Boardroom coup
Encyclopedia
A boardroom coup is the sudden overthrow of the management or governing body of a corporation
by an individual or small group of individuals, usually from within the company.
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
by an individual or small group of individuals, usually from within the company.
Notable examples
- In 1940, a boardroom coup installed Raymond PostgateRaymond PostgateRaymond William Postgate was an English socialist, journalist and editor, social historian, mystery novelist and gourmet.-Early life:...
as the editor of BritishUnited KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
magazine TribuneTribune (magazine)Tribune is a democratic socialist weekly, founded in 1937 published in London. It is independent but supports the Labour Party from the left...
. - In 1955, Paramount PicturesParamount PicturesParamount Pictures Corporation is an American film production and distribution company, located at 5555 Melrose Avenue in Hollywood. Founded in 1912 and currently owned by media conglomerate Viacom, it is America's oldest existing film studio; it is also the last major film studio still...
staged a boardroom coup and assumed control of the DuMont Television NetworkDuMont Television NetworkThe DuMont Television Network, also known as the DuMont Network, DuMont, Du Mont, or Dumont was one of the world's pioneer commercial television networks, rivalling NBC for the distinction of being first overall. It began operation in the United States in 1946. It was owned by DuMont...
. They then shut down the network. - In 1985, Steve JobsSteve JobsSteven Paul Jobs was an American businessman and inventor widely recognized as a charismatic pioneer of the personal computer revolution. He was co-founder, chairman, and chief executive officer of Apple Inc...
was stripped of management responsibilities by then-Apple CEO John SculleyJohn SculleyJohn Sculley is an American businessman. Sculley was vice-president and president of PepsiCo , until he became CEO of Apple on April 8, 1983, a position he held until leaving in 1993...
. Jobs then resigned. - In 1992, John F. Smith, Jr.John F. Smith, Jr.John Francis "Jack" Smith, Jr. is the non-executive chairman of the board of directors of Delta Air Lines. Smith has been a member of Delta's board of directors since 2000....
became CEO of General Motors after a boardroom coup. - In 1997, Apple Inc. (at the time known as Apple Computer inc.) and Steve JobsSteve JobsSteven Paul Jobs was an American businessman and inventor widely recognized as a charismatic pioneer of the personal computer revolution. He was co-founder, chairman, and chief executive officer of Apple Inc...
ousted Gil AmelioGil AmelioGilbert Frank Amelio is an American technology executive. He grew up in Miami, Florida and received a bachelor's degree, master's degree, and Ph.D. in physics from the Georgia Institute of Technology...
in a boardroom coup, after which Jobs became interim CEO of Apple ComputerApple ComputerApple Inc. is an American multinational corporation that designs and markets consumer electronics, computer software, and personal computers. The company's best-known hardware products include the Macintosh line of computers, the iPod, the iPhone and the iPad...
, moving on to become full-time CEO shortly after.