Massachusetts executives are on track to switch jobs at a greater rate than last year as the companies prepare to emerge from their recession-induced hibernation and start expanding again, experts said.
"As a general rule, when there's a lot of management change, (the economy is) actually better," said Richard Jacovitz, senior vice president of Liberum Research. "It's starting to trend up again,"
So far in 2014, 126 executive positions in public companies have been filled either through promotions or new hires, compared to 221 over the entirety of 2013, according to Liberum.
CEO changes around the country this year have also outpaced 2013, with 661 through June compared to 1,246 in 2013, according to Challenger, Gray and Christmas, an employment research firm. Massachusetts companies account for 19 of the CEO departures.
Included in the departures this year are William Swanson, former CEO of Raytheon, Robert Kauffman, chief medical officer for Vertex Pharmaceuticals, and James Malerba, executive vice president of State Street.
"You've got an economy that has stabilized," said Rick Cobb, executive vice-president of Challenger, Gray and Christmas. "The company management team tends to shift from maintenance to, 'Let's see if we can up our game and take it to the next level.' "
As the economy has improved, companies are moving away from stopping losses and saving every penny to looking for potential investments and longer-term growth opportunities.
Since the beginning of 2014, the unemployment rate has dropped .5 percent and the S&P 500 is up 6.73 percent. The Dow Jones Industrial Average has risen nearly 2.5 percent.
Companies are willing to make changes and make a different, strategic change," Jacovitz said.
Retirements are not necessarily related to the economy, but lately many have been, Cobb said.
"There's a lot of people who took the reins in 2008, 2009," Cobb said. Those executives who put off retirement to bring their firms through the recession are now stepping down, in part because their jobs seem to be done, but also in part because improvements to the stock market make various stock options and their pension more lucrative.
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