Abstract
We analyze the appointments of outside CEOs of financial and non-financial firms as independent directors on US bank boards and their implications for the banks and the outside CEO firms. We show that outside CEOs from financial firms match with less traditional banks and their appointment generates long-term benefits for both the appointing bank and the outside CEO firm. CEOs from non-financial firms match instead with more lending-oriented banks but their appointment benefits only the outside CEO firm. Overall, although considered highly skilled directors, outside CEOs do not always contribute to the advising and monitoring quality of bank boards.
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