Retired CEOs Recommissioned to Help Struggling Companies
In a growing trend in the world of executive management, more and more retired CEOs and board directors are being recalled back to the boardroom to lend their expertise and a hand to struggling companies. For instance, 73 year old John “Jack” Kroll, retired CEO of DuPont Company, was named outside chairman of the struggling auto-parts producer Delphi Automotive LLP. Delphi emerged from bankruptcy court protection back in October, 2009, and Jack Kroll was recruited the following November to roll up his sleeves, develop operating plans and a business strategy to get the company up and running once again.
According to Dennis Carey, senior client partner at the famed recruiting firm Korn/Ferry,
“These chairmen are strategic equal partners of the CEO because they already demonstrated a successful ‘in the trenches’ style of management.”
Mr. Carey was helpful in the recruitment of Mr. Kroll to Delphi as part of a boardroom shake-up after a few Delphi lenders as well as its prior parent company General Motors, acquired the majority of Delphi’s assets.
