Trends and developments in top management teams: Evidence from UK panel data

The study’s main findings can be summarised as follows. Firstly, UK companies are more likely, nowadays than in the past, to: a) adopt the “CEO” title (as opposed to the “Group Managing Director” title) in order to signal the top corporate position; b) have non-executive Chairmen (as opposed to executive Chairmen), and; c) separate the roles of CEO/MD and Chairman. Secondly, joint CEO(MD)/Chairpersons own a higher proportion of the company’s equity than their counterparts who do not hold combined roles; yet, company performance is not significantly different under alternative leadership structures. Finally, UK leading executives tend to be younger and hold a larger proportion of the firm’s equity compared with the rest of the senior managers whereas on an aggregate level executive stock compensation (both ordinary and option holdings) has declined during the 1990-1998 period.