Tick Tick Tick

Sitting in his spacious office at the Delray Beach, Fla., headquarters of Office Depot (ODP), CEO Bruce Nelson can hear the clock ticking. All eight of them.

You can hardly blame Nelson, 56, for being obsessed with time. With responsibility for 947 stores around the world - from Tokyo to Poland to Denver - Nelson is constantly tracking operations in more than eight time zones. The clocks on his office wall are also a reminder that he may not have much time to fix his troubled company.

The job of CEO has never been leisurely, but Nelson's typical 14-hour day is a sign of changing times. Never before have CEOs had to accomplish so much so quickly - or else. The number of CEOs failing the speed test reached new heights from October to March: 679 chief execs of U.S. companies departed during that period, a rise of 56 percent from the same time a year ago, says outplacement firm Challenger, Gray & Christmas.

The churn is usually blamed on shareholders who have grown impatient during this economic slump. But there are other, technological factors at work. The pervasiveness of information technology as well as the high expectations created by the performance of technology and Internet firms in recent years have led companies to expect faster results from their leaders.

"The pace of business has increased a lot in the new economy," says Joe Galli, who voluntarily left his post as chief executive of VerticalNet (VERT) after 24 weeks to lead Newell Rubbermaid (NWL). "Decisions need to be made faster. It's not a job anymore where you can sit back in the office and monitor operations."

Even the most technologically savvy leaders can feel overwhelmed by the speed with which they must make decisions. "It's put the CEO on call 24 hours a day," says Scott McNealy of Sun Microsystems (SUNW). "People expect me to answer e-mail within 24 hours."

The rate with which the ax falls on CEOs has also accelerated. In the early 1980s, most CEOs seemed to last at least 10 years, often longer. Challenger data suggests that today five or six years is more the norm. And many don't survive that long. Gillette (G) ousted Michael Hawley after 18 months. Procter & Gamble (PG)'s Durk Jager stepped down after 17 months. By these measures Nelson, who took over the corner office after his predecessor was fired 8 months ago, still has some breathing room.