Myles Mace
Encyclopedia
Myles La Grange Mace was a long-time professor at the Harvard Business School
. He was a pioneer in the study of entrepreneurship and corporate governance.
. He graduated from the University of Minnesota
in 1934 and William Mitchell College of Law
(then the St. Paul College of Law) in 1936. He was admitted to the Minnesota Bar, but decided to further his education at the Harvard Business School
, where he received his M.B.A. in 1938. He took a job at HBS after graduation as a research associate before leaving for military service four years later. He left the U.S. Air Force in 1946 as a lieutenant colonel, having been awarded the Bronze Star with Oak Leaf Cluster.
Mace's longstanding interest in corporate governance began with the research he undertook for his Harvard doctoral dissertation, which was published as a book in 1948 under the title The Boards of Directors of Small Corporations. Following the publication of two additional books, Growth and Development of Executives and Management Problems of Corporate Acquisitions, Mace took a leave of absence from his teaching duties to undertake a project involving in-depth interviews with more than 100 chief executive officers and board members. The result was the 1971 publication of the influential book Directors: Myth and Reality.
Mace's research on boards of directors aroused significant interest and controversy in the business community by uncovering the fact that many boards were too symbolic mere rubber stamps for top management. Putting his research into practice, Mace served on the boards of Litton Industries
; Interchemical Corp.; Jostens, Inc.; Hanes Corp.; Squibb BeechNut; Camp, Dresser & McKee; United Technologies; and Harte-Hanks Newspapers.
In 1955, Mace accepted an offer to join Charles B. (Tex) Thornton, who had just bought the Litton Co., a small electronics firm in California. Working with Thornton from 1955 to 1958 as vice president and general manager of the Electronics Equipment Division, Mace guided Litton's annual sales growth from $3 million to more than $80 million, as the company went on to become one of the most famous conglomerates in the history of American business.
Mace returned to HBS, where he remained until his retirement in 1972. During those years, he involved himself in a number of School activities, from teaching in a program for faculty members from foreign business schools to serving as the School's first associate dean for external affairs.
from 1975 to 1978. He also continued to serve on several boards, wrote articles, and was consulted frequently by former students and colleagues. In 1984, Mace received HBS’s highest honor, the Distinguished Service Award.
He died in Massachusetts
in 2000.
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
. He was a pioneer in the study of entrepreneurship and corporate governance.
Early life
Mace was born in Montevideo, MinnesotaMontevideo, Minnesota
As of the census of 2000, there were 5,346 people, 2,353 households, and 1,444 families residing in the city. The population density was 1,190.5 people per square mile . There were 2,551 housing units at an average density of 568.1 per square mile...
. He graduated from the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
in 1934 and William Mitchell College of Law
William Mitchell College of Law
William Mitchell College of Law, or WMCL, is a private, independent law school located in St. Paul, Minnesota. Accredited by the American Bar Association , it offers full and part-time legal education in pursuit of the Juris Doctor degree....
(then the St. Paul College of Law) in 1936. He was admitted to the Minnesota Bar, but decided to further his education at the Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, where he received his M.B.A. in 1938. He took a job at HBS after graduation as a research associate before leaving for military service four years later. He left the U.S. Air Force in 1946 as a lieutenant colonel, having been awarded the Bronze Star with Oak Leaf Cluster.
Career at HBS
Mace returned to HBS and created the first-ever course in entrepreneurship at Harvard. Titled The Management of New Enterprises, the course has remained, in various incarnations, a fixture of the HBS curriculum for decades and is regarded as the foundation of the School's extensive entrepreneurial management program.Mace's longstanding interest in corporate governance began with the research he undertook for his Harvard doctoral dissertation, which was published as a book in 1948 under the title The Boards of Directors of Small Corporations. Following the publication of two additional books, Growth and Development of Executives and Management Problems of Corporate Acquisitions, Mace took a leave of absence from his teaching duties to undertake a project involving in-depth interviews with more than 100 chief executive officers and board members. The result was the 1971 publication of the influential book Directors: Myth and Reality.
Mace's research on boards of directors aroused significant interest and controversy in the business community by uncovering the fact that many boards were too symbolic mere rubber stamps for top management. Putting his research into practice, Mace served on the boards of Litton Industries
Litton Industries
Named after inventor Charles Litton, Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001.-History:...
; Interchemical Corp.; Jostens, Inc.; Hanes Corp.; Squibb BeechNut; Camp, Dresser & McKee; United Technologies; and Harte-Hanks Newspapers.
In 1955, Mace accepted an offer to join Charles B. (Tex) Thornton, who had just bought the Litton Co., a small electronics firm in California. Working with Thornton from 1955 to 1958 as vice president and general manager of the Electronics Equipment Division, Mace guided Litton's annual sales growth from $3 million to more than $80 million, as the company went on to become one of the most famous conglomerates in the history of American business.
Mace returned to HBS, where he remained until his retirement in 1972. During those years, he involved himself in a number of School activities, from teaching in a program for faculty members from foreign business schools to serving as the School's first associate dean for external affairs.
Retirement
In retirement, Mace remained active despite becoming blind because of glaucoma. He acted as contributing editor of the Harvard Business ReviewHarvard Business Review
Harvard Business Review is a general management magazine published since 1922 by Harvard Business School Publishing, owned by the Harvard Business School. A monthly research-based magazine written for business practitioners, it claims a high ranking business readership among academics, executives,...
from 1975 to 1978. He also continued to serve on several boards, wrote articles, and was consulted frequently by former students and colleagues. In 1984, Mace received HBS’s highest honor, the Distinguished Service Award.
He died in Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
in 2000.