Fortune 500 chief executives (CEOs) are becoming increasingly unwilling to serve on boards of other companies, with a 53% decline in the outside board seats they have filled since 1990, research by JamesDruryPartners, an executive search firm, has found.
The study examined filings and annual reports from 1990 to June 2006, and uncovered not only “CEO flight”, with 418 seats abandoned by CEOs, but that those continuing to sit on outside boards have reduced their commitments from an average of 2.2 seats to 1.4 seats.
Jim Drury, the firm’s CEO, called this development a “stealth revolution” that is robbing boards of a vital source of knowledge and “real world” experience.
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