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CEO的去留問(wèn)題:如何確定合適的CEO任期

CEO的去留問(wèn)題:如何確定合適的CEO任期

Jeffrey Sonnenfeld 2015年11月11日
根據(jù)CEO們對(duì)其任期的看法,我們可以將他們分為四類:君主型、將軍型、大使型和州長(zhǎng)型。CEO的任期長(zhǎng)短并非一家公司能否獲得成功的決定性因素。董事會(huì)必須客觀評(píng)估公司的戰(zhàn)略環(huán)境、企業(yè)文化、CEO的領(lǐng)導(dǎo)風(fēng)格等因素,以確定合適的CEO任職時(shí)間。

????今年7月,思科公司CEO約翰·錢伯斯宣布卸任,結(jié)束其整整20年的任期。這一綿長(zhǎng)的“統(tǒng)治”時(shí)間,紛紛引發(fā)商界討論:應(yīng)該如何確定合適的CEO任期?盡管在錢伯斯的領(lǐng)導(dǎo)下,思科的營(yíng)收從12億美元增長(zhǎng)到470億美元,總股東回報(bào)率達(dá)到1632%,或年均15%。

????《圣經(jīng)》傳道書一章有云:“凡事都有定期,天下萬(wàn)物都有定時(shí)。”(To every thing there is a season, and a time to every purpose under the heaven.)這是否也適用于CEO的任期?CEO的任期是否有理想的時(shí)間限制?是否應(yīng)該制定一個(gè)CEO任期時(shí)間表?《財(cái)富》雜志編撰的CEO數(shù)據(jù)顯示,美國(guó)500強(qiáng)公司CEO的平均任期為4.9年,其中有許多剛剛走馬上任,還有一些并不急于離職。

????對(duì)于“美國(guó)的CEO”,我們認(rèn)為8年剛剛好。富蘭克林·德拉諾·羅斯福連任四屆,使得一些人擔(dān)心美國(guó)有可能出現(xiàn)一位“君主”。所以,美國(guó)國(guó)會(huì)在1947年通過(guò)了《憲法》第22條修正案,規(guī)定美國(guó)總統(tǒng)任期不得超過(guò)兩屆。1951年,該修正案獲得全部50個(gè)州的批準(zhǔn)。

????20年前,當(dāng)約翰·錢伯斯剛剛出任思科CEO時(shí),美國(guó)最高法院駁回了對(duì)國(guó)會(huì)領(lǐng)導(dǎo)人任期的限制,撤銷了23個(gè)州限制美國(guó)議員任期的法律。短命的《十三州邦聯(lián)條例》曾規(guī)定實(shí)行官員輪換制,以確保制憲者們構(gòu)想的政府的革命性。美國(guó)最高法院以5:4的投票結(jié)果,壓制了全美掀起的任期限制運(yùn)動(dòng)。最高法院的大法官均為終身制。奧利弗·溫戴爾·荷馬在美國(guó)最高法院任職到90歲,威廉·O·道格拉斯擔(dān)任了36年大法官。

????如此長(zhǎng)的任期在企業(yè)界并非不可能。根據(jù)《財(cái)富》雜志的分析,除了錢伯斯,還有20位CEO的任期達(dá)到20年以上,另有26位CEO任期至少為15年。有幾位CEO的任期甚至超過(guò)了美國(guó)最高法院大法官。84歲的魯伯特·默多克擔(dān)任新聞集團(tuán)CEO已有63年。84歲的沃倫·巴菲特在伯克希爾哈撒韋公司的任期也達(dá)到了59年。71歲的弗雷德·史密斯擔(dān)任聯(lián)邦快遞公司CEO已有42年。91歲的薩默·雷石東從1967年開(kāi)始領(lǐng)導(dǎo)全美娛樂(lè)公司,旗下包括CBS和維亞康姆等公司。

