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CEOs fear the wrong threats. Activists and unhappy staff are the real danger

Most CEOs spend their weeks on growth targets and costs. An activist campaign or a quiet wave of resignations can end their tenure first

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Most CEOs know what they think could cost them their job. They watch the growth target every week, push for cost cuts when the numbers slip, and prepare hard for every board meeting.

The threats that tend to end a CEO's tenure get far less attention. A chief executive's odds of leaving a large company rise 24% after activist investors go after it, according to management consulting firm BCG's recent study of leadership departures, and the odds rise again once the company starts losing more people than it hires. Yet CEOs rank activists dead last among their concerns, and fewer than four in 10 are worried that their employees are growing unhappy.

Neither thing appears in a quarterly report until it's serious. Activists only move in when the stock sells for much........

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