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The person holding the CEO position is critical to the success of a firm. At the same time, the CEO job is extremely demanding. Surprisingly, there exist executives holding multiple CEO positions at the same time: “multi-CEOs.” In this paper, I describe the findings of a qualitative multiple-case-study of four well-known multi-CEOs to induce propositions about and develop a process model of the appointment process of multi-CEOs. I contribute to the strategic leadership literature, especially to that on CEO selection and succession.
Get a Sunburn from Reflected Glory? How Award-Winning CEO in Competing Firms Affect CEO Dismissal
Chinese University of Hong Kong Yi Yang,
Shanghai Jiao Tong University
Prior research on CEO celebrity has focused on how winning awards affects CEOs’ strategic decisions. We extend this line of research by explaining how the presence of award-winning CEOs in competing firms may influence the focal directors’ decision on CEO dismissal. Building on CEO celebrity research and social comparison theory, we suggests that award-winning CEOs in competing firms will increase the likelihood of dismissals of other CEOs who fail to win awards. Further, firm performance, the similarity between the focal CEO and focal directors, and CEO power will weaken the proposed relationship. In contrast, the similarity between the focal CEO and the award-wining CEO in competing firms will strengthen this proposed relationship. Our research contribute to CEO celebrity, social comparison, CEO dismissal and evaluation literature.
Executive Personality and CEO Succession
Peking University Zeyu Zhao,
Arizona State University
In this study, we examine how top executives’ personality traits influence CEO succession. We focus on personality traits of incumbent CEO and heir apparent, the person who is groomed for the CEO position. We propose that extraverted heirs are more likely to be promoted to the CEO position, and this positive relationship is moderated by incumbent CEO’s personality. Using an open-language machine learning program, we operationalize big-five personality traits of executives from S&P 1500 firms. We find that extraverted heirs are more likely to be promoted, especially when the incumbent CEO is more agreeable, conscientious, and/or open. However, this positive relationship is weakened when the incumbent CEO is more neurotic. Our study makes important contributions to CEO succession literature and top management team dynamics literature.
CEO Rehiring After Voluntary Departure: The Roles of Human and Social Capital
This study examines the antecedents of rehiring of voluntarily departed CEOs as CEOs. We develop and test a theoretical framework, which analyzes how CEO human and social capitals influence the likelihood of CEO rehiring. We argue that voluntarily departed CEOs represent unique resources for organizations that can hardly be found in the executive labor market when they master highly specific skills and have large networks. Using hand-collected and secondary data of CEO rehirings of S&P500 firms between 2000-2016, the analyses reveal that strong specialist skills do favor the rehiring of voluntarily departed CEOs as top executives, while large social networks do not confer an advantage for rehiring. The paper contributes to the scholarship at the nexus of CEO career, human capital, and social capital literatures.