????巴菲特在過(guò)去幾十年間一直高歌猛進(jìn),盡管伯克希爾·哈撒韋公司規(guī)模不大,但其股東回報(bào)率卻達(dá)到1,063,315%(或每年22%),堪稱傳奇。然而,他也一直在努力確保自己離開(kāi)時(shí)能有合適的繼任者接掌這家公司。

????在2007年由比爾·蓋茨主辦、筆者擔(dān)任主持人的CEO聚會(huì)上,沃倫·巴菲特詢問(wèn)了魯伯特·默多克的繼任計(jì)劃。默多克有些煩惱地回答說(shuō),98歲的母親仍很硬朗,思維敏捷,所以他還沒(méi)有下臺(tái)的打算。巴菲特似乎有所預(yù)感地開(kāi)玩笑說(shuō):“那可真是名副其實(shí)的非傳統(tǒng)型管理了?!?/p>

????從筆者30多年針對(duì)CEO退休問(wèn)題的研究中,我發(fā)現(xiàn),可以根據(jù)CEO對(duì)任期長(zhǎng)度的看法,將這些領(lǐng)導(dǎo)者分為四類。

????1. 君主型:追求永恒的傳奇

????最佳例證:魯伯特·默多克與弗雷德·史密斯,在他們之前還有幾位類似的歷史人物,比如西方石油公司的阿曼德·哈默爾和波士頓咨詢集團(tuán)創(chuàng)始人布魯斯·亨德森

????他們通常都是才華橫溢的遠(yuǎn)見(jiàn)者,他們相信自己是公司真正不可或缺的那個(gè)人。威廉姆·布萊克經(jīng)營(yíng)Chock full o’Nuts咖啡店60年,最后兩年都是躺在醫(yī)院的病床上指揮,當(dāng)時(shí)他已經(jīng)83歲。君主型的CEO都在苦苦追求永恒的傳奇,他們?cè)谝膺@個(gè)職位所帶來(lái)的英雄形象。他們希望這個(gè)世界因?yàn)橛辛怂麄兌兊貌煌麄冇袝r(shí)會(huì)被自己的空想蒙蔽雙眼。

????如果出現(xiàn)了有威脅的繼任者,他們往往會(huì)在董事會(huì)尚未意識(shí)到發(fā)生了什么的時(shí)候,就被消滅掉了。這進(jìn)一步加深了董事會(huì)對(duì)君主型CEO的依賴。雷曼兄弟公司的理查德·福爾德便屬于這種情況。他們的退位往往伴隨著極具戲劇化的場(chǎng)景——要么死在辦公室,要么成為宮廷政變的受害者。波士頓咨詢集團(tuán)的創(chuàng)始人布魯斯·亨德森在負(fù)責(zé)一個(gè)客戶項(xiàng)目的時(shí)候,公司合伙人發(fā)動(dòng)了叛亂,甚至沒(méi)有在辦公室給他留下一張辦公桌。幸運(yùn)的是,在曾經(jīng)富有遠(yuǎn)見(jiàn)的救世主邁克爾·艾斯納扼殺明日之星羅伯特·伊戈?duì)栔?,沃爾特·迪士尼的董事?huì)就采取了行動(dòng)。伊戈?duì)柺前辜{延續(xù)其20年任期的巨大威脅。伊戈?duì)枌⒌鲜磕釒У搅诵碌臍v史高度,進(jìn)一步增強(qiáng)了該公司的戰(zhàn)略資產(chǎn),并將業(yè)務(wù)擴(kuò)展到中國(guó),10年間創(chuàng)造了312%的股東收益(或每年12%)。

????2. 將軍型:會(huì)留有回旋余地

????最佳例證:史蒂夫·喬布斯,邁克爾·戴爾,瑪莎·斯圖爾特和霍華德·舒爾茨

????就像巴頓、麥克阿瑟、蒙哥馬利、戴高樂(lè)等二戰(zhàn)時(shí)期那些著名的將軍一樣,這些CEO在危機(jī)中力挽狂瀾,帶領(lǐng)公司實(shí)現(xiàn)復(fù)興,使公司綻放出比他們第一輪任期更耀眼的光芒。通常,他們具有在公司推行重大變革的威信。正如邁克爾·戴爾所強(qiáng)調(diào)的那樣,他們會(huì)留有回旋余地,以“顯示這是一家公司,而不是一個(gè)宗教?!?/p>

