British business has often classed its companies more by the social status of the men at the top than by size, profits or prospects. Eton and the Guards are faultless qualifications, and so is a baronetcy or hereditary peerage. Some Britons believe that directors constitute a gigantic Old Boy network. Last week the British business world was startled by a major corporate change that illustrates a trend in British business: a disestablishmentarianism that is down grading the Old Boys in favor of top managers and directors whose only qualifications are ambition, skill, and a flair for hard work.
In a...
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