For chief executive officers in 2012, it was a year of looking over their shoulders. More big-name chief executives lost their jobs than in any year in recent memory, as investors and boards became much more assertive. The lesson going into 2013 is clear: If you can’t perform, we will find someone else who will.
Please enable JavaScript to view this content. Open this photo in gallery: Richard Gusella, Connacher Oil and Gas Ltd.<br/>
Mr. Gusella opposed selling the company, putting him on the wrong side of some of the company’s largest shareholders. After that, <a href="https://www.theglobeandmail.com/globe-investor/connacher-ceo-exits-company-after-shakeup/article1358238/">he didn't last long</a>, resigning in early January. Connacher is still trying to make a go of it as an independent company. Chris Bolin/The Globe and Mail
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Open this photo in gallery: Robert Dutton, Rona Inc. <br/>
The hardware retailer pushed out its long-time chief executive in a bid to turn around years of declining fortunes, and possibly head off a proxy battle with disgruntled shareholders. It doesn’t seem to have worked, as the board still faces a challenge from <a href="https://www.theglobeandmail.com/globe-investor/rona-ceo-steps-down-amid-tumbling-profit/article5151589/">one of the company’s biggest investors</a>. CHRISTINNE MUSCHI/Reuters
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Open this photo in gallery: Fred Green, Canadian Pacific Railway Ltd.<br/>
Activist investor Bill Ackman made Fred Green the poster child for CP’s chronic underperfomance, launching a campaign to have him turfed and replaced by veteran railroader Hunter Harrison. When the board balked, Mr. Ackman rallied enough votes to turf recalcitrant directors. <a href="https://www.theglobeandmail.com/globe-investor/as-harrison-takes-cps-top-job-ackmans-coup-is-complete/article4379406/">Mr. Green was not far behind</a>. Jeff McIntosh/The Canadian Press
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Open this photo in gallery: Aaron Regent, Barrick Gold Corp.<br/>
Mr. Regent’s departure in the summer was nearly a total shock to investors. Unlike Mr. Burt at Kinross, there had not been a groundswell from investors unhappy with his performance. But one key person at Barrick was unhappy: <a href="https://www.theglobeandmail.com/report-on-business/streetwise/the-justification-for-munks-influence-at-barrick-wanes/article4420918/">founder and director Peter Munk.</a> Fred Lum/The Globe and Mail
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Open this photo in gallery: Tye Burt, Kinross Gold Corp.<br/>
A huge writedown on a landmark acquisition and <a href="https://www.theglobeandmail.com/report-on-business/streetwise/the-justification-for-munks-influence-at-barrick-wanes/article4420918/">a slumping share price cost Mr. Burt</a>, a former investment banker, his job running Canada’s third largest gold producer. Since Mr. Burt was tossed out, the stock has been moving up. MARK BLINCH/Reuters
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Open this photo in gallery: John Manzoni, Talisman Energy Inc.<br/>
Mr. Manzoni got five years to try to turn around Talisman, an a company best known for producing oil in far flung locales, and often not particularly well. When he did not produce enough results, <a href="https://www.theglobeandmail.com/report-on-business/streetwise/talisman-board-got-the-message-before-a-fight/article4532960/">the board made the change</a>, before any shareholder revolt got rolling.
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