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By Staff Report
Jul. 30, 2004
G lobally, insider CEOs leaving the company left a positive impact of three percentage points on shareholder returns in their wake. In contrast, when an outside-hire left the top slot, shareholder returns typically fell by half a percentage point as a result of his tenure.
The same trend holds true in North America, Europe and Japan.
| Median Shareholder Returns of Insider vs. Outsider CEOs, by Region | ||||
| 2003 Insiders | 2003 Outsiders | Over Six Years–Insiders | Over Six Years–Outsiders | |
| North America | 2.7 percent | 1.3 percent | 1.4 percent | -0.8 percent |
| Europe | 1.6 | -3.5 | 1.0 | -3.5 |
| Japan | 4.9 | -2.6 | -1.4 | 0.7 |
| Rest of World | 1.4 | 14.1 | 2.2 | 13.2 |
| Global | 3.0 | -0.5 | 0.7 | -0.8 |
Source:CEO Succession 2003: The Perils of “Good” Governance by Chuck Lucier, Rob Schuyt and Junichi Handa; a Booz Allen Hamilton Group annual survey.
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