Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy

James D. Westphal and James W. Fredrickson

Strategic Management Journal, 2001, vol. 22, issue 12, 1113-1137

Abstract: We develop a theory of board‐directed strategic change in which directors (1) conceive changes in corporate strategy that reflect the strategies of their own home companies, and (2) select new CEOs who have prior experience with similar strategies to facilitate implementation. The findings show that, while the experience of new CEOs appears to predict corporate strategic change, these effects disappear after accounting for board experience. Thus, our results suggest that executive effects on strategy can mask board effects. Copyright © 2001 John Wiley & Sons, Ltd.

Date: 2001
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