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| Author: | Henderson, A. D. Miller, D. Hambrick, D. C. |
| Title: | How quicly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance |
| Journal: | Strategic Management Journal
2006 : MAY, VOL 27:5, p. 447-460 |
| Index terms: | chief executive officers learning strategic planning decision making job tenure obsolescence |
| Language: | eng |
| Abstract: | CEO tenures have been characterized as life cycles in which executives learn fast in the beginning, but then grow stale as they lose touch with the external environment. This paper argues that the opportunities for adaptive learning are limited because 1) a CEO assumes office with a somewhat fixed paradigm that changes little thereafter, 2) inertia limits the speed at which an organization can align itself with a new CEO's paradigm, and 3) the external environment should be stable enough so that the cause-effect relationships remain relevant across time. The empirical results of comparative study of CEOs of two different industries support the hypotheses. |
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