Is the effect of recession visible in America? 74 CEOs have been fired in 8 months

Large scale layoffs started in all these American companies like Microsoft, Twitter, Facebook, Amazon and Google at the end of the year 2022. 

It was then that it started to seem that recession was knocking. These layoffs continued till June and now their wrath is seen falling on the top officials of the companies as well. 

In the last 8 months, about 74 CEOs have been shown the way out of the company. The latest case is related to Starbucks.

Starbucks Corp, one of America's largest coffee chains, has fired its CEO Laxman Narasimha. The company has not given a concrete reason for this, but the news is that the company's sales have been falling continuously for the last 2 quarters and it has decreased by 20 percent. Therefore, Laxman Narasimha's departure from the company has been decided.

Is the effect of recession visible?

America is going through a strange situation at this time. The US economy has still not fully recovered from the shock of Covid. Inflation and unemployment are at their peak. 

There is a strong possibility of recession and there is no sign of any major relief from the Federal Reserve soon. Apart from this, the debt burden on America is continuously increasing due to which the situation is more frightening and now the presidential elections are also to be held there this year.

74 CEOs departed in 8 months

In the last 8 months, 74 CEOs have left the US. But the matter does not end here. Exchange.com has prepared a complete report on this. However, a different picture emerges from the Russell Index. 

The Exchange.com report says that among the companies included in the Russell 3000 Index, 191 CEOs have said goodbye to their companies this year. About 74 of them were forced to leave. Exchange.com has been tracking data on this since 2017.

According to its report, 26 CEOs were fired from the company in 2017. While 66 CEOs were fired in 2018, 64 in 2019, 52 in 2020, 32 in 2021, 62 in 2022, 70 in 2023 and 74 CEOs have been fired so far in 2024. In such a situation, the big question is that if there is a recession in America this time, then what will be its effect on the world?