The appointment of new CEOs often involves a change of strategy in large organizations. How strong these are? Prof. dr. Hutzschenreuter from the Technical University of Munich investigated and made an exciting discovery:
CEOs change the course if they are like their predecessors.
This is the result of a review of strategy changes in the DAX, MDAX and TecDAX companies from 1985 to 2007. In this study, it was noted that corporate strategy has changed significantly, especially when a successor is biographically unlike its predecessor.
This finding shows that an independent image is an important driver of decision-making. “Since nobody wants to be considered as interchangeable in this position, there is a need to be distinguishable with their own actions,” says Hutzschenreuter.
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