汪翔
隨便想想
上市公司的CEO，作為股東財富的管理者，負擔的責任已經遠不止個人的了。那麽，作為上市公司的CEO，其個人的冒險愛好，是不是有必要做些限製？
上周五， MU公司CEO駕駛飛機身亡的事實，再一次給人們提出了這個問題。從今天的股價變化來看，人們似乎不是很擔心由此造成的影響。這樣一來，就提出了下一個問題：作為公司主要領導者的公司CEO，一旦出現問題，公司領導層損失帶來的風險，怎麽樣控製才是最佳的？
經營一家公司，需要承擔的責任，需要考慮的事項，和平常人需要考慮的，看來是要多很多。
Are daredevil CEOs worth risk? Micron thought so
By Therese Poletti Feb 7, 2012 00:00:27 (ET)
SAN FRANCISCO (MarketWatch) -- The death of Micron Technology Inc. Chief Executive Steve Appleton in a plane crash last Friday cast a pall over the chip maker and the semiconductor industry, while also renewing a debate on whether CEOs of public companies should engage in life-threatening behavior.
Appleton, 51, was known as a skilled pilot, who also performed stunts and acrobatics at air shows. He also raced off-road vehicles and motorcycles, and had previously loved sky diving and triathlons. In 2004, he survived a plane crash that left him seriously injured.
"The board wanted him to quit flying because he had one accident where he broke his back," said Jim Feldhan, president of Semico Research Corp. in Phoenix, Ariz. "I think that was just his personality and the things he wanted to do...They asked him not to fly, and he said that's not going to happen. I don't know if that came up ever again."
A Micron spokesman declined to comment.
Last November, Appleton was awarded the highest honor in the semiconductor industry, the Robert Noyce Award, at the Semiconductor Industry Association's yearly banquet. SIA chairman, Ray Stata, who is also chairman of Analog Devices Inc. (ADI ) introduced a video showing Appleton performing some of his aerial stunts and other adventures, noting, "To play and win in the memory business, you have to be a daredevil at heart: fearless, courageous, and confident," he said. "Steve demonstrates these characteristics in spades."
Appleton was flying an experimental Lancair plane, very high-speed planes that are made from kits, and are not commercially manufactured. Late Friday, Bloomberg News reported that the Federal Aviation Administration had warned operators in 2009 that the plane had a " disproportionate number of accidents."
Another board that agonized over a risky behavior dilemma with its CEO was Apple Inc. (AAPL) when then-CEO Steve Jobs first learned he had a rare form of pancreatic cancer. He chose to initially treat it with alternative methods, delaying surgery for nine months. After Jobs's untimely death last year, a Harvard University Medical School researcher argued in a controversial article that Jobs's decision to delay surgery could have hastened his death. In 2004, Jobs finally had surgery to remove the tumor.
By their very nature, leaders who engage in risky behavior are also the ones who make bold business moves to take a company in a new direction or swiftly exit a tried-and-true but stagnating business.
In a 2011 study that analyzed the relationship between personal risk-taking, overall corporate policies and risk, researchers at the University of Notre Dame and the University of Oregon found in a final sample of FAA records, that 179 CEOs were pilots and 2,931 CEO were non-pilots.
"Using Federal Aviation Administration data, we identify a subset of CEOs who possess small aircraft pilot licenses," researchers Matthew Cain and Stephen McKeon wrote. "Fatality data indicate that piloting small aircraft is a risky activity and we find evidence of behavioral consistency for these CEOs in the form of higher firm leverage and greater stock return volatility."
The study also noted that these "sensation seeking" CEOs increase their company's overall risk through "more frequent acquisition activity" and run companies that are associated with "value-increasing acquisitions."
Micron investors, though, saw the downside of the risk-embracing strategy, as the company's shares fell over 5.7% after being halted on Friday for the sad and shocking news. Directors of the Boise, Idaho, company met over the weekend and named D. Mark Durcan as CEO. A company veteran, Durcan, 51, had been Micron's president and chief operating officer since 2007. He has been with Micron since 1984 and had announced his retirement just last week.
Wall Street is confident Durcan will continue Appleton's strategy, which included diversifying Micron beyond memory and doing more deals.
"Those who knew Steve know that he simply cannot be replaced in terms of his vision, charisma, and good old-fashioned American determination," Raymond James analyst Hans Mosesmann said in a note. "Investors can be comforted by the fact that a large part of Appleton's vision was in its final phases....we believe the Micron's appetite for acquisitions (at the right price) will remain without Appleton at the helm."
Ultimately, most companies realize that risk is just part of the makeup of many CEOs, and embrace that characteristic.
"Part of this is the DNA of CEOs," said Stephen Diamond, an associate professor of law at Santa Clara University, in an email, adding that some of Silicon Valley's swashbuckling leaders include Oracle Corp. (ORCL ) CEO Larry Ellison, who also flies high-speed planes and races yachts. "So I think boards realize it comes with the territory to some extent. Today's [Friday's] sad event is just a reminder of the reality of the risk."
Micron Strategy Unlikely To Change But Consolidation May Be Delayed
2:24 PM ET 2/6/12 | Dow Jones By Shara Tibken
NEW YORK (Dow Jones)--Micron Inc.'s (MU) strategy isn't expected to change much with its new CEO, but consolidation in the memory chip industry could be delayed.
Micron on Saturday named Mark Durcan, the company's president and chief operating officer, as chief executive. He replaces Steve Appleton, who died Friday in a plane crash in Boise, Idaho. The death of 51-year-old Appleton stunned Micron and delayed Durcan's departure from the memory chip maker. Durcan, 50 years old, had planned to retire in August.
The death of Appleton, one of the most prominent figures in the semiconductor industry, has raised some questions about the future of Micron and the memory chip industry. Primarily, whether the much-called-for consolidation will occur among the players.
Micron is the last remaining U.S. competitor in an industry that American companies once dominated. Weak demand and lower prices have triggered losses at Micron and its rivals, and some Asian companies are struggling to compete and face the risk of going out of business. Appleton recently predicted that mergers and other consolidation in the industry were inevitable.
Representatives from Micron declined to comment for this story.
There have been reports that Japanese memory chip maker Elpida Memory Inc. (6665.TO) has been looking to partner with Micron, but analysts said such a deal could be delayed or even ended in light of Appleton's death.
Bernstein analyst Mark Newman said that while consolidation probably will still occur, it likely will be later than expected.
"Although we see Appleton's passing as a dent to hopes for consolidation, we believe that Mark Durcan and [newly appointed president] Mark Adams will continue where Appleton left off," he noted. But Newman said the chances of consolidation in the first half of the year are less likely.
Most analysts expect Durcan to continue with Appleton's strategy as the two men worked closely over the years, including during other periods of consolidation. Micron in 1998 bought Texas Instruments Inc.'s (TXN) dynamic random access memory operations, followed by the purchase of Toshiba Corp.'s (TOSYY, 6502.TO) DRAM operations in 2001 and Qimonda's stake in Inotera in 2008.
Along with possible consolidation--which would help boost pricing and lower supply in the market--Micron has been working to diversify its operations. More of its business now focuses on producing a type of memory used in smartphones and tablets, which are growing much faster than PCs. That has helped somewhat buffer the company from the current weakness in the computer industry.
Appleton "simply cannot be replaced in terms of his vision," Raymond James analyst Hans Mosesmann said. But "investors can be comforted by the fact that a large part of Appleton's vision was in its final phases."
Micron plans to hold an analyst day Friday where it will provide an update on its strategy and current market conditions.
Shares recently slipped 1% to $7.88. They were halted before the news Friday and have climbed 34% over the past three months.
