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Companies in crisis call in comeback founders
Forbes.com
Founders are often called upon to save the day when things go wrong at their former companies, reports Forbes.com. Famous examples of comeback executives in the IT industry include Steve Jobs at Apple and Michael Dell at the computer firm named after him. The latest executive to return to the rescue is Yahoo! co-founder Jerry Yang, whose former company is struggling in its battle against rival Google. Yet research shows that, although returning founders tend to do a good job, they rarely stay on longer than 2-3 years. Bringing back founders can nevertheless limit the damages at their old firm, notes George Davis, a consultant at Egon Zehnder International, Boston. “It’s a great option for boards to use in the short term because it puts the company in a qualified and safe pair of hands,” he concludes.
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