Chinese firms pick outsiders as CEOs
Print Edition
LARGE Chinese listed companies are increasingly choosing external CEOs although most continue to promote from within, a survey showed.
Outsiders accounted for 17 percent of all CEOs brought in by these listed companies between 2012 and 2015, up from 14 percent between 2008 and 2011, according to a survey by Strategy&, a consultancy unit of PricewaterhouseCoopers.
In 2015, 16 percent of new CEOs at Chinese firm were outsiders, up from 8 percent in 2014.
“Boards of directors following well thought-through succession plans should have a deep bench of strong, internal candidates. However, when the company needs to make transformational changes, the boards should factor the outsider option into their succession planning,” said Xu Huchu, managing director of Strategy& China.
The survey covered the largest 2,500 public companies in the world, with Chinese firms taking up 10.3 percent.
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