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Author: Dora Vell Publisher: Vell Executive Search Inc. ISBN: 0980249449 Category : Business & Economics Languages : en Pages : 65
Book Description
How to structure the leadership of large corporations - and specifically whether to split or combine the roles of Chairman and CEO - remains an active and often controversial question.Under recent shareholder pressure, Walt Disney Company preemptively amended its corporate governance guidelines to require the board of directors to provide annual justification whenever the roles are combined, as they currently are. At Disney and an increasing number of major corporations, the board is obligated to revisit the structure question on a regular basis.One of a board's most fundamental responsibilities is putting in place the best leadership team possible, and there's no easy answer to the structure question. The trend is toward splitting the Chairman and CEO roles, as activist shareholders and corporate governance monitors generally prefer. But there are very successful companies with firm allegiance to keeping the roles combined. And less successful companies have compounded their business problems by changing the structure at each wrong turn.In order to cast new and up-to-date light on the question of whether and when to change the Chairman-CEO structure, we studied the experience of the Fortune 100 over the last decade and more. In this report we share our observations, conclusions, and recommendations regarding leadership structure, including the increasingly important role of independent Lead Director whenever the Chairman and CEO roles are combined. I hope you find this report informative and useful, and welcome the opportunity to discuss its findings and implications.
Author: Dora Vell Publisher: Vell Executive Search Inc. ISBN: 0980249449 Category : Business & Economics Languages : en Pages : 65
Book Description
How to structure the leadership of large corporations - and specifically whether to split or combine the roles of Chairman and CEO - remains an active and often controversial question.Under recent shareholder pressure, Walt Disney Company preemptively amended its corporate governance guidelines to require the board of directors to provide annual justification whenever the roles are combined, as they currently are. At Disney and an increasing number of major corporations, the board is obligated to revisit the structure question on a regular basis.One of a board's most fundamental responsibilities is putting in place the best leadership team possible, and there's no easy answer to the structure question. The trend is toward splitting the Chairman and CEO roles, as activist shareholders and corporate governance monitors generally prefer. But there are very successful companies with firm allegiance to keeping the roles combined. And less successful companies have compounded their business problems by changing the structure at each wrong turn.In order to cast new and up-to-date light on the question of whether and when to change the Chairman-CEO structure, we studied the experience of the Fortune 100 over the last decade and more. In this report we share our observations, conclusions, and recommendations regarding leadership structure, including the increasingly important role of independent Lead Director whenever the Chairman and CEO roles are combined. I hope you find this report informative and useful, and welcome the opportunity to discuss its findings and implications.
Author: Jeffrey Sonnenfeld Publisher: Oxford University Press ISBN: 0199839166 Category : Business & Economics Languages : en Pages : 549
Book Description
How a business replaces its chief executive often determines that firm's future. If a business does not effectively manage the transfer of power, utter turmoil can result, with profound implications not only for the CEO, but also for the other employees, the shareholders, and the community at large. Filled with inside stories from corporate boardrooms and fresh conceptual perspectives, The Hero's Farewell describes in rich detail the factors that affect executive succession. Jeffrey Sonnenfeld offers the first close examination of the critical role a CEO's departure style plays in helping, or hindering, the transfer of power. Through candid interviews with fifty prominent retired chief executives from corporations such as AT&T, Ford, Dupont, United Technologies, and Raytheon (David Rockefeller of Chase Manhattan and Thomas J. Watson, Jr. of IBM among them) and a survey of an additional three hundred top managers, Sonnenfeld identifies the four major types of leadership departure styles. These types include Monarchs, who choose not to leave voluntarily but either die in office or are overthrown; Generals, who leave reluctantly and spend their retirement planning a comeback; Ambassadors, who retain close ties with their former firms; and Governors, who willingly serve a limited time and leave to pursue new interests. Capturing the human drama of these departures and succession battles, The Hero's Farewell will fascinate anyone intrigued by power struggles in large corporations. Outlining ways to smooth out the inevitable transfers of power that corporations must face, Sonnenfeld presents essential information for all top executives and especially for CEOs.
Author: Vidhan K. Goyal Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
We study whether bestowing CEO and chairman duties on one individual affects a board's decision to dismiss an ineffective CEO. The results show that the sensitivity of CEO turnover to firm performance is significantly lower when the CEO and chairman responsibilities are vested in the same individual. These results are consistent with the view that the lack of independent leadership in firms that combine the CEO and chairman positions makes it difficult for the board to remove poorly performing managers.
