European chief executives are more likely to be sacked for poor performance than their US counterparts.

German leaders are particularly at risk, according to research by the Booz Allen Hamilton management consultancy.

It found that the main reason for companies ousting chief executives was poor performance, although the turnover of chief executives fell on average.

Just 9.5% of the world largest 2,500 companies changed chief executive in 2003, the smallest number since 1998.

In North America, more CEOs were allowed to choose their time of departure, with 5% claiming their bosses took voluntary retirement.

But in Europe, 4.6% of firms sacked their bosses and a massive 8.1% of German companies fired their leaders.