Carl Icahn’s New Blog

Earlier this month Carl Icahn started a blog to discuss issues facing boards. Icahn has strong opinions and he doesn’t mince words:

“It is the board’s responsibility to hold a CEO accountable, and remove the CEO if he or she is not producing results. But exacting such a measure requires effort and strategic consideration, and boards are often too lazy and/or passive to rock the boat, especially since the company will continue to pay and pamper and even indemnify them under almost any circumstances. Board members receive expensive tickets to important sporting events, the theatre, and are also treated to use of the company’s fleet. Worst of all, the board itself is not made accountable because corporate board elections are generally a joke.”

Is it the board’s responsibility to hold a CEO accountable? I’d say in many cases it comes down to the chairman. The chairmen has to communicate and champion the organization’s mission, values and strategy so that they resonate with an array of internal and external audiences, including the board and CEO. When everyone has the same meaningful vision and values, the company will be best off.