When the economy is presenting daily gloom and doom, issues like the structure of boardroom power seem less urgent. But business as usual will be resumed one day. The questions raised by Sir Stuart Rose's desire to be both executive chairman and CEO at Marks & Spencer would persist even without the recent poor results that have weakened his defences against angry investors. The ins and outs of this rumpus are symptomatic of deeper developments in top management. Once, Rose-style one-man bands were the norm. Today, his move flouts majority opinion among Britons who care about corporate governance. It's mostly a phoney war, of course. Many CEOs blessed (or cursed) with chairmen still dominate management internally. In the great crunch, the cult of the CEO survives, even though the allied cult of shareholder value has been well...
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