????今年7月，思科公司CEO約翰·錢伯斯宣布卸任，結束其整整20年的任期。這一綿長的“統治”時間，紛紛引發商界討論：應該如何確定合適的CEO任期？盡管在錢伯斯的領導下，思科的營收從12億美元增長到470億美元，總股東回報率達到1632%，或年均15%。

????《圣經》傳道書一章有云：“凡事都有定期，天下萬物都有定時。”（To every thing there is a season, and a time to every purpose under the heaven.）這是否也適用于CEO的任期？CEO的任期是否有理想的時間限制？是否應該制定一個CEO任期時間表？《財富》雜志編撰的CEO數據顯示，美國500強公司CEO的平均任期為4.9年，其中有許多剛剛走馬上任，還有一些并不急于離職。

????對于“美國的CEO”，我們認為8年剛剛好。富蘭克林·德拉諾·羅斯福連任四屆，使得一些人擔心美國有可能出現一位“君主”。所以，美國國會在1947年通過了《憲法》第22條修正案，規定美國總統任期不得超過兩屆。1951年，該修正案獲得全部50個州的批準。

????20年前，當約翰·錢伯斯剛剛出任思科CEO時，美國最高法院駁回了對國會領導人任期的限制，撤銷了23個州限制美國議員任期的法律。短命的《十三州邦聯條例》曾規定實行官員輪換制，以確保制憲者們構想的政府的革命性。美國最高法院以5:4的投票結果，壓制了全美掀起的任期限制運動。最高法院的大法官均為終身制。奧利弗·溫戴爾·荷馬在美國最高法院任職到90歲，威廉·O·道格拉斯擔任了36年大法官。

????如此長的任期在企業界并非不可能。根據《財富》雜志的分析，除了錢伯斯，還有20位CEO的任期達到20年以上，另有26位CEO任期至少為15年。有幾位CEO的任期甚至超過了美國最高法院大法官。84歲的魯伯特·默多克擔任新聞集團CEO已有63年。84歲的沃倫·巴菲特在伯克希爾哈撒韋公司的任期也達到了59年。71歲的弗雷德·史密斯擔任聯邦快遞公司CEO已有42年。91歲的薩默·雷石東從1967年開始領導全美娛樂公司，旗下包括CBS和維亞康姆等公司。

????巴菲特在過去幾十年間一直高歌猛進，盡管伯克希爾·哈撒韋公司規模不大，但其股東回報率卻達到1,063,315%（或每年22%），堪稱傳奇。然而，他也一直在努力確保自己離開時能有合適的繼任者接掌這家公司。

????在2007年由比爾·蓋茨主辦、筆者擔任主持人的CEO聚會上，沃倫·巴菲特詢問了魯伯特·默多克的繼任計劃。默多克有些煩惱地回答說，98歲的母親仍很硬朗，思維敏捷，所以他還沒有下臺的打算。巴菲特似乎有所預感地開玩笑說：“那可真是名副其實的非傳統型管理了。”

????從筆者30多年針對CEO退休問題的研究中，我發現，可以根據CEO對任期長度的看法，將這些領導者分為四類。

????1. 君主型：追求永恒的傳奇

????最佳例證：魯伯特·默多克與弗雷德·史密斯，在他們之前還有幾位類似的歷史人物，比如西方石油公司的阿曼德·哈默爾和波士頓咨詢集團創始人布魯斯·亨德森

????他們通常都是才華橫溢的遠見者，他們相信自己是公司真正不可或缺的那個人。威廉姆·布萊克經營Chock full o’Nuts咖啡店60年，最后兩年都是躺在醫院的病床上指揮，當時他已經83歲。君主型的CEO都在苦苦追求永恒的傳奇，他們在意這個職位所帶來的英雄形象。他們希望這個世界因為有了他們而變得不同，但他們有時會被自己的空想蒙蔽雙眼。

