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Jun. 13--Atlanta headhunter William Reeves has brokered some of the Southeast's most notable executive search deals during the past two decades. But even Reeves is surprised at the pace of turnovers lately in the upper echelons of Atlanta's executive suites.
CEOs and other top officers face greater personal and financial scrutiny. Company boards. once rubber stamps for many CEOs. are taking a more adversarial role.
"In Atlanta. we're not immune to the same pressures everybody else experiences. Atlanta-based managing partner of executive search firm Heidrick & Struggles' Southeast region. "Everybody wants it faster. sooner and quicker. And everybody wants a CEO with a proven track record."
Last month. 148 CEOs nationwide left their jobs. the highest number of departures since Chicago-area outplacement firm Challenger. Gray & Christmas began tracking executive movements in August 1999.
The disgruntled and discarded aren't the only ones in this latest wave of defections. Nearly one in five who left were lured away by competitors or they left to start their own venture.
More than 3.160 top-level management changes were recorded in May. the highest in the two years Liberum Research of New York has tracked executive turnover. The firm monitors changes among CEOs. chief financial officers and other top-level jobs as well as boards of directors. where defections have been "particularly pronounced."
"We're in a very hot job market. especially for executives." said John Challenger. CEO of Challenger. Gray & Christmas. "It's a free-agent CEO market. the likes of which we have never seen."
Venture capital is flush. So are hedge funds. Mergers and acquisitions have created a need for new blood at many companies. not just for CEOs. but chief financial officers. chief operating officers and other top-level executives.
"Leadership is hard to find." said Emory Mulling. chairman of Mulling Corp.. an Atlanta-based executive search. coaching and outplacement firm. "There's fewer qualified leaders. So [existing executives] are finding jobs quicker."
Mulling estimates that 75 percent of middle management jobs have been eliminated in the past two decades. leaving companies with fewer people to groom.
Stuart Heap had to delay his early retirement until he could find a suitable replacement for his job as president of a newly created medical device company in Norcross. The company. is part of a Swedish conglomerate.
"It took about six to seven months to bring in my successor. a couple of months longer than I anticipated. who hopes to hand over the reins soon.
"There's a lot of people chasing business. buying up pieces of bigger corporations. buying family businesses and then going out and looking for CEOs to run them.
Mulling. an executive search industry veteran. recently spoke in Atlanta to a group of top-level financial executives who worked for private companies.
The renewed quest for executives has translated into a robust comeback for the multibillion-dollar global executive search firm business. The industry experienced a drop in business in 2000 and 2001 after the dot-com bust.
Just last week. one of the world's largest executive search firms. Korn/Ferry International. reported fourth-quarter revenue from its fees rose 17 percent to $145.3 million.
"As the demand for talent continues to escalate worldwide. we have experienced steady and significant growth." company Chairman and CEO Paul Reilly said in a prepared statement.
A typical retained executive search firm -- a company that is kept on retainer to find talent for a company -- gets a percentage. of the cash compensation of the executive who is hired. Most top search firms deal mostly with executives earning in excess of $300.000 a year.
"We've seen a strong resurgence in our business. managing partner of Heidrick's Southeast region. "Our CEO search business has increased tremendously because of the changing landscape of the CEO office."
Jones tied the resurgence to a combination of factors: Sarbanes-Oxley. a shortage of talented executives. wealthy executives wanting to retire young and the investment community and companies wanting quicker results.
"You can't get that much accomplished." Challenger said. "It takes you a year to understand what's going on and establish the necessary relationships.

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A jump in the number of job applications posted during May has outweighed continued growth in new positions being advertised. according to SEEK Employment Index data released today.The number of job applications for new jobs listed increased across Australia by 3.5% (seasonally adjusted) in May. compared to the previous month. Job seekers in the ACT were the most active. posting 17.4% more job applications. job seeking activity is 23.3% higher than it was 12 months ago. Employment market demand. measured by the number of new positions being advertised. by 2.7% (seasonally adjusted). Jobs growth was strongest in Western Australia and Queensland at 6.2% and 4.7% respectively. followed by South Australia and Victoria which posted 4.0% growth each. NSW's employment market remains steady. with only a 0.7% increase in new positions advertised.Looking at job market demand and supply in tandem. the SEEK Employment Index. which measures the ratio of new job ads to applications for those jobs. decreased by 2.9 points to 104. It is now 0.6 points lower than the same time last year. indicating that it is relatively easier for employers to fill positionsmenting on the results. SEEK Joint CEO Paul Bassat said: 'In most states. the expansion of the labour market remains well balanced. with job applications broadly rising in line with new job ads. 'Certainly compared to April. job seekers are experiencing greater competition for positions their applying for. and this is good news for employers.'It is also interesting in the context of near-record unemployment levels. because it demonstrates the extent to which people who are already employed are participating in job seeking activity. Employee churn is a significant business risk. but it is also an opportunity for companies who are recognised as employers of choice.'Paul Bassat added that Western Australia continues to be Australia's job hot spot. 'Employers in WA are having a really difficult time recruiting employees. In May. WA experienced the strongest increase in the number of new positions advertised during May. and it was the only state where the number of applications posted fell. by 3.2%. 'Job applications posted per ad are now 16.6% lower in WA than they were a year ago and if this trend continues it will provide a handbrake on economic growth.' said Mr Bassat.Professor Peter Sheehan. Director of the Centre for Strategic Economic Studies said SEEK's data is consistent with ABS National Accounts and Labour Force data released last week. which showed relatively strong economic growth and an improving labour market.'Several economic indicators have sent conflicting messages in recent months about the state of the labour market in Australia. with several suggesting a softening market. Throughout this period. the SEEK indicators have provided a consistent picture of a strong labour market which has tracked closely with the picture subsequently presented by ABS data.'The business sector can take heart that. balance between demand and supply in the market continues to be achieved. which will lessen the likelihood of wage pressure'.

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Demand for workers in Australia's tight labour market eased in May with the number of people applying for jobs outweighing the number of jobs advertised. a survey says.
Job search website SEEK's employment index. which measures the ratio of new job ads to applications for those jobs. the expansion of the labour market remains well balanced. with job applications broadly rising in line with new job ads." SEEK joint chief executive Paul Bassat said.
"It is also interesting in the context of near-record unemployment levels. because it demonstrates the extent to which people who are already employed are participating in job seeking activity.
According to SEEK. the number of job applications for new jobs listed on its job search site rose 3.5 per cent in May. seasonally adjusted. from April.
Peter Sheehan. director of the Centre for Strategic Economic Studies. said SEEK's data was consistent with recent labour force data showing relatively strong economic growth and an improving labour market.
"The business sector can take heart that. Western Australia aside. balance between demand and supply in the market continues to be achieved. which will lessen the likelihood of wage pressure." Professor Sheehan said.
Job seekers in the ACT were the most active. posting 17.4 per cent more job applications. followed by Queensland at 10.9 per cent and NSW at 6.34 per cent.