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date: 25 September 2020

Abstract and Keywords

In the last fifteen years greater recognition has been given to the importance of the CEO and top management in large, diversified companies. The sharp rise in their pay and their increasing public prominence are examples of this. The role of top management is now seen as being essentially entrepreneurial, in other words about wealth creation. An administrative view, involving control, monitoring, and coordination is now seen as insufficient. Top management needs to develop an economic logic for its role, one that explains why the company has chosen this portfolio of businesses, and why management has chosen this particular set of governance and internal management processes. This article explores this task of the top management of a diversified firm. First, it outlines a framework for thinking about wealth creation in a diversified firm. Second, it identifies some of the key dilemmas that the CEO and the top management group face.

Keywords: top management, business portfolio, governance, internal management processes, diversified firm, wealth creation

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