Corporate Governance Law Paper Term Example | Topics and Well Written Essays - 1750 words

Corporate Governance Law - Term Paper Example Mr. Morrison similarly indicated the importance of selecting the right person for the job based on experience, personal qualification and perspective since these are the benchmarks that would be used in guiding the company during the executive’s incumbency. Ilene Gordon Ms. Gordon spoke about the importance of â€Å"transition† that could lead to the loss of good senior to mid-level executives if not good projects or initiatives that will become lost as the new Chief Executive Officer assumes his post and get acclimated in his new role. Ms. Gordon emphasized that picking the right candidate often times involves hiring with the least amount of â€Å"collateral damage† or â€Å"unintended consequences† or what the board does not want to happen. It is equally important for a chief executive officer to have a viable plan or a good strategy in place within a finite amount of time or within the next 365 days after assuming office. It will not do any corporation any good if the Chief Executive Officer will be dilly dallying on what is the right plan to implement to stabilize the organization. Richard L. Thomas Mr. Thomas discussed the selection process that was adopted by First Chicago, wherein the candidates were rotated and given essentially several tasks that involved all aspects of the operation of the organization. ... When the â€Å"winning† Chief Executive Officer was finally announced, those involved in the carnage that supported other candidates resigned. It should be noted that some of those executives involved good executives who were caught in the crossfire. J. Erik Fyrwald Mr. Fyrwald described two scenarios that he has experienced directly in his career. One involved a succession planning that resulted in an internal candidate being picked, as the new Chief Executive Officer, and that went well for the organization. The other case involved a search that was directed inwards, however, the tumultuous circumstances within the company at the time prevented the search for a good Chief executive officer. The search, therefore, dragged on for several years leaving the company without any direction. After introspection, it was established that the problem was the weakened executive team that was decimated during the exciting years that Nalco has to go through. Challenges Involved in Chief E xecutive Officer Succession Several points were discussed by the speakers to amplify the challenges that they have experienced directly or indirectly in Chief Executive Officer’s succession planning or the lack of it. In the same breadth, I will likewise indicate my observation on these points that may be congruent if not contrary to the opinion of the speakers. The chief executive officer has no easy task and responsibility. Primordial of this responsibility is to ensure that the interest of the stockholders is not only upheld at all times, but it is also his responsibility to ensure that the company remains and becomes a good corporate citizen while complying with fealty to applicable government