Game Theory

If you are not the leader, never play the game according to the rules the leader has set. Otherwise, you are certain to lose. In other words, do not try to "outexcel" the competitor in its area of excellence or strategic capabilities. Playing by the rules set by the leader in an industry is certain death over time. The leader understands the rules better. A better approach in my view, is to create a distinctive strategy to change the rules of play. By changing the rules of play, you neutralize and paralyze the leader.

Board Leadership

There is fundamental difference and potential conflict between the roles of chairman and CEO. The CEO runs the company, and the chairman runs the board, one of whose responsibilities is to monitor the CEO. If the chairman and the CEO are one and the same, it is hard for the board to criticize CEO or to express independent opinions. A separate chairman who is reponsible for setting the board's agenda is more likely to probe and encourage debate at board meetings. Therefore separating the two roles is essentially a check on the CEO's power.