Seven
The Argument for a Separate Chair
DAVID A. NADLER
The question of board leadership is back in the news, despite the fact that only about one-fifth of Standard & Poor’s (S&P) 1500 companies have a separate and independent chairman of the board distinct from the CEO.1 This call for change has been gaining traction. In the wake of the financial and economic crisis of 2008–2009, various interest groups have become more insistent that companies separate the roles of CEO and chairman. Organizations that rate the quality of public company governance give higher grades to companies that separate the positions. In 2009, the Millstein Center for Corporate Governance and Performance at Yale issued a policy briefing in support of the nonexecutive ...
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