????如果出現了有威脅的繼任者，他們往往會在董事會尚未意識到發生了什么的時候，就被消滅掉了。這進一步加深了董事會對君主型CEO的依賴。雷曼兄弟公司的理查德·福爾德便屬于這種情況。他們的退位往往伴隨著極具戲劇化的場景——要么死在辦公室，要么成為宮廷政變的受害者。波士頓咨詢集團的創始人布魯斯·亨德森在負責一個客戶項目的時候，公司合伙人發動了叛亂，甚至沒有在辦公室給他留下一張辦公桌。幸運的是，在曾經富有遠見的救世主邁克爾·艾斯納扼殺明日之星羅伯特·伊戈爾之前，沃爾特·迪士尼的董事會就采取了行動。伊戈爾是艾斯納延續其20年任期的巨大威脅。伊戈爾將迪士尼帶到了新的歷史高度，進一步增強了該公司的戰略資產，并將業務擴展到中國，10年間創造了312%的股東收益（或每年12%）。

????2. 將軍型：會留有回旋余地

????最佳例證：史蒂夫·喬布斯，邁克爾·戴爾，瑪莎·斯圖爾特和霍華德·舒爾茨

????就像巴頓、麥克阿瑟、蒙哥馬利、戴高樂等二戰時期那些著名的將軍一樣，這些CEO在危機中力挽狂瀾，帶領公司實現復興，使公司綻放出比他們第一輪任期更耀眼的光芒。通常，他們具有在公司推行重大變革的威信。正如邁克爾·戴爾所強調的那樣，他們會留有回旋余地，以“顯示這是一家公司，而不是一個宗教。”

????將軍型CEO所面臨的挑戰是夸大危機感，并以此為借口重新掌權。國際電話電報公司的哈利·格雷、CBS的威廉·巴萊和泛美航空公司的胡安·特里普都屬于這種情況。對此，公司董事會必須確認，危機是真實存在的。

????3. 大使型：最為睿智的導師

????最佳例證：英特爾的安迪·格羅夫與克雷格·貝瑞特，高露潔的魯賓·馬克，麥肯錫創始人馬文·鮑爾，谷歌的埃里克·施密特，微軟的比爾·蓋茨

????這些CEO通常與公司內部培養的門徒有著融洽的關系。他們可以作為年長睿智的政治家和導師，可以擔任跨行業代言人、政府特使和全球外交官。時代華納的杰夫·貝克斯與前任理查德·帕森斯順利完成了權力交接，在擔任CEO的6年內，他創造了388%的股東回報（或每年28%）。

????這類領導人所面臨的挑戰是，在繼任者正在努力學會獨立的時候，不要因昔日下屬的表現不符合預期，或者受到他們自己尚未完成的職業目標的驅使，而去干預和破壞他們的決策。自從艾倫·庫爾曼接管了杜邦公司以來，他已經創造了263%的股東回報（每年23%）。

????4. 州長型：任期短效率高

????最佳例證：eBay及惠普CEO梅格·惠特曼；3M及波音CEO吉姆·麥克納尼；施樂公司CEO任期結束后擔任救助兒童基金會主席的安妮·穆爾卡西；硅谷圖形公司和網景公司CEO吉姆·克拉克；永健公司和我的CFO

????這些領導者的任期通常比較短，但效率極高。他們通常會在公共服務、初創公司或轉型期公司尋找新的機會。吉姆·麥克納尼在3M公司擔任四年CEO之后，前往丑聞纏身的波音擔任領導人。在他擔任CEO的10年間，這家公司重新恢復了全球領先地位，并為股東創造了228%的回報（每年12%）。

????在這類領導者執掌的公司，董事會需要確保他們不會太快追求新的機會而改變方向，或者為了建立短期信譽而減價拍賣公司資產。

????——

????對于CEO任期的問題，沒有一個簡單的答案。領導者不論任期長短，公司都可以有出色表現。公司的董事會成員必須客觀評估公司的戰略環境、企業文化、CEO的領導風格等因素，以確定合適的離職方式和任職時間。如果有什么自動的配方可以使用，我們也就不需要董事會的獨立判斷了。（財富中文網）

