CEO turnover seems to have peaked but boards are becoming increasingly ruthless and are more prepared to give bosses the chop, according to a new survey.

The latest Booz Allen Hamilton study into CEO turnover found that CEO turnover is down marginally by 1.2 percentage points. Performance related turnover fell slightly but it still accounts for one in three (32 per cent) of departures. And not surprisingly with the private equity boom, more CEOs are being forced out following M&As and buyouts.

Booz Allen Hamilton senior vice president Steven Wheeler says boards are now more inclined to give CEOs the flick. ''Welcome to the era of the inclusive CEO, who embraces and reflects the concerns of board members, investors and other constituencies,'' says Wheeler.

Easier said than done.

According to the Booz Allen Hamilton study, the number of CEOs who have been forced out because of conflicts with the board increased from 2 per cent in 1995 to 11 per cent between 2004 and 2006. And in Europe, boardroom power struggles drove 22 per cent of CEO departures in 2006.

Try being inclusive in an environment of proxy battles and activists putting the heat on boards.

The other interesting finding is that CEOs with experience don't necessarily deliver results. According to the study, outsider CEOs who had previously served as the CEO of a publicly traded company delivered slightly worse returns to investors in eight of the nine years studied, than CEOs who rose from within the company.