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Revolt in the Boardroom
Alan Murray
The New Rules of Power in Corporate America
Collins
May 2007
On Sale: May 8, 2007
272 pages ISBN: 0060882476 EAN: 9780060882471 Hardcover
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Non-Fiction
Throughout the 20th century, American corporations were
governed by autocratic, almost unaccountable chief
executives. Their word was law and the only check on their
power was a board of directors composed of their friends and
allies. Then, in a stunning reversal, a momentous series of firings
deposed the heads of some of the world's best-known
companies: AIG, Morgan Stanley, Boeing, Hewlett-Packard and
Pfizer, just to name a few. Formerly unchallenged CEOs found
themselves under fire, often from their own handpicked
boards. The number of deposed executives is astonishing. In
2004, the leaders of 600 companies were asked to leave. That
number more than doubled in 2005 and reached 1,400 companies
in 2006. Flexing new muscles, directors are assuming new and
unfamiliar responsibilities. In Revolt in the Boardroom,
Alan Murray reveals the inner workings of the new seat of
power. Using the access afforded to him by his influential
Wall Street Journal column, Murray tells the story of three
seminal board revolts—the now-famous Hewlett-Packard drama,
the ousting of Boeing's Harry Stonecipher and the end of the
reign one of the world's most autocratic executives, Hank
Greenberg at AIG. Murray goes further to chart the history of the corporation,
the rise of governance and the effects of the new power
gained by outside institutions like hedge funds and interest
groups. Through it all, Murray shows how the job of chief
executive has rapidly and permanently changed. Leaders like
A. G. Lafley and Jeff Immelt govern instead of rule, build
alliances and support instead of dictating direction and pay
careful attention to a broader range of stakeholders than
ever before. Revolt in the Boardroom is the first look at the new world
of corporate power and the last word on the transformational
events of the last two years.
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