U.S. companies are hiring new CEOs this year at the quickest pace since 2005 as directors seek growth after putting off management changes during the recession, Bloomberg reported.

Turnover is running at a 13 percent rate this year after hitting a 15-year low of 10 percent in 2010, according to a study of 669 large companies by Hinsdale, Ill.-based search firm Crist/Kolder Associates. The firm tracked moves through July at companies from the Fortune 500 and Standard & Poor’s 500.

Boards of directors are now more willing to shift leaders, said Gail Meneley, founding principal at executive recruiter Shields Meneley Partners, in an interview with Bloomberg. Boards want CEOs to use cash hoards that reached $2.76 trillion at S&P 500 companies last quarter, she said.

“Over the last 30 months, there’s been a huge focus on operating efficiency, downsizing, streamlining and cost reduction,” Meneley said. “Now they’re looking for people to drive growth, revenue and innovation.”

Historically, CEO turnover runs counter to business cycles, said Peter Thies, senior partner at Los Angeles-based executive search firm Korn/Ferry International, in an interview with Bloomberg. Companies tend to hang on to leaders when the economy sours and seek new leadership during an expansion as excuses vanish for slow growth, he said.