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Governing the Modern CorporationCapital Markets, Corporate Control, and Economic Performance$
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Roy C. Smith and Ingo Walter

Print publication date: 2006

Print ISBN-13: 9780195171679

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195171675.001.0001

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Evolution and Powers of the CEO

Evolution and Powers of the CEO

(p.99) 5 Evolution and Powers of the CEO
Governing the Modern Corporation

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Oxford University Press

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

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