????將軍型CEO所面臨的挑戰(zhàn)是夸大危機(jī)感,并以此為借口重新掌權(quán)。國(guó)際電話電報(bào)公司的哈利·格雷、CBS的威廉·巴萊和泛美航空公司的胡安·特里普都屬于這種情況。對(duì)此,公司董事會(huì)必須確認(rèn),危機(jī)是真實(shí)存在的。

????3. 大使型:最為睿智的導(dǎo)師

????最佳例證:英特爾的安迪·格羅夫與克雷格·貝瑞特,高露潔的魯賓·馬克,麥肯錫創(chuàng)始人馬文·鮑爾,谷歌的埃里克·施密特,微軟的比爾·蓋茨

????這些CEO通常與公司內(nèi)部培養(yǎng)的門徒有著融洽的關(guān)系。他們可以作為年長(zhǎng)睿智的政治家和導(dǎo)師,可以擔(dān)任跨行業(yè)代言人、政府特使和全球外交官。時(shí)代華納的杰夫·貝克斯與前任理查德·帕森斯順利完成了權(quán)力交接,在擔(dān)任CEO的6年內(nèi),他創(chuàng)造了388%的股東回報(bào)(或每年28%)。

????這類領(lǐng)導(dǎo)人所面臨的挑戰(zhàn)是,在繼任者正在努力學(xué)會(huì)獨(dú)立的時(shí)候,不要因昔日下屬的表現(xiàn)不符合預(yù)期,或者受到他們自己尚未完成的職業(yè)目標(biāo)的驅(qū)使,而去干預(yù)和破壞他們的決策。自從艾倫·庫(kù)爾曼接管了杜邦公司以來(lái),他已經(jīng)創(chuàng)造了263%的股東回報(bào)(每年23%)。

????4. 州長(zhǎng)型:任期短效率高

????最佳例證:eBay及惠普CEO梅格·惠特曼;3M及波音CEO吉姆·麥克納尼;施樂(lè)公司CEO任期結(jié)束后擔(dān)任救助兒童基金會(huì)主席的安妮·穆?tīng)柨ㄎ?;硅谷圖形公司和網(wǎng)景公司CEO吉姆·克拉克;永健公司和我的CFO

????這些領(lǐng)導(dǎo)者的任期通常比較短,但效率極高。他們通常會(huì)在公共服務(wù)、初創(chuàng)公司或轉(zhuǎn)型期公司尋找新的機(jī)會(huì)。吉姆·麥克納尼在3M公司擔(dān)任四年CEO之后,前往丑聞纏身的波音擔(dān)任領(lǐng)導(dǎo)人。在他擔(dān)任CEO的10年間,這家公司重新恢復(fù)了全球領(lǐng)先地位,并為股東創(chuàng)造了228%的回報(bào)(每年12%)。

????在這類領(lǐng)導(dǎo)者執(zhí)掌的公司,董事會(huì)需要確保他們不會(huì)太快追求新的機(jī)會(huì)而改變方向,或者為了建立短期信譽(yù)而減價(jià)拍賣公司資產(chǎn)。

????——

????對(duì)于CEO任期的問(wèn)題,沒(méi)有一個(gè)簡(jiǎn)單的答案。領(lǐng)導(dǎo)者不論任期長(zhǎng)短,公司都可以有出色表現(xiàn)。公司的董事會(huì)成員必須客觀評(píng)估公司的戰(zhàn)略環(huán)境、企業(yè)文化、CEO的領(lǐng)導(dǎo)風(fēng)格等因素,以確定合適的離職方式和任職時(shí)間。如果有什么自動(dòng)的配方可以使用,我們也就不需要董事會(huì)的獨(dú)立判斷了。(財(cái)富中文網(wǎng))

