Evolution and Powers of the CEO

Roy C. Smith and Ingo Walter

in Governing the Modern Corporation

Published in print February 2006 | ISBN: 9780195171679
Published online September 2006 | e-ISBN: 9780199783618 | DOI:
 Evolution and Powers of the CEO

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US corporations are not required by law to have a chief executive officer, but are required to have a board of directors. How the board arranges things beyond that is up to it. In the “pre-modern” days, most large corporations were managed by their founders. By the advent of the “modern” public corporation described by Berle and Means in 1932, most of the old magnates, entrepreneurs, and promoters who had built successful companies before the 1920s had left the scene and were replaced by hired professional managers.

Keywords: chief executive officer; CEO; corporations; managers; compensation

Chapter.  8495 words. 

Subjects: Microeconomics

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