????本文作者杰弗里·索南菲爾德為耶魯大學管理學院高級副院長，萊斯特·克朗教席教授。他是《英雄謝幕：公司CEO退休時會發生什么事》（ The Hero’s Farewell: What Happens When CEOs Retire）一書的作者之一。

????譯者：劉進龍/汪皓

????審校：任文科

????Cisco CEO John Chambers announced on May that he would step down in July after a full 20 years at the helm. While in office, he took revenues at the company from $1.2 billion to over $47 billion with a total shareholder return of 1632%, or 15% on an annualized basis. Nonetheless, his exit has triggered widespread discussion over the appropriate length of a CEO’s term.

????Bible readers will recall Ecclesiastes, which states, “To every thing there is a season, and a time to every purpose under the heaven.” Does this apply to CEO tenure? Is there an ideal time limit for a CEO’s reign? Should there be a schedule for CEO terms? Fortune’s own CEO data indicates that the 500 largest companies in the U.S. have a median CEO tenure of 4.9 years, but there is quite a range as many of those chief executives are new to office and some are in no hurry to depart.

????When it comes to the CEO of the United States, so to speak, we decided that eight years was just fine. Franklin Delano Roosevelt’s four terms of office led some to worry about the risks of an imperial CEO. So, in 1947, Congress passed the 22nd Amendment to the U.S. Constitution, which was ratified by all 50 states in 1951, limiting U.S. Presidents to two four- year terms.

????Exactly 20 years ago, just as Cisco’s John Chambers took the reins as CEO, the U.S. Supreme Court rejected term limits for Congressional leaders, wiping off the books laws in 23 states limiting the terms of office for U.S. legislators. The short-lived Articles of Confederation required a “rotation” out of office as a mechanism for ensuring the revolutionary character of the government that the framers conceived. In a 5 to 4 vote, the Court—whose justices have lifetime appointments—deflated the nationwide movements for term limits. Oliver Wendell Holmes served on the U.S. Supreme Court until he was 90 and Justice William O. Douglas served 36 years.

????Such long reigns are not out of the question in the corporate world either. In addition to Chambers, 20 CEOs included in Fortune’s analysis have served for 20 years or longer, and an additional 26 have been in office for at least 15 years. Some even surpass the reigns of U.S. Supreme Court justices. Rupert Murdoch, 84, has served as CEO of News Corp for 63 years. Berkshire Hathaway’s Warren Buffett, who is also 84, has been in office for 59 years. Seventy-one-year-old Fred Smith of FedEx has been CEO for 42 years. And at 91, Sumner Redstone has led National Amusements since 1967, with control over CBS and Viacom.

????Buffett’s performance has not tapered off over the decades, despite Berkshire Hathaway’s size, with its legendary 1,063,315% shareholder returns over the years (or 22% annualized). However, he has worked to ensure that succession options are at the ready when he steps down.

????At a 2007 CEO gathering hosted by Bill Gates, at which I served as a moderator, Warren Buffett asked Rupert Murdoch about his intended succession plans. Murdoch responded with annoyance and said that his then 98-year-old mother was quite active and intellectually sharp and he was in no hurry to go anywhere. Buffett quipped forebodingly, “Well that really is managing outside-the-box!”

????In my 30 years studying CEOs retirements, I have found that chief executives fall into four primary categories when it comes to the way they think about their term lengths.

????1. Monarchs

????Prime examples:Rupert Murdoch and Fred Smith, who were preceded by such historic figures as Occidental Petroleum’s Armand Hammer and Boston Consulting Group Founder Bruce Henderson

????They are often brilliant visionaries who believe that they are the one person on earth who is truly indispensable to their companies. William Black ran the Chock full o’Nuts café chain for 60 years, with his last two from his hospital bed at age 83. Monarch CEOs are driven by an elusive quest for an immortal, lasting legacy, as well as for the heroic stature that comes with the position. They want the world to be different because they lived, but they can be blinded by their visions.

