Monday, January 14, 2008

Boomeranging founders: Sunday's Globe column

Sunday's Globe column looks at companies locally (and nationally) that have put a founder back in the CEOs office after a "professional" manager doesn't work out.

From the piece:

    Boston venture capitalist Jeffrey Bussgang, a former entrepreneur, says firing the chief executive is the "only tool in the toolbox" for investors when a company hits a rough patch. Asked whether he's kidding, he says he's half-serious. "Ultimately, the real core of the board's job is oversight, and that includes hiring, evaluating, compensating, and, if necessary, firing the CEO."

    Of the latest crop of initial public offerings of Massachusetts tech and biotech companies, the majority had founders or cofounders as CEOs. Could it be that hired guns are quicker to sell a company, rather than continue to grow it?

The video is from a chat I had with Akamai Technologies co-founder Jonathan Seelig at last week's panel at the Vilna Shul.

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