|  | Kontes, Peter
The CEO, Strategy, and Shareholder Value
Making the Choices That Maximize Company Performance
 1. Edition May 2012
65.90 Euro
2012. 254 Pages, Hardcover
ISBN 978-0-470-59630-2 - John Wiley & Sons
Also available as Softcover. |
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| Short description
Business leaders have experienced some of the greatest economic upheavals in history, forcing many to reconsider how to lead their companies. The CEO, Strategy, and Shareholder Value reveals the five major choices every leader faces, including performance objectives, participation choices, positioning choices, organizational choices, and risk management choices. This seminal book from a true thought leader offers business managers an innovative, new look at how to most effectively deliver shareholder value.
From the contents
Preface xi
Acknowledgments xv
Introduction xvii
Chapter 1: Foundations 1
The Purpose of Strategy 2
The Role of the CEO 4
Five Choices That Shape Strategy 6
A Strategic Management Framework 9
Chapter 2: The Economics of Strategic Management 11
Economic Profit 11
Economic Profit and Strategy Valuation 13
The Financial Drivers of Economic Profit and Equity Value 15
The Strategic Drivers of Economic Profit and Equity Value 17
Dealing with Mythology 23
Chapter Summary 29
Chapter 3: Choosing the Right Performance Objectives 31
Aspirations 32
Business Unit Objectives 34
Company Objectives 39
The Tyranny of Top-Down Targets 39
Chapter Summary 46
Chapter 4: Making the Right Participation Choices 49
General Considerations 50
Assessing Participation Opportunities 51
Offering Choices 63
Geographic Market Choices 67
Customer Segment Choices 72
Corporate Participation Choices 75
Chapter Summary 82
Chapter 5: Making the Right Positioning Choices 85
Positioning Choices and Competitive Advantage 86
Business Models 88
Execution Capabilities 107
Corporate Positioning Choices 111
Chapter Summary 122
Chapter 6: Making the Right Organizational Choices 125
The Institutional Imperative 126
Governance Practices 128
Executive Processes 134
Executive Capabilities 151
Chapter Summary 155
Chapter 7: Making the Right Risk Management Choices 157
Clarifying "Risk" 158
Setting Risk Thresholds 160
Portfolio Choices 162
Balance Sheet Choices 166
Ethical Choices 174
Chapter Summary 181
Chapter 8: Making It Work 183
Conditions Conducive to Success 183
Priorities for Change 189
The Prize 195
Chapter Summary 198
Appendix I: Economic Profit Growth, Earnings Growth, and Total Shareholder Returns 201
The Data 201
The Analysis 202
Discussion of the Results 204
Appendix II: Economic Profit and Equity Value 207
Valuation Models 207
Maximizing Economic Profit Growth versus Maximizing Equity Value 209
Valuation Issues 210
Appendix III: Economic Profit and Equity Value: Illustration 213
Appendix IV: Reconsidering the Corporate Center 215
The Need for Change 215
Creating a New Model of the Center 217
Conclusion 221
Appendix V: CEO Pay Practices: An Alternative 223
Typical Package 224
An Alternative Approach 224
Illustrative Compensation Plan 226
Alerting The Board Early and Often 229
Notes 231
Index 239
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