????本文作者杰弗里·索南菲爾德為耶魯大學(xué)管理學(xué)院高級(jí)副院長(zhǎng),萊斯特·克朗教席教授。他是《英雄謝幕:公司CEO退休時(shí)會(huì)發(fā)生什么事》( The Hero’s Farewell: What Happens When CEOs Retire)一書的作者之一。

????譯者:劉進(jìn)龍/汪皓

????審校:任文科

????Cisco CEO John Chambers announced on May that he would step down in July after a full 20 years at the helm. While in office, he took revenues at the company from $1.2 billion to over $47 billion with a total shareholder return of 1632%, or 15% on an annualized basis. Nonetheless, his exit has triggered widespread discussion over the appropriate length of a CEO’s term.

????Bible readers will recall Ecclesiastes, which states, “To every thing there is a season, and a time to every purpose under the heaven.” Does this apply to CEO tenure? Is there an ideal time limit for a CEO’s reign? Should there be a schedule for CEO terms? Fortune’s own CEO data indicates that the 500 largest companies in the U.S. have a median CEO tenure of 4.9 years, but there is quite a range as many of those chief executives are new to office and some are in no hurry to depart.

????When it comes to the CEO of the United States, so to speak, we decided that eight years was just fine. Franklin Delano Roosevelt’s four terms of office led some to worry about the risks of an imperial CEO. So, in 1947, Congress passed the 22nd Amendment to the U.S. Constitution, which was ratified by all 50 states in 1951, limiting U.S. Presidents to two four- year terms.

????Exactly 20 years ago, just as Cisco’s John Chambers took the reins as CEO, the U.S. Supreme Court rejected term limits for Congressional leaders, wiping off the books laws in 23 states limiting the terms of office for U.S. legislators. The short-lived Articles of Confederation required a “rotation” out of office as a mechanism for ensuring the revolutionary character of the government that the framers conceived. In a 5 to 4 vote, the Court—whose justices have lifetime appointments—deflated the nationwide movements for term limits. Oliver Wendell Holmes served on the U.S. Supreme Court until he was 90 and Justice William O. Douglas served 36 years.

????Such long reigns are not out of the question in the corporate world either. In addition to Chambers, 20 CEOs included in Fortune’s analysis have served for 20 years or longer, and an additional 26 have been in office for at least 15 years. Some even surpass the reigns of U.S. Supreme Court justices. Rupert Murdoch, 84, has served as CEO of News Corp for 63 years. Berkshire Hathaway’s Warren Buffett, who is also 84, has been in office for 59 years. Seventy-one-year-old Fred Smith of FedEx has been CEO for 42 years. And at 91, Sumner Redstone has led National Amusements since 1967, with control over CBS and Viacom.

????Buffett’s performance has not tapered off over the decades, despite Berkshire Hathaway’s size, with its legendary 1,063,315% shareholder returns over the years (or 22% annualized). However, he has worked to ensure that succession options are at the ready when he steps down.

????At a 2007 CEO gathering hosted by Bill Gates, at which I served as a moderator, Warren Buffett asked Rupert Murdoch about his intended succession plans. Murdoch responded with annoyance and said that his then 98-year-old mother was quite active and intellectually sharp and he was in no hurry to go anywhere. Buffett quipped forebodingly, “Well that really is managing outside-the-box!”

????In my 30 years studying CEOs retirements, I have found that chief executives fall into four primary categories when it comes to the way they think about their term lengths.

????1. Monarchs

????Prime examples:Rupert Murdoch and Fred Smith, who were preceded by such historic figures as Occidental Petroleum’s Armand Hammer and Boston Consulting Group Founder Bruce Henderson

????They are often brilliant visionaries who believe that they are the one person on earth who is truly indispensable to their companies. William Black ran the Chock full o’Nuts café chain for 60 years, with his last two from his hospital bed at age 83. Monarch CEOs are driven by an elusive quest for an immortal, lasting legacy, as well as for the heroic stature that comes with the position. They want the world to be different because they lived, but they can be blinded by their visions.

