From “Attrition Among Chief Academic Officers Threatens Strategic Plans” in the Chronicle of Higher Education, June 27, 2010:

The high turnover rate of chief academic officers is a disturbing but little-known fact in higher education today.
Frequent turnover can hurt institutional planning and a college’s capacity to achieve its strategic goals, especially during these times of economic strain and calls for change within the academy. The role of the CAO, or provost, varies based on a college’s identity and how the president defines the job. But the chief academic officer almost always plays a vital role in shaping and executing the strategic plan, leading the design and refinement of academic programs, and recruiting and retaining faculty members. It takes several years to carry out major planning initiatives associated with institutional strategy, curriculum design, and the faculty. Without stable and effective CAO leadership, making progress toward institutional goals is extremely challenging, if not impossible.”

It’s a very interesting article about the challenges of retaining people in that position and the reasons why they leave, based largely on a national study of 323 chief academic officers, conducted by Eduventures Academic Leadership Learning Collaborative. It’s an interesting read, investigating the reasons for this rapid turnover and proposing some solutions.
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I think, though, that the phenomenon is symptomatic of something that is working to the detriment of academia more broadly and at other levels, as well. Institutional loyalty is no longer of much concern in Higher Education and it’s become an issue. Not much can be built when one is holding one job, but always looking to move on to a better one. It is a loss to the academy when people have no interest in building the institution but only in passing through it on their way to somewhere else. Presidents, faculty and everyone else are constantly passing through revolving doors at some places.
There is a great deal of satisfaction to be gained from a long term affiliation with an institution and with seeing it through a process. We need to cultivate a culture in which the investment is stronger, not just in elite, prestigious colleges, but across the board.