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Quick Takes: April 10, 2007
  

Fortune 500 CEOs ‘Abandoning’ Board Service


Top execs are either resigning from boards or, if they continue serving, devoting less time.

Bored With Boards: At a time when the need for board oversight has never been greater in the U.S., CEOs of Fortune 500 companies are “abandoning board service at an alarming rate.” That’s according to a study conducted by James Drury Partners, a recruiting and executive search firm based in Chicago. The firm examined securities filings and annual reports of Fortune 500 companies filed between 1990 and 2006. Whereas service on outside boards was common for CEOs in previous decades, the practice apparently is falling out of favor, with “only slightly more than half” of Fortune 500 top bosses acting as advisors to other firms. Moreover, those who do serve are devoting less time, with their outside commitments dropping from an average of 2.2 boards in 1990 to 1.4 boards today, a decline of 36 percent.

—Garry Kranz


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