????Threatening successors are often eliminated before the board realizes what happened, increasing the board’s dependence upon such monarch CEOs; that was the case with Richard Fuld at Lehman Brothers. They often suffer a stormy, feet-first exit—either dying in office or as the victim of a palace revolt. BCG’s partners revolted while its founder Bruce Henderson was on a client assignment, not even leaving him a desk in the office. Happily, the Walt Disney board moved quickly enough before their once visionary savior, Michael Eisner, could derail the rising star Robert Iger, who was a genuine threat to Eisner extending his 20-year reign. Iger has taken Disney to historic heights, key strategic portfolio enhancements, geographic expansions into China, and 312% shareholder returns over 10 years (or 12 % annualized).

????2. Generals

????Prime examples:Steve Jobs, Michael Dell, Martha Stewart, and Howard Schultz

????Like the great generals of World War II (Patton, MacArthur, Montgomery, De Gaulle), these CEOs return to office at a time of crisis to revive their enterprise and lead their companies to greater glory than they did during their first tour of duty. Often, they have the credibility to make major changes at their companies. They have the leeway, as Michael Dell has emphasized “To show that this is a business, not a religion.” The challenge for some generals is to not exaggerate the sense of crisis as a pretext to engineer their return to power, as was the case with Harry Gray of ITT,William Paley at CBS, and Juan Trippe at PanAm. Company boards must ensure that the crisis is genuine.

????3. Ambassadors

????Prime examples:Intel’s Andy Grove and Craig Barrett, Reuben Mark at Colgate-Palmolive, McKinsey Founder Marvin Bower, Eric Schmidt of Google, and Bill Gates at Microsoft

????These CEOs often have an excellent relationship with an internally groomed protégé. They can serve as wise elder statespersons and mentors, with roles like cross-industry spokesperson, government emissary, and global diplomat. Time Warner’s Jeff Bewkes assumed power through a graceful transition from his predecessor, Richard Parsons, and in six years as CEO he has produced 388% total shareholder returns (28% annualized).

????The challenge for these leaders is to not be tempted by the pull of past associates or their own unfinished career agenda to intervene and undermine their successors as they learn to walk on their own. Since taking over the reins in an ambassadorial succession at DuPont, Ellen Kullman has produced 263% shareholder returns (23% annualized).

????4. Governors

????Prime examples:Meg Whitman, CEO of eBay and then HP; Jim McNerney of 3M then Boeing; Anne Mulcahy of Xerox then chairman of Save the Children; Jim Clarke of Silicon Graphics, Netscape; Healtheon, and My CFO

????These leaders generally have short, but highly effective, terms of office.

????Governor CEOs often look for new opportunities in public service, start-ups, or turnarounds. After a four-year stint as CEO at 3M, Jim McNerney assumed the leadership of a highly scandalized Boeing and in a decade, has regained its global luster as well as delivering 228% shareholder returns (annualized at 12%).

????The challenge for boards with these leaders is to ensure that they don’t get diverted by new opportunities too soon or engage in fire-sale asset auctions to build short-term credibility.

????—

????There is no simple answer to the question of CEO tenure. A firm can perform well with leaders enjoying a wide spectrum of terms of office. The strategic context of the business; the culture of the enterprise; and the character of a CEO’s leadership must be assessed by objective board members to determine which departure style and time frame are appropriate. If there was an automatic formula that we could apply, we would not need boards with independent judgment. Now, as for the issue of board term limits….

????Jeffrey Sonnenfeld is Senior Associate Dean and Lester Crown Professor at the Yale School of Management. He is the co-author of The Hero’s Farewell: What Happens When CEOs Retire (Oxford University Press).