Apprentice, Departure, and Demotion: An Examination of the Three Types of CEO–Board Chair Separation
研究区分了CEO与董事会主席分离的三种形式（学徒、离职、降职），发现分离对公司未来绩效的影响取决于当前绩效水平，且降职分离的影响最为显著。
Past research has consistently shown that separation of CEO and board chair roles has no systematic effect on firm performance. In this study, we introduce the different forms of such separation: apprentice, departure, and demotion. In a study of Standard & Poor's (S&P) 1500 and Fortune 1000 firms, we find that separation of the two leadership roles positively impacts future firm performance when current performance is poor, but negatively impacts future firm performance when current performance is high. We find that this effect is most dramatic for demotion separations. Finally, we test theory about the permanency of CEO–board chair separation. Our results show that the different types of CEO–board chair separation have very distinct consequences.