Here are the many tricks many CEOs of large corporations have used to stay in their positions:
- Fill the board with their friends or yes men
- Play with minutes of board meetings before publishing it
- Ensure a dissenting board member is not able to attend the board meeting
- Keep an unfit person as #2 to show up in board meetings so the incumbent looks impressive
- Create a search committee for successor which delays the decision constantly
- Self identify an employee as “successor in future” like 2 years, but get rid of that employee within that period. Or declare he is unfit after some time with some accusations.
- Declare that an important project cannot be completed without you.
- Start an acquisition process to show that you are busy – as the whole process could take an year or two
This article is written by award winning author Sanjeev Sharma, based on his observations of some CEOs and board meetings.