After a slow start during January, chief executive officer departures surged in February to a 17-month high of 132, 48 percent more than the 89 CEO changes announced a month earlier, according to the latest report about chief executive turnover from global outplacement consultancy Challenger, Gray & Christmas Inc.

Last month's total was 61 percent higher than the 82 CEO changes recorded during February 2009. It is highest monthly total since 140 chief executives vacated their offices during September 2008, and may mark the beginning of an upturn in CEO turnover as companies shift their focus from survival to growth.

"The economy is in a state of flux, at the moment, but there is a growing sense that the recession is behind us and better times lay ahead," said John A. Challenger, chief executive officer of CG&C. "For the past 12-to-18 months, companies needed leaders who could see them through the recession.  Now, they are reassessing and, in many cases, replacing executives with those who are better equipped to take advantage of expansion."

With the February surge, the pace of CEO turnover for 2010 is now ahead of 2009. The 221 CEO changes recorded so far this year is 13 percent higher than the 196 tracked at this point a year ago, according to the Challenger report.

Through February, the sector with the highest CEO turnover is health care, which has seen 35 chief executives leave their post. Twenty-two of these health care CEO departures occurred last month. The second-ranked government and nonprofit sector has seen 23 CEO departures during 2010, including 15 in February. That is down from 27 recorded CEO exits in the first two months of 2009.

"As the economy improves and companies try to improve their competitive position through mergers and acquisitions, we will see more and more top executives leave the newly combined company," Challenger said. "Typically, the departing CEO comes from the company that is the target of acquisition."