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Procter & Gamble
Lorsch, Jay W.; Durante, KathleenCase HBS-413127-ELeadership and People ManagementOn July 12, 2012, Bill Ackman's Pershing Square Capital Management announced publicly that it had purchased about $2 billion of Procter and Gamble (P&G) stock. Shares in the company closed up 3.75% the day the disclosure was made public. Ackman told the New York Times that Pershing would be a major P&G shareholder. ""We think it's an underrated stock,"" he said. ""We think there is a lot of great opportunity there."" During the next several mont...Starting at €8.20
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How to Outsmart Activist Investors
George, Bill; Lorsch, Jay W.Article HBS-R1405F-ELeadership and People ManagementSince the start of the 21st century, a new breed of shareholder--the activist hedge fund--has frequently played a decisive role in interactions between corporations and markets. The game of these activists is simple: They buy stocks they view as undervalued and pressure management to do things they believe will raise the value, such as giving more cash back to shareholders or shedding divisions that the activists think are driving down the stock ...Starting at €8.20
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The Dow Acquisition of Rohm and Haas (D)
Lorsch, Jay W.; Barton, MelissaCase HBS-411004-ELeadership and People ManagementDow's board and management team worked on arranging appropriate financing to complete the acquisition of Rohm and Haas. Meanwhile, the board of Rohm and Haas filed suit against Dow after it delayed the completion of the acquisition.Starting at €5.74
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Leading from the Boardroom
Lorsch, Jay W.; Clark, Robert C.Article HBS-R0804G-ELeadership and People ManagementThese days, boards are working overtime to comply with Sarbanes-Oxley and other governance requirements meant to protect shareholders from executive wrongdoing. But as directors have become more hands-on with compliance, they've become more hands-off with long-range planning. That exposes corporations and their shareholders to another - perhaps even greater - risk, say professors Lorsch, of Harvard Business School, and Clark, of Harvard Law Schoo...Starting at €8.20
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What Good Are Shareholders
Fox, Justin; Lorsch, Jay W.Article HBS-R1207B-ELeadership and People ManagementExecutives complain, with justification, that meddling and second-guessing from shareholders are making it ever harder for them to do their jobs effectively. Shareholders complain, with justification, of executives who pocket staggering paychecks while delivering mediocre results. Boards are stuck in the middle--and under increasing pressure to act as watchdogs and disciplinarians despite evidence that they're more effective as friendly advisers....Starting at €8.20
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The Board of Directors at Market Basket
Lorsch, Jay W.; McTague, EmilyCase HBS-415044-ELeadership and People ManagementThe firing of Market Basket CEO Arthur T. Demoulas by his cousin, Arthur S. Demoulas, and directors affiliated with Arthur set off employee protests throughout the grocery store chain. Industry specialists estimated that Market Basket was losing close to $10 million each day in lost business and inventory, due to the protests. A long history of legal battles had destroyed the relationship between the families of the 2 cousins. This case describes...Starting at €8.20
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A Contingency Theory of Leadership
Lorsch, Jay W.Book Chapter HBS-6145BC-ELeadership and People ManagementThe idea of a contingency theory of leadership is not new. In the 1960s several scholars, most notably Frederick Fiedler, argued that effective leadership style depended on situational contingencies, such as the nature of the task-specifically, how certain or uncertain it was. But agreement ended there, as researchers and scholars failed to reach a consensus on what leaders' primary tasks were or on which contingency factors influenced them most....Starting at €8.20
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Executive Remuneration at Royal Dutch Shell (B)
Lorsch, Jay W.; Simpson, KaitlynCase HBS-409127-ELeadership and People ManagementAt the 2009 Shell annual meeting, the majority of shareholders vote against the exclusive pay package. The B case compares the remuneration committee perspective (and their rationale for using discretion to award the bonuses) as well as the shareholder perspective (and their rationale for reacting so strongly against the pay package).Starting at €5.74
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Hewlett-Packard Company: CEO Succession in 2010
Lorsch, Jay W.; Palepu, Krishna G.; Barton, MelissaCase HBS-411056-ELeadership and People ManagementMark Hurd resigned as the CEO of Hewlett Packard in 2010 after the board discovered that he had misfiled expense reports and paid an H.P. contractor for unsubstantiated work. After Hurd left H.P., he joined Oracle, an H.P. competitor. Soon thereafter, the H.P. board appointed a new CEO following an eight-week search.Starting at €8.20
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Proxy Access at Whole Foods
Lorsch, Jay W.; McTague, EmilyCase HBS-415073-ELeadership and People ManagementProxy access grants shareholders meeting certain ownership requirements the right to nominate directors for election to the board without going through a typical proxy contest. In August 2010 the SEC approved a rule granting proxy access for shareholders meeting specific ownership requirements. The rule was challenged by US Chamber of Commerce and overturned in July 2011. Shortly after the rule was overturned, rules governing shareholder proposal...Starting at €8.20