On October 2, 2009
It’s Open Season for Chairman, CEO Hunt
To lose one member of the C-suite may be a misfortune but to lose two looks like carelessness. Yet ITV has done it, simultaneously losing both chairman and chief executive. It should be a reminder to other companies of the importance of succession planning. Michael Grade has been both chairman and chief executive of the television company (contrary to corporate governance guidelines) so a hasty departure would have left both boardroom seats empty. But that isn’t the cause of ITV’s problems: Grade was planning an orderly exit, seeking a new chief executive while remaining in the chair. Yet the search for a CEO, played out in public, failed to land the top choice of Tony Ball and it turned out…
0 Comments