A horse race is a classic strategy for choosing a new CEO, pitting several highly-regarded candidates against one another in an overt contest within a set time frame. While many executives and governance observers are uncomfortable with this approach out of fear that it can distract the company and derail business momentum, a well-run horse race has helped some admired companies find outstanding leaders. This article examines strategies for minimizing the negative effects of a horse race and how to ensure that a winner emerges who is best suited to the company’s current strategic direction.
Horse racing is a spectator sport that involves a thoroughbred horse competing against other horses on an enclosed oval track, often in groups of two or more. The races are typically held at a racetrack and bets are placed on which horse will win the race. There are various rules that govern the conduct of horse races, including how far each horse must run and how much weight each must carry. In most horse races, a horse’s odds of winning are determined by its performance in previous races and its breeding and pedigree.
The earliest horse races were match races between just two or three horses. The owners provided the horses and the purse, and bets were based on simple wagers. When an owner withdrew, he or she forfeited half the purse, later the entire amount. Agreements between owners and bettors were recorded by disinterested third parties, who came to be known as keepers of the match book. One such keeper at Newmarket, England, published An Historical List of All the Horse-Matches Run (1729), a consolidation of match books from around Europe.
Today’s horse races take place over a variety of distances, from a few miles to ten miles or more. The most prestigious races have a purse of more than $1 million. During warmups, the horses are exercised at a faster pace to acclimate them to the fast track conditions and to determine their fitness for competition. Other factors that influence the outcome of a horse race include the age, sex and racing history of the horses, the track condition, the jockey or driver, and training techniques.
In addition to causing injury to the horses, horse racing can also be dangerous for humans. On average, two jockeys are killed and sixty are paralyzed each year. Furthermore, the practice of injecting race horses with corticosteroids and sedatives during training has raised ethical concerns for animal rights advocates and has been linked to the premature death of several prominent racehorses.
The post-mortem examination of Havnameltdown revealed problems that were alarming to outsiders of the horse-racing industry, such as severe degenerative joint changes and bone cysts (holes in the bones) in both long and short pasterns. The fact that he had been injected with corticosteroids four weeks before the Preakness raised additional red flags. Ultimately, these findings, combined with the industry’s general culture of cruelty, are likely to lead to the elimination of the sport in the US.