Author: James A. Brickley Publisher: ISBN: Category : Languages : en Pages :
Book Description
Shareholders activists and regulators are pressuring U.S. firms to separate the titles of CEO and Chairman of the Board. They argue that separating the titles will reduce agency costs in corporations as well as potentials benefits. Our empirical evidence provides preliminary support for the hypothesis that the costs of separation are larger than the benefits for most firms. Our results also call into question previous empirical work which suggests that firms with separate titles outperform firms with combined titles. We tentatively conclude that proponents of legislation to force separation of titles have overlooked important costs.
Author: Elad Gil Publisher: Stripe Press ISBN: 1953953379 Category : Business & Economics Languages : en Pages : 396
Book Description
High Growth Handbook is the playbook for growing your startup into a global brand. Global technology executive, serial entrepreneur, and angel investor Elad Gil has worked with high-growth tech companies including Airbnb, Twitter, Google, Stripe, and Square as they’ve grown from small companies into global enterprises. Across all of these breakout companies, Gil has identified a set of common patterns and created an accessible playbook for scaling high-growth startups, which he has now codified in High Growth Handbook. In this definitive guide, Gil covers key topics, including: · The role of the CEO · Managing a board · Recruiting and overseeing an executive team · Mergers and acquisitions · Initial public offerings · Late-stage funding. Informed by interviews with some of the biggest names in Silicon Valley, including Reid Hoffman (LinkedIn), Marc Andreessen (Andreessen Horowitz), and Aaron Levie (Box), High Growth Handbook presents crystal-clear guidance for navigating the most complex challenges that confront leaders and operators in high-growth startups.
Author: James A. Brickley Publisher: ISBN: Category : Corporate governance Languages : en Pages : 68
Book Description
Shareholder activists and regulators are pressuring U.S. firms to separate the titles of CEO and Chairman of the Board. They argue that separating the titles will reduce agency costs in corporations and improve performance. We argue that this separation has potential costs, as well as potential benefits. Our empirical evidence provides preliminary support for the hypothesis that the costs of separation are larger than the benefits for most firms. Our results also call into question previous empirical work which suggests that firms with separate titles outperform firms with combined titles. We tentatively conclude that proponents of legislation to force separation of titles have overlooked important costs.
Author: Markus Schmid Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
We investigate the valuation effects of leadership structure in Switzerland where, in contrast to the U.S., a separation of the CEO and chairman functions is common. Consistent with the majority of prior research focusing on the U.S., we find no evidence of a systematic and significant difference in valuation between firms with combined and firms with separated functions. We also investigate whether leadership structure is related to firm-level corporate governance characteristics and find a similar curvilinear relationship between leadership structure and managerial shareholdings as is observed between firm value and managerial shareholdings. A possible interpretation is that agency costs associated with a combined function are mitigated by a higher incentive alignment of the CEO/chairman through an adequate level of managerial shareholdings.
Author: Thomas A. Cole Publisher: University of Chicago Press ISBN: 022666516X Category : Business & Economics Languages : en Pages : 285
Book Description
Corporate governance for public companies in the United States today is a fragile balance between shareholders, board members, and CEOs. Shareholders, who are focused on profits, put pressure on boards, who are accountable for operations and profitability. Boards, in turn, pressure CEOs, who must answer to the board while building their own larger vision and strategy for the future of the company. In order for this structure to be successful in the long term, it is imperative that boards and CEOs come to understand each other’s roles and how best to work together. Drawing on four decades of experience advising boards and CEOs on how to do just that, Thomas A. Cole offers in CEO Leadership a straightforward and accessible guide to navigating corporate governance today. He explores the recurring question of whose benefit a corporation should be governed for, along with related matters of corporate social responsibility, and he explains the role of laws, market forces, and politics and their influence on the governance of public companies. For corporate directors, he provides a comprehensive examination of the roles, responsibilities, and accountability the role entails, while also offering guidance on how to be as effective as possible in addressing both routine corporate matters and special situations such as mergers and acquisitions, succession, and corporate crises. In addition, he offers practical suggestions for CEOs on leadership and their interactions with boards and shareholders. Cole also mounts a compelling case that a corporate culture that celebrates diversity and inclusion and has zero tolerance for sexual misconduct is critical to long-term business success. Filled with vignettes from Cole’s many years of experience in the board room and C-suite, CEO Leadership is an invaluable resource for current and prospective directors, CEOs, and other senior officers of public companies as well as the next generation of corporate leaders and their business and financial advisors.
Author: Dora Vell
Author: Dora Vell
Author: Jeffrey Sonnenfeld
Author: Vidhan K. Goyal
Author: James A. Brickley
Author: Elad Gil
Author: James A. Brickley
Author: William Troutt
Author: Markus Schmid
Author: James A. Brickley
Author: Thomas A. Cole