A recent report marks a decline in the number of COOs in existence, as the position has been eliminated at a significant number of firms. Over the course of the decade, a No. 2 was in residence at about 48% of a sample of 670 large public companies; now that number is down to 42%. This phenomenon is especially common when the operating officer is promoted to CEO, and the vacuum left behind him is promptly sealed shut by management.
--Posted by Todd Obolsky, Vault Staff Writer
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