Good morning.
Since it is Friday, some feedback. I received a lot of responses to my post on ex-CEOs becoming executive chairs—and not one favored the idea. A sampling:
“You show me an exec chair, and I'll show you a person who is unwilling to let go.”
—N.S.N.
“It’s an interregnum that confuses the kingdom.”
—E.G.
“I like to see the buck stop at one place. No [second] guessing.”
—R.D.
And here is what former Aetna CEO Ron Williams posted on LinkedIn in response:
“I have been a CEO, chairman and CEO, executive chairman, independent chairman, and lead director and board member. My view? The executive chairman role should be time limited. In my case I concluded that two people cannot occupy the same space and make the same decisions.”
So if we all agree, why can’t we just stop the practice (or limit to a six month transition)? A couple of correspondents suggested a reason: The executive chair position is a convenient excuse for maintaining an oversized pay packages. One more reason to end it.
Separately, we are seeking nominations for this year’s Impact 20 list—our effort to highlight startups that are using their business superpowers to change the world for the better. We’ll be looking for evidence that the company has had an impact in remediating a societal problem or meeting an unmet need, as well as evidence that its business model can assure long-term success. You can use this form to submit your own or someone else’s company. Email Matt Heimer and Erika Fry at impact20@fortune.com with questions. Or as always, feel free to reach out to me.
You can find the most recent list here. It’s a testament to the power of a profit-making business models.
More news below. Happy Friday.
Alan Murray
@alansmurray
alan.murray@fortune.com
