said he has spoken with local female, Latino and Black CEOs who often "don’t feel supported in their roles." He said that while there's been some positive change, there still is progress to be made in that area.

Meanwhile, experts said a shifting workplace environment that involves more travel, longer hours, increased public scrutiny and more accountability could be contributing toward more CEOs resigning.

A 2023 study by Equilar, an executive data firm with an office in New York City, showed the tenure of CEOs from companies represented in the S&P 500, an index of the largest U.S. public companies, is dropping.

Andy Challenger, senior vice president of Challenger, Gray & Christmas, said when it comes to resignations of top American leaders, the circumstances surrounding Cheatle's departure aren't common.

"We're not seeing tons of scandal, or CEOs being removed for performance," he said.

However, a study by Spencer Stuart, a global recruiting firm that has a New York City office, showed that while most CEO departures were planned in 2023, resignations under pressure grew to 10%, from 5% a year earlier.

With AP