Word: chairman
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...Gulf boom. The session was co-hosted by TIME and the World Economic Forum on the Middle East. For all of the panelists, political stability was a fundamental concern. Citing the war in Iraq, the turmoil in Lebanon and the failure to achieve peace in Israel, Mohammed Shafik Gabr, chairman of Egypt's Artoc Group for Investment & Development, warned that "things are not getting any better" in the broader region...
...often concentrating corporate power in one person, the U.S. takes a very different approach from much of the rest of the world. Almost all companies in Germany, the Netherlands, the United Kingdom, South Africa and Australia split the CEO and chairman roles, sometimes because of the law, and sometimes because of other conventions. Companies listed on the London Stock Exchange, for example, are allowed to have the same person serving as both CEO and chairman - but they must provide a compelling reason why. As a result, some 95% of British companies split the job. Simon Wong, who studied the topic...
...when companies do voluntarily split the CEO and chairman roles, it is frequently in response to poor performance or shareholder pressure - even if the decision is framed as a broader commitment to good corporate governance. In early May, Wachovia, which like many banks has been severely battered by the credit market meltdown, took its chairmanship away from CEO Ken Thompson and gave it to long-time director Lanty Smith. In a statement, Wachovia said it "recognized the importance of strong independent leadership," but Thompson also pointed out that the move would free him "to focus 100% of my time...
...result of separating the roles because of circumstance, rather than solely on principle, means that when circumstances change, so might the commitment to having different people in those jobs. In 2003, Charles Schwab stepped down as CEO of the brokerage firm he founded, but remained chairman. At the time, he said in the statement: "As many experts have suggested, from regulators to Congress to independent blue ribbon panels, it is important in today's environment that the positions of C.E.O. and chairman be distinct and that the chairman play a central role." But the next year, as the company struggled...
...remains one of the Senate’s leading members, having served for longer than all but two other individuals in that body’s history. The current chairman of the Health, Education, Labor, and Pensions Committee, a former majority whip, and a former presidential candidate, he is widely respected on Capitol Hill. Known for his outspokenness in the Senate, he has earned a moniker as the chamber’s “liberal lion.” But he has also shown an assured pragmatism and a willingness to reach across the aisle—including...