????Threatening successors are often eliminated before the board realizes what happened, increasing the board’s dependence upon such monarch CEOs; that was the case with Richard Fuld at Lehman Brothers. They often suffer a stormy, feet-first exit—either dying in office or as the victim of a palace revolt. BCG’s partners revolted while its founder Bruce Henderson was on a client assignment, not even leaving him a desk in the office. Happily, the Walt Disney board moved quickly enough before their once visionary savior, Michael Eisner, could derail the rising star Robert Iger, who was a genuine threat to Eisner extending his 20-year reign. Iger has taken Disney to historic heights, key strategic portfolio enhancements, geographic expansions into China, and 312% shareholder returns over 10 years (or 12 % annualized).

????2. Generals

????Prime examples:Steve Jobs, Michael Dell, Martha Stewart, and Howard Schultz

????Like the great generals of World War II (Patton, MacArthur, Montgomery, De Gaulle), these CEOs return to office at a time of crisis to revive their enterprise and lead their companies to greater glory than they did during their first tour of duty. Often, they have the credibility to make major changes at their companies. They have the leeway, as Michael Dell has emphasized “To show that this is a business, not a religion.” The challenge for some generals is to not exaggerate the sense of crisis as a pretext to engineer their return to power, as was the case with Harry Gray of ITT,William Paley at CBS, and Juan Trippe at PanAm. Company boards must ensure that the crisis is genuine.

????3. Ambassadors

????Prime examples:Intel’s Andy Grove and Craig Barrett, Reuben Mark at Colgate-Palmolive, McKinsey Founder Marvin Bower, Eric Schmidt of Google, and Bill Gates at Microsoft

????These CEOs often have an excellent relationship with an internally groomed protégé. They can serve as wise elder statespersons and mentors, with roles like cross-industry spokesperson, government emissary, and global diplomat. Time Warner’s Jeff Bewkes assumed power through a graceful transition from his predecessor, Richard Parsons, and in six years as CEO he has produced 388% total shareholder returns (28% annualized).

????The challenge for these leaders is to not be tempted by the pull of past associates or their own unfinished career agenda to intervene and undermine their successors as they learn to walk on their own. Since taking over the reins in an ambassadorial succession at DuPont, Ellen Kullman has produced 263% shareholder returns (23% annualized).

????4. Governors

????Prime examples:Meg Whitman, CEO of eBay and then HP; Jim McNerney of 3M then Boeing; Anne Mulcahy of Xerox then chairman of Save the Children; Jim Clarke of Silicon Graphics, Netscape; Healtheon, and My CFO

????These leaders generally have short, but highly effective, terms of office.

????Governor CEOs often look for new opportunities in public service, start-ups, or turnarounds. After a four-year stint as CEO at 3M, Jim McNerney assumed the leadership of a highly scandalized Boeing and in a decade, has regained its global luster as well as delivering 228% shareholder returns (annualized at 12%).

????The challenge for boards with these leaders is to ensure that they don’t get diverted by new opportunities too soon or engage in fire-sale asset auctions to build short-term credibility.

????—

????There is no simple answer to the question of CEO tenure. A firm can perform well with leaders enjoying a wide spectrum of terms of office. The strategic context of the business; the culture of the enterprise; and the character of a CEO’s leadership must be assessed by objective board members to determine which departure style and time frame are appropriate. If there was an automatic formula that we could apply, we would not need boards with independent judgment. Now, as for the issue of board term limits….

????Jeffrey Sonnenfeld is Senior Associate Dean and Lester Crown Professor at the Yale School of Management. He is the co-author of The Hero’s Farewell: What Happens When CEOs Retire (Oxford University Press).

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