Horse racing is an equestrian sport that involves competing against other horses and drivers. Its history dates back thousands of years, and it has been a major part of culture throughout the world. Today, it is a popular sport in the United States and many other countries. The horse race approach to succession has been criticized by some executives and governance observers, but it is also widely used by some of the largest corporations in the country and around the world as an effective way to identify and cultivate future leaders in critical positions.
The horse race is a common method for selecting the next chief executive officer of a company. This strategy is characterized by overt competition among several well-known candidates to become the next leader, and it can result in the selection of highly skilled executives with the competencies and seasoning needed for success. This is a key advantage of the horse race approach, and it has been successful for companies such as General Electric, Procter & Gamble, and GlaxoSmithKline.
However, some executives and governance observers are uncomfortable with the horse race approach to CEO selection because it can encourage a culture of overt competition, which can be counterproductive in a high-performance organization. It can also be difficult to ensure that all qualified candidates receive a fair opportunity to compete for the position, particularly when there are multiple finalists with substantial experience and accomplishments.
Moreover, the horse race approach to succession can be disruptive to a company’s culture and lead to a lack of trust among employees and investors. In addition, the process can lead to a sense of demoralization and resentment toward top executives and can even damage morale in a company.
An equestrian sport, a horse race is a competitive event in which horses are ridden by jockeys and driven to win a bet. Its roots go back to ancient civilizations in places such as Greece, Egypt, Babylon, Syria, and Arabia, where it was popular in both the aristocratic classes and the common people.
The earliest races were closed events, with eligibility determined by age, sex, birthplace, and previous performance. Organized racing in North America began with the British occupation of New Amsterdam, which established a system of races that focused on stamina rather than speed.
In their natural habitat, horses are a social, plains-ranging animal that loves to run and be free. However, the human construct of a horse race forces them to be pushed far beyond their physical limits. As a result, they often suffer from painful and debilitating medical conditions such as bleeding lungs (exercise-induced pulmonary hemorrhage) and fractured ringbones. They are also often subjected to a cocktail of legal and illegal drugs to mask injuries, enhance their performance, and keep them alive. The result is that many of these sensitive animals die horrifically on the track, in training, or are euthanised after suffering crippling injuries. Readers can help put an end to this exploitative industry by boycotting the racetrack and investing their betting dollars elsewhere.