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Incoming CEOs at major companies are increasingly flaming out early in their tenures. But the blame for these costly and puzzling derailments cannot be placed solely on their shoulders.
When Mattel's directors went shopping for a new CEO, they found their man in processed cheese. When IBM's board needed to replace John Akers, it picked an executive who had worked in financial services and cigarettes.
Fast-growing founder-run companies are more likely than other companies to need strong boards — and less likely to have them. That's the message of a study by Annette L. Ranft and Hugh M. O'Neill.The researchers looked at 91 U.S.
Decisions on CEO succession have never been more critical to an organization’s success. No wonder, then, that boards are insisting on being involved in the process and not leaving the choice up to a departing chief executive officer.
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