Day: September 3, 2024

Horse races have long enthralled spectators, from ancient Roman chariot races to modern thoroughbred races with professional jockeys on bareback riders hitched to chariots and thoroughbred racehorses. A day at the races can be both enjoyable and profitable when equipped with tips that help identify winners from losers. Horse racing can be an arduous, risky business for horses involved. Some fans find the romance and glamour of this sport worth taking the risk; animal rights activists see horse racing as an industry with serious injuries, drug use, horrific breakdowns and slaughter occurring daily. At times, these horses must endure excruciating sprinting speeds that cause them to experience exercise-induced pulmonary hemorrhage – leading to bleeding from their lungs and receiving numerous legal and illegal drugs intended to mask pain or artificially boost performance. Some drugs used to treat cancer in humans and animals have also been linked with racehorses; training methods that inhibit their natural instincts could cause mental and emotional issues as evidenced by one racehorse’s death in last year’s Preakness race has highlighted such concerns. Though risky, many boards and current CEOs still employ a classic succession “horse race” approach involving an open competition among several high-level executives to fill the top job. Proponents claim that this strategy helps businesses identify its most capable leadership candidates more quickly; and provides clear pathways for these individuals to take up leadership roles within their organization. Opponents of the horse race model maintain that it can distort a company’s culture, cause organizational instability and result in less focus on business strategy. Furthermore, they assert that this process takes too long and impedes business momentum – as well as negatively affecting employee morale and retention. Horse races may not always be suitable for companies with complex structures and cultures that do not lend themselves well to this approach, such as Walmart’s culture or organizational structure, where implementation may prove challenging and outcomes unpredictable – as evidenced by the sudden departures of some high-profile candidates this year. Before choosing this route as their approach for their next CEO search process, both boards and CEOs should carefully consider all its merits, taking care to make sure that both are compatible. Furthermore, both should ensure their culture and organizational structure can accommodate an open competition wherein one participant becomes their next CEO in line.